Maine Payday Loans

If you have never looked for a payday loan before, you may not realize that the laws governing this type of financial transaction are determined by each individual state. In Maine, the laws regarding the business of cash advances are pretty lax, compared to other states. This is both good and bad for the consumer; on one hand, there is no limit to the amount that a person can take borrow but on the other hand, payday advance lenders do not have to abide by some of the consumer protections other states impose. It is up to the individual borrower to understand the terms of payday loans in Maine and use them responsibly. With no laws specific to cash advances, Maine lenders have no restrictions on collection methods for people who default.

Maximum Principal

There is no maximum amount.

Length of Loan

There are no loan term regulations.

Rollovers

There are no rules against rollovers or extensions on loans.

Fee

There is a law that states that cash dispensing machines in the state must clearly state the charged fee during the transaction but there is no law for the actual amount of the fee.

APR

There are no laws governing APR or fee schedules in Maine.

Highland Mortgage Company
Route 302 - Roosevelt Trail Prof Bldg
Bridgton, ME 04009
Direct Finance
650 Main Street Suite 2
South Portland, ME 04106
Val Shell's Pawn Shop
3 Spring Street Extension
Waterville, ME 04901
Custom House Mortgage
18 Custom House Wharf
Portland, ME 04101
Checks By Fax
15 Valley Farms Road
Fairfield, ME 04937
Ace America's Cash Express
312 Saint John Street
Portland, ME 04102
Republicash
1124 Brighton Avenue
Portland, ME 04102
Ace Cash Express
312 Saint John Street
Portland, ME 04102
(207) 780-9988
Friends On Old Orchard Street
38 Old Orchard Street
Old Orchard Beach, ME 04064
(207) 937-3334
Mainely Pottery
181 Searsport Avenue
Belfast, ME 04915
(207) 338-1108

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Maine Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$6104222%49%22%6%39%61%
2011$5674021%52%23%4%41%59%
2010$6184029%49%19%3%32%68%