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Maine Payday Loans

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Last Updated 03.10.2022
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Did your monthly pay got finished, and you are in urgent need of money? Having an easy and quick way of getting a loan would be the most suitable choice for you. You can avail yourself of Maine payday loans instantly at a very reasonable cost. Payday loans are a type of loan which you can quickly pay off once you get your pay next month. The payday loans lender charges fees on a specific amount. The amount of fees charged and the maximum amount you can loan out on payday loans at a time varies from state to state. You would learn about payday loans in Maine as you continue reading.

Fortunately, payday loans are allowed in Maine. But for the safety of the borrowers, the state positively regulates the loaning activity. Not everyone is entitled to give out payday loans. Many people would want to take advantage of the borrowers and charge high fees. But this state has only a few lenders who give payday loans. These lenders have to attain a license for being lenders. Official reports claim that there are only fifteen lenders who are allowed to provide payday loans in Maine.


All borrowers must be aware of the rules and regulations of Payday loans in their state before issuing a loan. Being familiar with all the rules would save you from facing any issue after getting the loan. You will be aware of all the risks and benefits of taking payday loans.

Updated Payday loans Laws of Maine

You may seem to feel relaxed knowing that it is possible to get loans in Maine. But obtaining payday loans in this state is more difficult compared to the other states in the USA. It is not only challenging to borrow the loan but also tricky for lenders to lend it. This difficulty is because Payday loan laws in this state are stringent, and each lender has to abide by them, or their license would be taken away. Each lender needs to have a permit of a lender for giving payday loans. Without the license, they are not allowed to provide any cheques.

Anyone is allowed to attain payday loans whether their credit history is good or bad. The reasons for applying for payday loans are also not necessary. You can have any personal motivation for applying for the loan. Whether it is a medical emergency or want to go on a vacation, your reason for applying for the loan is your choice.

Payday loans are supposed to be short-term loans, which means in Maine, you have to pay it full 14-30 days after your payday. There are fees you have to give on your loan. Lenders cannot lend payday loans that are greater than $2000, and they are not permitted to charge greater than 30% interest on loans that amount to lower than $2000.

For payday loans which are of a smaller amount, the following is the financial fees charged on them:

  • Maximum $5 is charged for any amount which is lower or equivalent to $75
  • For payday loans, which are between the range of $75-$249, the rate charged is $15
  • If your payday loans are higher than $250, then you will be charged an amount of $25

These financial rates for payday loans are strictly set and monitored by the Maine government to ensure that these are followed, and nobody charges a more tremendous amount than this. These finance rates are set adequately to keep the safety of both lenders and borrowers.

Payday loans in Maine Online

These days, many people have a busy schedule, and they do not have the time to visit the local lender. Thanks to technology, you can now sit at the comfort of your home and apply for online payday loans in Maine.

For applying for the loan online, you start by filling out an online form. This form requires adding in some vital information about yourself for getting payday loans. It is an easy and straightforward form and it does not consume much time. It is to ensure that you are eligible to apply for the payday loans and agree with the terms and conditions.

The online app or site then goes through your form to know if you are eligible for the loan in Maine. Within a few minutes online, you get connected to an online lender, and you will have to fill in further details to obtain your payday loans. Such as the amount of loan which you want. Then you click confirm, and the website will go through your newly added information again. After everything has been settled, your payday loans will be established and sent to your bank account. However, it may take 1-2 business days in Maine for your transaction to get processed so please be patient.

The online payday ME has made it a lot fast and convenient for people to obtain loans. People can fulfill their desires of going on a trip or buying a tv on sale quickly by using payday loans. You no longer have to worry that your payday has passed, and you cannot instantly purchase a hot selling item. Just apply for payday loans and payback once you get your next paycheck.

