How to Compare Loans in Maine
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Maine Payday Loans and Online Loan Options
According to Maine law, check cashers are prohibited from issuing money on a post dated check. Supervised lenders are exempt from this ban, so it might not be easy to obtain a loan as only controlled lenders give out cash.
The Advantages of Online Maine Loans
Maine Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 30% |
| Max. Loan Amount | $2,000 |
| Min. Loan Term | Not specified |
| Max. Loan Term | Not specified |
| Finance Charges | Maximum of $25 |
| Statute of Limitations | 6 years from the last payment |
| Database Tracking | No |
Maine Payday Regulations for Lenders
- Lenders are prohibited from charging more than 30% for loans up to $2,000
- Loans of up to $75 cannot be charged more than $5
- Loans for $75-$250 cannot have charges exceeding $15
These rates cap allow borrowers to avoid getting into the circle of debt. However, it is not easy to deal with online lending companies as these do not involve post dated checks.
Maine cash advances are legal as long as companies conduct their business in line with the regulations. Companies are expected to comply with these regulations to stay in business.
It’s important to compare rates before obtaining a loan as you don’t want to be in a worse financial state.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Eligibility Requirements for a Payday Loan in Maine
- Be a permanent resident or an American citizen
- Be above the age of 18 years
- Have a steady source of income
You will also need to provide your full legal names, physical address, and phone number.
Details of your income are needed as you need to convince a lender you will be able to repay.
You can find storefront payday loans near you in Maine in the following cities:
- Bangor
- Biddeford
- Brunswick
- Ellsworth
- Fairfield
- Portland
Why Compare Personal Loans at Financer.com
Compare Maine Loans at Financer.com
Financer.com helps you compare the best personal loans in Maine and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Maine and take the guesswork out of doing all the legwork yourself.
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Maine Loans - FAQs
Are payday loans legal in Maine?
Yes, payday loans are legal in Maine up to $2,000.
How are payday loans regulated in Maine?
Payday loans are heavily regulated in Maine. They are not permitted in the state unless the lender is fully licensed and supervised. In fact, the state of Maine has some of the strictest regulations in the entire country. Any business that is not on the list of exempted businesses is not allowed to cash post-dated checks.
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