Payday Loans in Maine

Payday Loans in Maine

Table of Contents

Payday loans are unsecured cash advances with short-term payback terms ranging from $100 to $1,000. Borrowers who frequently need to fund essentials such as rent, utilities, food, or a medical payment typically obtain a payday loan since financial crises cannot be postponed. Even though the name implies that loans are tied to a borrower’s paycheck, lenders will occasionally grant loans if they are confident that the borrower will have access to payback funds soon.

Payday lending appeals to many consumers, especially those who have limited or no access to traditional credit, due to the ease of borrowing and easy access to cash.

The most significant benefit of payday loans is their accessibility. Many lenders can put funds into your account within minutes of receiving your application, allowing you to get a decision on your loan right away. Payday loans, unlike regular loans, do not require a credit history to be authorized and, unlike car title loans, typical auto loans, and mortgages, are not secured by personal property.


  • Payday Loan

People take out loans for a variety of reasons, the most prevalent of which is a sudden or unexpected financial necessity. Human life is inextricably linked to uncertainty. Who knows when they will find themselves in a life-threatening situation, or suffer a car accident? Your funds will assist you in a variety of scenarios, but only to a certain extent. You require support, whether you want it or not. In Maine, Payday loans are short-term cash advances that typically range from $100 to $1,000 and are due on your next payday. A great advantage of a payday loan is that you don’t need collateral or a guarantor to apply for one, which makes the application process go much faster and with less stress.

Law Status Legal
Minimum Loan Amount None
Maximum Loan Amount $2,000
Minimum Loan Term None
Maximum Loan Term None
Maximum Annual Percentage Rate (APR) % 30%
Additional Fees None
None Sufficient-Funds (NSF) Fee None
Collateral or Guarantor None 
Number of Simultaneous Loans Not Stated
Cooling Off Period None
Rollover None
Extension, repayment Plan None
Default Penalties Not Stated
Credit Score Requirements Available for Bad Credit 
  • Installment Loan

Even if you have terrible or no credit, you can get an installment loan. With a maximum loan term of 36 months and uncomplicated approval from reputable direct lenders, you can rest easy. Begin right away to receive same-day funding.

Simple monthly payments are available without the requirement for a guarantor. In Maine, bad credit Installment Loans with no credit check are available ranging from $1,000 to $5,000. You might want to put solar panels on your roof or change the layout of your home, for example. These things are simple to accomplish with an installment loan. There is no credit check or faxing required for an Installment Loan. With online and in-store lenders, there is no need for a guarantor or collateral, and cash can be delivered to your bank account in as little as one to two business days.

Law Status Legal
Minimum Loan Amount $1,000
Maximum Loan Amount $5,000
Minimum Loan Term 90 Days
Maximum Loan Term 36 Months
Minimum Annual Percentage Rate (APR)% 6.63%
Collateral or Guarantor None
Credit Card Requirements Available for Bad Credit
  • Personal Loan

A personal loan is a loan taken out by a person for personal reasons such as investing. Anyone with excellent or bad credit can apply for these loans, and there are no restrictions on how you can spend them. They can be paid off in flexible monthly installments, and you can avoid prepayment penalties if you pay them off sooner than intended.

Anyone with good or bad credit can apply for these Maine personal loans, and there are no restrictions on how you can spend them. Personal loans feature a monthly fixed-rate payment, which means that the amount you pay back is usually the same throughout the life of the loan; this is convenient because you know precisely how much you’ll be paying each month. Personal loans are often unsecured, meaning they don’t require any type of collateral.

Law Status Legal
Minimum Loan Amount $1,000
Maximum Loan Amount $35,000
Minimum Loan Term 90 Days
Maximum Loan Term 60 Months
Minimum Annual Percentage Rate 4.99%
Collateral or Guarantor None
Credit Card Requirement Available for Bad Credit


Yes! It is legalized in Maine (however, restrictions apply). Maine has a $2,000 maximum on payday loans available in the state. While there is no limit on the duration of the loan period, the loans are subject to a limited loan limitation of 30 percent APRs for loans up to $2,000.


