» » Payday Loans in Maine

Payday Loans in Maine

Dealing with financial anxiety can feel quite overwhelming, especially when you don't have enough cash to get by. If you awaken looking for quick money for your life's necessities, you are not alone. Whether you come up with unpaid bills, or an unexpected emergency, we are here to help ease the economic stress you may get in.

With Loanplaces, you may borrow quick money directly from online lenders and repay it over the next several weeks. This is a good option available in a pinch if you are looking for a lump sum fast. These loans are widely known as payday or emergency loans disbursed in one installment.


What is a Maine Payday Loan? When it's a Good Option?


An emergency loan may seem like the only option when you face financial hardship. However, first, you need to understand how payday loans work and what they are designed for.

A payday loan, also referred to as a cash loan, is a small financial relief to help you tackle daily necessities. These loans are based on your personal check held for the future deposit, commonly due in your upcoming paycheck. Depending on the state's law, the loan amount may vary from $100 up to $2500. Of course, your financial condition may also impact your eligibility, thus the amount available to get.

If you want to get a loan to repay over time with a scheduled monthly payment, a payday loan is not what you need to consider. Payday loans are a good option to get money fast to make your ends meet. However, once you cannot pay off your debt on your next paycheck, you may end up rolling over your credit, thus paying more in interest.


Does a Payday Loan Affect My Credit?


As soon as you manage to pay off your loan in full on time, you will never negatively affect your credit. However, if you fall behind or cannot cover your payments, it may become harmful for your financial future. Once your debt goes into collections, it will critically downgrade your credit score, thus reducing your ability to borrow. Be aware, information on collection accounts will remain on your credit report for seven years.

While many of us consider payday loans as money-draining traps, you may use them wisely and get quick financial relief as quickly as the next day. Connect with exclusively legitimate lenders and consider your ability to pay off your loan in a short period.


How to qualify for a payday loan in Maine?


Customers Financial Protection Bureaus (CFPB) specifies that most payday lenders qualify borrowers based on these common requirements. A borrower must:

  1. Be at least 18 years old,

  2. Have a valid identification,
  3. Have an active bank account,
  4. Have proof of steady income.

In common, a payday loan can be approved in a few minutes. Payday lender writes a check for the principal amount plus applicable fees and detains it upon the agreed date. Usually, the payment extends from some weeks up to a month. It mainly depends on the credit terms specified in your agreement. When the agreed date arrives, you either pay off your debt or roll over your credit (in case of inability to repay the loan).


As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.

Regulations of Payday Loans in Maine
Status     Legal
Annual Percentage Rate (APR)     217%
Minimum Loan Amount     N/A
Maximum Loan Amount     $2,000
Minimum Loan Term     N/A
Maximum Loan Term     N/A
Number of Rollovers Allowed     N/A
Finance Charges     Small loan rate cap
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

In the state of Maine, the following laws regulate payday lending: Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
All consumer lenders, including payday lenders, are required to obtain a “Supervised lender” license. Another important requirement is that all lenders also must post a $50,000 consumer protection bond with the state.

[ Updated on 05-Aug-2021, 23:00 ]

We've been in the industry for more than six years.