Thinking about getting a payday loan in Maine? Here’s how to make an informed decision.
Payday loans, also called short term loans or cash advances, can be a short-term solution to a financial emergency. There are many who end up using payday loans every year, and Maine sees a good amount of takers. Before you get a cash advance in Maine, read through this guide to get important information about payday lending.
Are payday loans legal in Maine?
Yes, payday loans are legal in Maine. Through the governing statutes, all payday lenders must be supervised. There is also a cap of 30% per year on amounts up to $2,000. If you’re looking for a higher loan amount, personal loans may be an option.
In any case, taking out a loan – even a small dollar one – is a serious financial decision, and all of your options should be reviewed in depth before a decision is made.
Consider these lenders for a short term loan in Nevada
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a Maine short term loan might help you
- Options to suit you. There are several short term lenders across Maine, and matching services that can take your needs and find offers tailored to you.
- Easy application. The process for getting a loan can take as little as 20 minutes in store. Applications usually take five to 10 minutes, and in-store applicants can receive their funds directly after approval.
- Poor credit accepted. When payday lenders evaluate your application, they look past your credit score and focus on your ability to repay.
- Use the money for any reason. When you’re looking to spend the funds you borrow, you can rest assured that the money can be used for any legitimate purpose. You can get a last-minute anniversary gift, get by after a financial setback, pay bills or even pay for emergency car repairs.
What fees and charges do Maine short term loans come with?
The ruling legislation that covers payday lending in Maine has bearing on how much you may end up spending on your loan.
- Rate cap. Payday loans are limited to 30% per year on amounts of $2,000 or less.
- Unlicensed APRs. If you end up working with an unlicensed lender, beware. Lenders who are not supervised do not always abide by the rate cap, and you can be facing interest rates upwards of 1,500%.
How to apply for a Maine short term loan
Applying for payday loans in Maine is simple. You can apply online or by visiting a payday lender’s store. Applying requires that you meet some basic eligibility criteria, which include:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Maine short term loans?
Who do I contact if I need to report a lender?
If you run into a disreputable payday lender, or an unlicensed lender who isn’t running on the level, you can file a complaint with the Maine Bureau of Financial Institutions.
What are ‘supervised lenders’?
Supervised lenders is synonymous with payday lenders, it’s simply the term Maine has used in the legislation surrounding them.
How do I set up a payment plan for a payday loan if I'm struggling making payments?
You could contact the lender directly and see if they’re willing to work with you on a payment plan arrangement 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 repayment terms.