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Payday Loan Laws in Maine
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to
understand your state laws.
Payday loan laws in Maine prohibit them all together. However, payday lenders are allowed to operate as "supervised lenders", meaning that they must comply with strict licensing requirements as well as post a $50,000 consumer protection bond with the state. Currently, there are 10 companies that are licensed to offer payday loans.
All "supervised lenders" must comply with the following:
There is no limit on the amount of money you're allowed to borrow, but be aware that interest fees do apply.
The interest fees are capped at $5 for loan amounts up to $75, $15 for loans that exceed $75 but are less than $250, and $25 for loans greater than $250.
The term of the loan is determined by the lender.
To contact the Department of Professional and Financial Regulation, call 207-624-8527 or visit online.
Note:
Maine residents may seek out alternative loan options from internet-based lenders. Multiple-lender providers such as MoneyNowUSA work with over 150 different lenders to ensure that you get the most money at the lowest rates available.
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