Compare your loan options in Maine

Thinking about getting a payday loan in Maine? Here’s how to make an informed decision.

When you’re facing a financial emergency, like an expensive car repair or an unexpected bill, it can be hard to make ends meet between paychecks. In Maine, plenty of people turn to payday loans. Fortunately, Maine’s laws heavily regulate how much interest a lender can charge to protect consumers from high-cost lending.

Read on to learn about how much a payday loan in Maine will cost.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    How do payday loans in Maine work?

    Unlike some other states, Maine regulates its lenders and supervises them to make sure they aren’t providing predatory loans. Referred to as small loans in the Maine Revised Statutes Ann. 9-A §1-201 and 9-A §1-301, there is a rate cap of 30% on anything you borrow up to $2,000.

    The fees a lender can charge you depends on how much you borrow.

    • Loans less than $75: $5 fee
    • Loans between $75 and $250: $15 fee
    • Loans greater than $250: $25 fee

    Lenders you might want to apply with

    Check the websites of any providers you’re interested in to confirm they operate in Maine.

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    What do you need to apply for a payday loan?

    Maine doesn’t allow for lenders to cash post-dated checks. However, you can still apply in-store or online easily provided you have your required personal details with you. A lender will likely ask for the following during the application process:

    • Your name, date of birth, Social Security number and a valid form of ID
    • Your address, email and phone number
    • Details about your current employment and monthly income
    • Details about your bank checking account

    Remember that you will have to be at least 18 years old, a US citizen or permanent resident and have a regular source of income in order to apply.

    Before taking out a loan, consider alternatives

    Payday loans are still high-cost forms of credit, even with Maine’s strict lending laws. If you need assistance with expensive bills, you can look into the Low Income Home Energy Assitance Program (LIHEAP), Alternative Aid Assistance or Parents as Scholars. These will help you take control of your budget.

    Other options include asking friends and family for help or requesting a payday advance from your employer.

    Browse the alternatives to a payday loan if you’re not sure where to start

    Bottom line

    While a payday loan can be helpful when you’re facing a big expense, it’s best to exhaust all your other options before taking on more debt.

    Have any more questions about Maine short term loans?

    If you run into a disreputable or an unlicensed payday lender, you can file a complaint with the Maine Bureau of Financial Institutions.

    Supervised lenders is synonymous with payday lenders, it’s simply the term Maine has used in the legislation surrounding them.

    You could contact the lender directly and see if they’re willing to work with you on a payment plan that fits your budget. Some lenders may charge additional fees for extending your loan, but it’s worth asking about if you think you might not be able to afford the original loan terms.

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    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.