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Procedure for Getting a Payday Loan in Maine: All the Requirements

The state has implemented eligibility criteria, which you have to fulfill if you want to apply for payday loans in Maine. Following are the eligibility conditions:

  • The essential requirement for obtaining payday loans in this state is that you have to be at least 18. The age of 18 is considered an adult, which means you are eligible to handle your finances. Anyone below the age of 18 is deemed to be illegal to give payday loans to Maine and all over the USA.
  • The state does not want anyone to take payday loans that do not have enough income to repay them. To support this idea, a borrower needs to have an income of at least $1000 to apply for a loan. A stable income would indicate that the person would not have trouble paying back their loan with their next paycheck. However, people with a bad credit history can apply for payday loans as long as the income is stable.
  • One of the most essential requirements for obtaining payday loans is proving that you are a Maine legal resident. You have to give your address to the lender. Once it is proven that you are a legal resident of this state, you will have very high chances of getting payday loans.
  • The lender needs your valid contact information so they can quickly contact you. The contact information they require to give you payday loans would be your phone number and email address. This information is mandatory, and you cannot receive your loan without providing it.
  • The last requirement is that you should not be bankrupt. Having a loan with the bank will indicate that you are already under much debt. You take any other loans like payday loans can make repayment very difficult.

The Alternative Options for Getting Advance Cash in Maine

The Maine payday loans program has many strict rules and regulations with it due to which many borrowers are interested in other methods of obtaining cash, which would be comparatively more straightforward. There are installment loan programs, which is the less strict option of getting a loan. The Maine government has set a fixed installment of 18% on the payday loans, which amount to greater than $4000. The smaller loans have a different percentage of interest rate. Your first loan of $2000 would have an interest rate on it of 30%. The second loan you take of $2000 would have a lower interest rate of $24. The installment programs are much easier to repay than payday loans. As they do not put up a sudden burden on the borrower’s income. They can slowly pay the installments each month from their income pay back their loan over months.

The lenders offering installment loans are a lot more cooperative and understanding when giving you loans based on your credit history. Even if you do not have a good credit history, most of the loan installment lenders would still issue you a chance and loan you anyway. But they would always go through your credit history and background to ensure that you will repay them. This condition is implemented by lenders of payday loans as well.

Your chances of getting a successful loan transaction in Maine for loans highly depends upon your repayment history with other borrowers in the past. This rule is not so strict in the case of payday loans. If you have not given back your previous lenders the loan, then the lender can have issues trusting you with the money. Especially if it is your first time taking a Maine payday loan from them. They may choose not to give you the loan then.

Rules and Regulations of Obtaining Payday Loans from Companies in Maine

Payday loans ME companies have some rules set by the state government, which the lenders strictly follow.

The two most basic rules to know are that the government allows only their licensed lenders to give payday loans. Only those residents of Maine who meet the payday loan eligibility criteria can apply for this loan.

Functionality of payday loans: These loans are borrowed at any time when the borrower requires money. The borrowers receive the loans almost instantly. Payday loans can be considered as one of the fastest methods of obtaining a loan.

The members cannot obtain a very high amount of payday loans. The maximum amount they can take is $2000. No lender in Maine is allowed to lend out a higher amount. There is no minimum amount for taking payday loans.

Lenders are not allowed to take any unethical or illegal actions against the borrowers who have been unable to give back the payday loans.

The time to pay this loan is rigorous. Members have to pay it within the specified time after they receive their paycheck. This time for returning payday loans is between one to four weeks.

Finance charges for getting payday loans are mandatory to be paid by all the borrowers according to the amount which they have borrowed. You will have to pay the exact amount which the government has set. The payday loans lenders cannot charge a higher amount from you under any circumstances.

The Poor Credit Payday Loans in Maine

The payday loan lenders in Maine are all licensed by the government, and they will always check your credit history as that is their responsibility as the lenders. But do not worry, even if you have a bad credit history. These payday loans lenders are welcoming to even those borrowers who have a bad credit history.

One of the main reasons people prefer getting payday loans is that they lend them to people who even have a poor credit history. Having a good credit history is not one of the payday loan requirements of the eligibility criteria. As long as you meet the eligibility criteria of payday loans and follow all regulations, your application can be accepted.

However, your employment status and income level will impact the lender’s decision to give you Payday loans. If your income is good and meets the minimum criteria of payment required by the lenders in Maine, you will have high chances of getting payday loans.

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