From Portland to Bangor, Maine, residents sometimes face unexpected expenses that require fast, reliable solutions. Short-term loans offer a clear path to extra cash. Whether a sudden car repair or an unforeseen bill. Maine’s lending guidelines require that finance charges be calculated using the actuarial method, with clearly defined limits so you know exactly what you’re paying for.
Short-Term Personal Loans Rates and Fees in Maine
Maine law sets a small loan cap for small-dollar consumer loans. Licensed lenders may calculate finance charges using the actuarial method at rates not exceeding 30% per year on the unpaid balances for loans up to $2,000. Before you borrow, review all the details, including interest rates, finance charges, and repayment terms, to ensure the loan fits your budget.
APRs
While Maine law limits the interest rate on unpaid balances to 30% per year using the actuarial method, the effective cost may be higher due to the short repayment period and the fee structure.
Loan Amounts
Maine small-dollar consumer loans can be offered for amounts up to $2,000. These funds cover immediate needs, whether a broken appliance, an unexpected medical expense, or another urgent situation. Borrow only what you need.
Terms
While there is no statutory maximum loan term for small-dollar consumer loans in Maine; all lenders must provide transparent and fair repayment terms in compliance with state regulations.
Fees
Under Maine’s small-dollar consumer loan regulation, finance charges are capped as follows:
- For loan amounts up to $75, the maximum finance charge is $5.
- For amounts more than $75 but less than $250, the maximum finance charge is $15.
- For loans of $250 or more, the finance charge is capped at $25.
These limits ensure that you won’t be charged more than the statutory maximum, regardless of the method used to calculate fees.
Short-Term Loan Example
Here’s an example of how a short-term payday loan in Maine might work:
- Loan amount: $300
- APR: 30% (calculated using the actuarial method)
- Repayment Term: 30 days
- Finance Charges: $25 (capped under Maine’s fee limits)
- Total Repayment: $325
This example shows how Maine’s fee limits combine with the principal to form your total repayment. Actual figures vary by lender, but finance charges will not exceed the state’s prescribed limits.
Lending Regulations in Maine
The Maine Bureau of Consumer Credit Protection oversees consumer lending in the state, including payday and short-term loan providers. Under Maine law, all lenders must be licensed and fully disclose every fee and charge to ensure that consumers are informed and protected. To learn more about Maine’s consumer lending regulations and protections, visit the Maine Bureau of Consumer Credit Protection website.
| Regulation | Details |
|---|---|
| Interest Rate Cap | A statutory cap of 30% APR calculated via the actuarial method or loans up to $2,000 |
| Maximum Loan Amount | $2,000 |
| Term Length | Not statutory specified |
| Fees | $5 on loans up to $175, up to $15 on loans from $75 to $250, and no more than $25 on amounts more than $250 |
| Oversight | Maine Bureau of Consumer Credit Protection |
Our Benefits
Simple Request Process
Whether you’re in busy Portland or a quieter Maine town, our user-friendly online form gets you started quickly. There is no endless paperwork, just a few simple steps to connect you with a trusted lender.Your Choice
We try to connect you with one reputable lender that adheres to Maine’s lending guidelines. Review the details when you receive an offer to see if it fits your financial needs.Data Security
We protect your personal information with advanced security measures throughout the application process. You can apply with peace of mind, knowing your details are safe.What Our Clients Say
Read honest feedback from fellow borrowers who have used our services to request short-term loans quickly and easily.
How to Request a Short-Term Loan in Maine
If approved, your funds could hit your account as soon as one business day. Here’s how it works:
Provide Your Information
Fill out our quick form with the loan amount you need, along with basic income and personal details.We Search Lender Offers
We use your information to match you with a licensed lender in our network who can meet your request.Accept and Get Funded
Review the offer carefully. If it fits your needs, sign the agreement electronically. Your funds will then be transferred directly to your checking account.Loan Alternatives in Maine
Emergency Loans
Emergency loans help you get fast cash for urgent expenses like unexpected repairs or medical bills.
Personal Loans
Personal loans may offer more significant amounts and more flexible repayment options, which is excellent if you have multiple expenses or more significant purchases to cover.
Installment Loans
Installment loans allow you to spread your repayment over several scheduled payments, making it easier to manage your monthly budget.
Bad Credit Loans
Bad credit loans are for those whose credit isn’t perfect. You may be able to secure funds while rebuilding your credit through on-time payments.
FAQ
Are Short-Term Loans Legal in Maine?
Yes. Maine permits payday loans and short-term installment loans under its small loan cap regulations and finance charge limits.
What are the requirements for requesting a short-term loan?
Generally, you must have:
- 18 years of age
- A U.S. citizenship or Maine residency
- A valid Social Security number
- A steady source of income
- An active checking account
Which Cities in Maine Have Short-Term Lending?
Our online platform offers short-term loans throughout Maine, from Portland and Augusta to Bangor and Lewiston. Licensed storefronts are also available in larger communities.
How Does Maine Compare to Other States?
Maine’s lending rules include a small loan cap with a statutory rate of 30% APR and clear finance charge limits based on loan amounts. This ensures transparency and fairness in borrowing costs.
Is a Payday Loan Different from a Cash Advance?
Cash advances usually refer to credit card withdrawals or employer paycheck advances, whereas Maine’s payday-style loans are regulated products with clearly defined finance charges.
Are Guaranteed Short-Term Loans Available in Maine?
No. Lenders must assess your eligibility before extending an offer. Claims of “guaranteed” funding without proper evaluation do not comply with state guidelines.