Payday Loans in Cape Neddick, Maine

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

Company nameAddressZip codePhone number
TD Bank Administrative Offices 70 Gray Rd, Falmouth, ME 04105 +1 (888) 751 - 9000
Midcoast Federal Credit Union 831 Middle St, Bath, ME 04530 +1 (207) 443 - 5531
FLAGG FINANCIAL 6 Central Maine Crossing 2, Gardiner, ME 04345 +1 (207) 582 - 9288
People's United Bank 129 Federal St, Parsonsfield, ME 04047 +1 (207) 625 - 3216
cPort Credit Union 313 US-1, Scarborough, ME 04074 +1 (207) 883 - 2448
Gorham Savings Bank 11 Sokokis Trail, East Waterboro, ME 04030 +1 (207) 247 - 5500
Bath Savings Institution 424 US-1, Yarmouth, ME 04096 +1 (207) 846 - 1156
Saco & Biddeford Savings Institution 601 Broadway, South Portland, ME 04106 +1 (207) 284 - 4591
PeoplesChoice Credit Union 39 Country Club Rd, Sanford, ME 04073 +1 (207) 490 - 2000
Trademark Federal Credit Union 44 Edison Dr, Augusta, ME 04330 +1 (800) 696 - 1146

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cape Neddick, ME, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies 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 Cape Neddick, ME.

Beautiful sights of Cape Neddick, ME

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

03902

Are Payday Loans Legal In Cape Neddick, 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

Cape Neddick, ME payday loan calculator

Are you in need of quick cash in Cape Neddick, Maine? If so, payday loans may seem like a viable option. However, it’s essential to understand the basics of payday loans, especially in the context of the laws and regulations in Maine. In this article, we’ll explore everything you need to know about payday loans in Cape Neddick, Maine, including the benefits, risks, and potential alternatives.

The Basics of Payday Loans

Payday loans are short-term loans that typically must be repaid on your next payday. They are ideal for individuals in need of quick cash to cover unexpected expenses. Some payday lenders in Maine offer loans with APRs up to 260%, which is much higher than traditional loans but relatively low compared to other US states.

How Payday Loans Work in Maine

Maine law regulates payday loans, and the state requires lenders to be licensed and follow strict limitations:

  • Maximum loan amount: $2000
  • Maximum loan term: 35 days
  • Finance charges cannot exceed $15 for every $250 borrowed
  • Lenders can charge a fee of $25 if a check bounces
  • Payday loans are prohibited for both active-duty military personnel and their dependents

It’s essential to note that payday lenders are not allowed to make any false promises or threaten borrowers who can’t repay their loans. Lenders must also provide written agreements with straightforward terms and conditions. If you’re considering a payday loan in Cape Neddick, Maine, it is crucial to research and understand the state’s laws and restrictions.

Benefits of Payday Loans

Payday loans offer several benefits in certain circumstances. For example:

  • They provide quick cash when traditional loans are not available or feasible
  • They are available to individuals with low or bad credit scores, a demographic often excluded from traditional financing opportunities
  • They can be convenient to apply for and obtain, often through online applications

Risks of Payday Loans

While payday loans can offer some benefits, they also carry significant risks, including:

  • High fees and interest rates: Payday loans in Maine can have interest rates as high as 260%, significantly higher than traditional loans
  • Short repayment periods: Payday loans typically must be repaid within 35 days, a short timeframe that can be challenging for some borrowers
  • Potential for debt cycles: Payday loans can trap borrowers in a cycle of debt, as they often borrow again to repay their previous loan debt

Potential Alternatives to Payday Loans

While payday loans can be a quick solution in certain circumstances, they are not a viable option for everyone. Fortunately, several alternatives can help you obtain quick cash, including:

  • Personal loans: Banks or credit unions offer personal loans that typically have lower interest rates and longer repayment schedules compared to payday loans. However, qualification criteria may be more stringent than for payday loans
  • Credit cards: Credit cards can provide short-term cash advances at lower interest rates than payday loans in some cases. However, cash advances on credit cards can have high fees and interest rates, so be sure to understand the terms and conditions before accessing these funds
  • Payment plans: If you need to cover expenses like medical bills or car repairs, payments plans may be available. Many service providers offer payment plans for customers who cannot pay in full upfront.

Interesting Facts and Statistics About Payday Loans in Cape Neddick, Maine

  • Only licensed lenders are authorized to provide payday loans in Maine.
  • Payday loan maximum amount in Maine is $2,000.
  • The law of Maine prohibits payday loans for active-duty military personnel and their dependents.
  • The maximum finance charges for Maine are $15 for every $250 borrowed.
  • In 2016, Maine had 77 licensed lenders providing payday loans to consumers.

Apply Now for a Payday Loan in Cape Neddick, Maine

If a payday loan is your best option for getting quick cash, TheGuaranteedLoans can help you find potential lenders that match your needs and preferences. Our free online application process is quick, simple, and secure. Even if you have a bad credit score, TheGuaranteedLoans may be able to connect you with lenders who can provide you payday loans that suit your needs.

However, it’s essential to remember that TheGuaranteedLoans is not a direct lender and does not make loan decisions. Our role is a connector service, and we pass on your application to potential lenders who may choose to lend you money. It’s important to read and understand the loan agreement before signing it and never borrow more than you can afford to repay.

Conclusion

Payday loans can be an excellent solution for individuals in need of fast cash, but they also carry significant risks due to their high fees and short repayment terms. Therefore, it’s essential to consider all the options before choosing a payday loan in Cape Neddick, Maine. Remember, at TheGuaranteedLoans, we are committed to helping you find potential lenders that meet your requirements, but we urge you only to borrow as much as you can repay.

F.A.Q.

Are there any resources available to help me manage my debt and avoid taking out payday loans in Cape Neddick, Maine?

Yes, there are several resources available to help you manage your debt and avoid taking out payday loans in Cape Neddick, Maine. These include financial counseling services, budgeting tools, and debt management programs. You can also contact the Maine Bureau of Consumer Credit Protection for more information.

What are the requirements to qualify for a payday loan in Cape Neddick, Maine?

To qualify for a payday loan in Cape Neddick, Maine, you must be at least 18 years old, have a valid identification, proof of income, and a valid checking account.

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