Payday Loans in Maine (ME)

Acting as a highly professional loan broker online in the United States, Weloans has established close connection with the most suitable lenders for payday loans in Maine. Dig out more details on this page.

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    15 Best Payday Loans & Cash Advance in Maine (ME)

    Here we show you detailed infos concerning a group of payday loan lenders in Maine. Click below to apply now.

    • 5.0
      AllStarAllStarAllStarAllStarAllStar
      (361)
      • Address:
      • 10 Donald B Dean Dr Suite 2, South Portland, ME 04106, United States
      • Phone:
      • +1 207-899-4500
      • Open hours:
    • 4.7
      AllStarAllStarAllStarAllStarHallStar
      (1878)
      • Address:
      • Maine Square Mall, 683 Hogan Rd, Bangor, ME 04401, United States
      • Phone:
      • +1 207-262-0410
      • Open hours:
    • 5.0
      AllStarAllStarAllStarAllStarAllStar
      (142)
      • Address:
      • 324 Cummings Rd Suite 2nd Floor, South Portland, ME 04106, United States
      • Phone:
      • +1 207-387-4163
      • Open hours:
    • 4
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (113)
      • Address:
      • 23 Spring St d, Scarborough, ME 04074, United States
      • Phone:
      • +1 207-558-1880
      • Open hours:
    • 5
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (116)
      • Address:
      • 769 Main St, Presque Isle, ME 04769, United States
      • Phone:
      • +1 207-764-6765
    • 6
      4.7
      AllStarAllStarAllStarAllStarHallStar
      (143)
      • Address:
      • 1204 Main St #7, Sanford, ME 04073, United States
      • Phone:
      • +1 207-850-1066
      • Open hours:
    • 7
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (70)
      • Address:
      • 393 Ossipee Trl E, Gorham, ME 04038, United States
      • Phone:
      • +1 207-839-5588
      • Open hours:
    • 8
      4.4
      AllStarAllStarAllStarAllStarHallStar
      (102)
      • Address:
      • 339 Griffin Rd, Bangor, ME 04401, United States
      • Phone:
      • +1 207-942-8287
      • Open hours:
    • 9
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (52)
      • Address:
      • 753 Stillwater Ave #2, Bangor, ME 04401, United States
      • Phone:
      • +1 207-735-5676
      • Open hours:
    • 10
      4.6
      AllStarAllStarAllStarAllStarHallStar
      (66)
      • Address:
      • 75 Maverick St, Rockland, ME 04841, United States
      • Phone:
      • +1 207-594-7794
      • Open hours:
    • 11
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (50)
      • Address:
      • 202 US-1 Suite 102, Falmouth, ME 04105
      • Phone:
      • (207) 239-3741
      • Open hours:
    • 12
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (45)
      • Address:
      • 18 9th St, Auburn, ME 04210, United States
      • Phone:
      • +1 207-536-2482
      • Open hours:
    • 13
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (45)
      • Address:
      • 511 Congress St Suite 100A, Portland, ME 04101, United States
      • Phone:
      • +1 207-808-4300
      • Open hours:
    • 14
      4.5
      AllStarAllStarAllStarAllStarHallStar
      (61)
      • Address:
      • 325 Lisbon St, Lisbon, ME 04250, United States
      • Phone:
      • +1 207-353-4144
      • Open hours:
    • 15
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (42)
      • Address:
      • 82 Running Hill Rd #302, South Portland, ME 04106, United States
      • Phone:
      • +1 207-772-3100
      • Open hours:
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    Maine Payday Loans Regulations

    • Loan Amount (max)

      $2000

    • Loan Term (max)

      Not specified

    • Finance Charges

      Alternative to small loan cap: <$75 = $5; $75-$250 = $15; >$250 = $25

    • APR
      30% (actually 217%)

    Abide by the laws in Maine, payday loans are Legal.The interest rate can be 30% (actually 217%).You can borrow $2000 at most. Finance charges is Alternative to small loan cap: <$75 = $5; $75-$250 = $15; >$250 = $25. Borrowers must clear the debt within 6 years (from the last payment).

    What Are the Maximum Loan Amount in Maine?

    Maine has no set limit to a maximum loan amount, but $2,000 is considered the maximum amount recommended.

    How Maine Regulates Fees and Other Charges in the State?

    The rate cap in Maine is relatively small. Loans of less than $2000 are not permitted to carry rates greater than 30% APR. The law reads as follows:

    As it pertains to consumer loans, outside of loans pursuant to open-end credit, all licensed lenders are allowed to contract and receive finance charges, as long as they are no more than:

    • 30% each year on any balances remaining unpaid for amounts financed for values under $2,000; and;
    • 24% each year on any balances remaining unpaid for amounts of greater than $2,000 but less than $4,000; and
    • 18% each year on balances remaining unpaid for amounts that are over $4,000 (Me. Rev. Stat. Ann. tit 9-A §1-401).

    It is also possible that lenders in Maine apply minimum finance charges rather than following the above-noted schedule. Any loan up to $50 will be charged more than $5; loans between $75 and $250 will be charged more than $15, and loans greater than $250 will be charged more than $25. On the whole, these fees are relatively reasonable and may help borrowers avoid getting caught in the web of constantly borrowing. (9-A MRS sec. 2-401(7))

    Maine payday loans can have an APR as high as 217% for the average $300 loan (According to the Center for Responsible Lending 2019).

    How Is the APR Calculated For a $300 Payday Loan in Maine?

    If the term is 14 days

    Interest Rate (APR): 217%*

    Loan Cost: $300*217%*(14/365)=$25

    To Return: Principal+Loan Cost=$300+$25=325

    Is There a Specified Maximum Term in Maine?

    There is no mention in Maine payday loan regulations of specific loan terms, including rollovers. Also, there is no mention of cooling-off periods between loans. Extended repayment plans are not required as well.

    Consumer Information

    Attention!

    Since July 2020, as permitted by the Consumer Financial Protection Bureau (CFPB), lenders are no longer required to verify if a borrower can repay the loan. Before taking out payday loans, access your current financial situation to see if you have the ability to meet your financial obligations. Default payment penalties can throw you into a never-ending cycle of debts.

    • Any criminal actions against borrowers are forbidden in Maine

    Contact the Maine Office of Consumer Credit Regulation if you have any questions or concerns about payday loans.

    Single out Payday Loans in Maine by Cities

    It is easy to search for an online payday loan in Maine. Just hit your target city and pick out the lender who meets your requirements.

    View More Cities →

    Maine Payday Loan Calculator

    Find out the amount of money you're going to pay for a Maine payday loan easily with the calculator below.

    Estimated Payment

    $ null

    • Total Principal Paid:$ 1,000.00
    • Finance charge:$ 255.62
    • APR: 311.00 %

    Payment Breakdown

    Close Payday Loans in Maine

    H&R Block
    4.7
    AllStarAllStarAllStarAllStarHallStar
    (49)
    Tax preparation service
    Jackson Hewitt Tax Service
    4.7
    AllStarAllStarAllStarAllStarHallStar
    (43)
    Tax preparation
    Oxford Federal Credit Union
    4.5
    AllStarAllStarAllStarAllStarHallStar
    (45)
    Federal credit union