Payday loans in Maine | finder.com

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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.

LendYou Short-term Loans

For fast cash: LendYou

Find a lender that offers cash advances between $100 and $15,000.

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Must have regular income of $1,000/month and be a US citizen or permanent resident
  • No collateral needed
  • Bad credit is OK

    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 December 19th, 2018
    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 Max. Loan Amount Turnaround Time Requirements
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    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.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    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
    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 Short-term Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    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?

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    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    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.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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