  • Take out a loan from a credit union

Credit unions, unlike traditional banks, are non-profit, member-owned organizations. As a result, you may be able to get better rates on credit union personal loans and other forms of loans from a credit union. These unions also have fewer eligibility standards than regular banks, so you might be able to borrow money even if your credit isn’t perfect. This option, like a payday alternative loan, requires you to be a member of a credit union.

  • Payment plans can assist you with bills

Whether you’re having trouble paying your expenses, see if you can set up a payment plan with your supplier. You can avoid having to pay the entire bill in one go this way. Some lenders may provide a forbearance or delay program to assist you in getting through a difficult period.

Keep in mind that you’ll almost certainly be charged interest and fees if you choose this choice. However, the increased interest and costs can be worth paying if it helps you avoid taking out a payday loan.

You may also be eligible for a 0% APR credit card if your credit score is 700 or higher. This type of card has an interest-free promotional period of up to 21 months. You can avoid paying interest if you pay the balance owed before the promotional period ends. After then, interest will be charged on the remaining sum until it is entirely returned.

  • Fill out an application for a financial assistance program

You may be eligible for financial aid programs in your area based on your income. Some programs may aid with rent, while others may assist with food and other expenses. Consider contacting your local library or chamber of business to learn more about these programs.

  • Construct a budget

Make a balance sheet that shows the inflows and outflows of cash. It’s critical to understand how much money you have coming in and where you’re spending it when it comes to personal finance management. Next, consider removing any expenses that aren’t absolutely necessary. Cable, for example, is a smart location to start cutting costs. Look for a new supplier or downgrade to a less expensive package. Keep in mind that borrowing at high-interest rates to cover normal monthly costs is a bad idea. If you can’t afford to pay your rent without taking out a loan, choose a cheaper location to live.

  • Small loan companies and credit unions

Credit unions are an excellent place to begin your search for a modest loan. Joining one has been made much easier, and members serve as owners, allowing them to be more flexible with loan qualification rules. Some local lenders, particularly companies, may be willing to loan small amounts at competitive rates. Another alternative is to take out a cash advance on your credit card. Despite the fact that the interest rates are in the double digits, they are frequently lower than those offered by payday lenders.


In just a few minutes, you can apply for a Maine payday loan online. It saves you time and money by allowing you to compare multiple offers at once. There’s no need to drive, fill out paperwork, or stand in queues. Applying is free and straightforward to do in three simple steps:

  • Fill out an online loan application for the amount required.
  • Receive an offer from a lender who is willing to provide you with cash right away.
  • Get the funds directly put into your bank account.


  • Residence in Maine (USA).
  • A monthly minimum income of $1,000 is required.
  • Direct deposit into a valid checking or savings account
  • Contact details (phone number and e-mail address) (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or a dependent of someone who is) serving on active duty for more than 30 days.
  • A valid Social Security Number while applying online.
  • A valid government-issued photo ID when applying at Loan Store. It’s possible that a Social Security number isn’t required.
  • If you’re applying in person, you’ll need to bring evidence of income and a bank checking account.


How much would a borrower pay back after obtaining a $200 payday loan online in Maine

For a 9-day term:

Loan Obtained: $200

To return: $200 + $25(fees) =$225

 $21/9 days = 2.3* 365 days

= 852%/ yearly


  • Does Maine allows payday loans?

Payday loans are legal in Maine (however, restrictions apply). Payday loans in Maine are limited to $2,000 in amount. While there is no time limit on the loan period, the loans are subject to a loan cap of 30% APRs for loans up to $2,000.

  • Can you have 2 payday loans at once?

Yes, numerous payday loans can be received at the same time if necessary. It is not so straightforward, however, because the conditions for the second loan are slightly constrained in order to establish the qualified group.

  • Can you have 3 payday loans at once?

Borrowers must be cut off for 30 days if they take out three payday loans in “rapid succession.” Furthermore, unless they can demonstrate an ability to repay the entire amount.

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