Payday Loans in Bowdoin, Maine

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No payday loan companies in Bowdoin, ME. Consider companies in other cities:

Company nameAddressZip codePhone number
Camden National Bank 52 Burkett Rd, Union, ME 04862 +1 (207) 785 - 2600
Western Union 726 Roosevelt Trail, Windham, ME 04062 +1 (207) 893 - 0005
TD Bank 30 State Rd Suite 10, Kittery, ME 03904 +1 (207) 439 - 2066
cPort Credit Union 399 Western Ave, Augusta, ME 04330 +1 (207) 623 - 1001
Five County Credit Union 218 Lisbon St, Lisbon, ME 04250 +1 (800) 750 - 0959
Central Maine Federal Credit Union 1000 Lisbon St, Lewiston, ME 04240 +1 (207) 783 - 1475
Bath Savings Trust Co 105 Front St, Bath, ME 04530 +1 (207) 443 - 6296
People's United Bank 112 Maine St, Brunswick, ME 04011 +1 (207) 729 - 3355
Cumberland County Federal Credit Union Operations Center 101 Gray Rd, Falmouth, ME 04105 +1 (207) 878 - 3441
Camden National Bank 300 S Main St, Rockland, ME 04841 +1 (207) 594 - 2101

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bowdoin, ME, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Bangor, ME, Payday Loans in Lewiston, ME and No Credit Check Loans in Portland, ME. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Bowdoin, ME.

Beautiful sights of Bowdoin, ME

Payday Loans Available in Bowdoin, ME By The Following ZIP Codes:

04287

Are Payday Loans Legal In Bowdoin, Maine?

Loan Rates and Fees, Laws and Regulations in Maine.

Maine Loan Regulations

Legal StatusPermitted for supervised lenders only
Interest Rate (APR, %)30% APR; In Fact - 217%
Maximum Loan Amount$2,000
Minimum Loan TermNot Specified
Maximum Loan TermNot Specified
Number of Rollovers AllowedNot specified
Finance ChargesAlternative to small loan cap: <$75 = $5; $75-$250 = $15; >$250 = $25

Bowdoin, ME payday loan calculator

Payday Loans in Bowdoin, Maine

When you face unexpected expenses and bills, it can be challenging to figure out how to make ends meet. Payday loans can be a helpful way to cover emergency costs, but it’s important to understand the laws and regulations surrounding these loans in Bowdoin, Maine.

What are Payday Loans?

A payday loan is a short-term loan designed to cover unexpected expenses until your next paycheck. These types of loans usually range from $100 to $1,000, and the borrower must pay back the loan and any fees or interest within two weeks to a month. Payday loans can be beneficial for those who need quick access to cash, but they can also be challenging to repay if not managed properly.

Payday Loan Regulations in Bowdoin, Maine

In Maine, payday loans are permitted for supervised lenders only. These lenders must have a physical storefront and be licensed by the Maine Bureau of Consumer Credit Protection. The loan amount must be less than $2,000, and the loan term cannot exceed 90 days. The Annual Percentage Rate (APR) for a payday loan in Maine can be up to 260%. However, lenders must abide by the Maine Consumer Credit Code, which provides additional consumer protection rules.

The Pros and Cons of Payday Loans

Before taking out a payday loan, it’s essential to consider the advantages and disadvantages. One of the pros of payday loans is that they are easy to obtain. Most payday lenders do not require a credit check, and the application process is often straightforward. Additionally, payday loans can be helpful for covering unexpected expenses. However, payday loans can also come with high fees and interest rates, making them challenging to repay. Borrowers can also get caught in a cycle of debt, where they must continually take out new loans to cover previous ones.

How to Apply for a Payday Loan in Bowdoin, Maine

If you are considering a payday loan in Bowdoin, Maine, it’s essential to choose a licensed lender that abides by the Maine Consumer Credit Code. TheGuaranteedLoans can help connect you with potential lenders who meet these criteria.

Applying for a payday loan through TheGuaranteedLoans is simple. First, fill out our online application, which takes only a few minutes. Next, we will connect you with potential lenders who match your criteria. If approved, you can receive the funds as soon as the next business day.

Interesting Facts and Statistics About Payday Loans in Bowdoin, Maine

  • Approximately 57% of Maine residents have subprime credit scores, making it challenging to qualify for traditional loans.
  • The average APR for a payday loan in Maine is 260%.
  • The maximum payday loan amount in Maine is $2,000.
  • Payday loans can lead to a cycle of debt, where the borrower takes out new loans to cover previous ones.

Apply Now

Don’t let unexpected expenses get you down. Apply now for a payday loan through TheGuaranteedLoans to get connected with potential lenders who meet Maine’s payday loan regulations. Remember, we are a connector service, not a direct lender, and we will facilitate your connection with potential lenders.

F.A.Q.

Can I be charged with collection fees if I default on my payday loan in Bowdoin, Maine?

Yes, if you default on your payday loan in Bowdoin, Maine, the lender may pursue collection actions, including charging you collection fees. It is important to carefully consider your ability to repay the loan before taking out a payday loan to avoid defaulting on the loan.

Can I be charged with a penalty if I cancel my payday loan in Bowdoin, Maine?

No, in Bowdoin, Maine, payday lenders are not allowed to charge any penalty fees for canceling a loan. If you decide to cancel your loan, you can do so without incurring any additional costs.

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