Maine Payday Loans

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Maine Payday loans

Are Maine payday loans legal?

Yes according to the law, Maine payday loans are legal and as such Maine payday loan companies have rules they must follow. It means that companies must obtain a license for every location they operate and there are rules regarding interest rates, max loan amounts and so son.   In the case of Maine payday loan companies, max loan amount is $2000 and interest rate is capped at 30%.  

Maine Payday loans options

Here is a list of companies that offer Maine payday loans or alternatives. Please do your research as each offer has their own advantages and disadvantages.

Advantages of Maine Payday loans

  • Many options There are many options available between stores and online vendors for you to get your hands on an Maine payday loan.
  • Bad credit ok Even if your credit history is below par there is a good chance you will be approved because what Maine payday loan companies are looking for is a steady job.
  • Easy application Application is super easy as all you need to do is to go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
  • Quick money If your in-store application is successful, you will get the money right away. With online vendors the money is ether deposited the same day or the next day.

Maine Payday loans fees

Maine payday loans laws are specific about interest and rates that companies can charge. Please make sure you find out all the details related to charges before you sign on the dotted line.  

  • Cap on rates The max rate a company can charge is 30% on amounts up to $2000.
  • Beware of unlicensed APRs Lenders that aren’t under supervision can overcharge you with interest reaching 1500%.

How to apply for a Maine Payday loan

Maine payday loan applications are easy to do and you can do so by visiting a store or online. Here are some criteria that needs to be met.  

  • 18 years old minimum
  • American citizen or permanent resident
  • A job
  • Name, DOB, SS#, valid ID
  • Address, email, phone
  • Employment and income details
  • Checking account details

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