Payday Loans in Edgecomb, Maine

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

Company nameAddressZip codePhone number
ACE Cash Express 107 Pleasant St, Brunswick, ME 04011 +1 (207) 725 - 9031
Androscoggin Bank 24 Portland Rd, Gray, ME 04039 +1 (207) 657 - 4446
TIAA Financial Services 4 City Center 2nd Floor, Portland, ME 04101 +1 (207) 747 - 6513
Bath Savings Institution 189 Lower Main St, Freeport, ME 04032 +1 (207) 865 - 6998
Katahdin Trust 52 Springer Dr, Bangor, ME 04401 +1 (207) 947 - 9674
TIAA Financial Services 28 Beddington Rd, Orono, ME 04469 +1 (207) 747 - 6513
Saco & Biddeford Savings Institution 252 Main St, Saco, ME 04072 +1 (207) 284 - 4591
Five County Credit Union 218 Lisbon St, Lisbon, ME 04250 +1 (800) 750 - 0959
Cumberland County Federal Credit Union 43 Lewiston Rd, Gray, ME 04039 +1 (207) 657 - 4777
Raymond James Financial Services 41 Main St, Topsham, ME 04086 +1 (207) 837 - 6541

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Edgecomb, ME, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Bangor, ME, Emergency Loan in Lewiston, ME and Payday 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 Edgecomb, ME.

Beautiful sights of Edgecomb, ME

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

04556

Are Payday Loans Legal In Edgecomb, 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

Edgecomb, ME payday loan calculator

Everything You Need to Know About Payday Loans in Edgecomb, Maine

If you’re in need of fast cash and don’t have the best credit, you may be considering taking out a payday loan. However, it’s important to understand the regulations and limitations on payday loans in Maine before diving in. In Edgecomb, payday loans are permitted for supervised lenders only, which means you need to go through a licensed lender to get a payday loan. Here is everything you need to know about payday loans in Edgecomb, Maine.

What is a Payday Loan?

A payday loan is a short-term loan that typically lasts for two weeks to a month. The borrower writes a post-dated check to the lender, which the lender cashes on the borrower’s next payday. The loans typically come with high-interest rates and fees, but they are often an option for people who can’t get credit from a traditional source, such as a bank or credit union.

Payday Loan Regulations in Maine

Maine has strict regulations on payday loans to protect consumers from predatory lending practices. The state only allows supervised lenders to offer payday loans, and the loans cannot exceed $2,000 or have a term longer than 35 days. The interest rate on payday loans in Maine is capped at 30%, and lenders cannot charge additional fees, such as loan origination fees.

The Benefits of Payday Loans

Payday loans can be beneficial for people who need cash quickly and can’t get credit from traditional lenders. They don’t require collateral, and the application process is typically quick and easy. Additionally, payday loans can help borrowers avoid late fees on bills or overdraft fees from banks, which can be more expensive than a payday loan.

The Risks of Payday Loans

While payday loans can be a helpful financial tool for some people, they also come with risks. The high-interest rates and fees can make it difficult for borrowers to pay back the loan on time, which can lead to a cycle of debt. Additionally, some lenders may engage in predatory lending practices by pushing borrowers into loans they can’t afford or rolling over loans multiple times, which increases the overall cost of the loan.

Interesting Facts and Statistics about Payday Loans in Edgecomb, Maine

– In Maine, the average payday loan is $375, and the average fee is $42.46.
– The number of payday lenders in Maine decreased by 62% from 2010 to 2016.
– The number of payday loans in Maine decreased by 48% from 2010 to 2016.

Apply Now

If you’re considering a payday loan in Edgecomb, Maine, TheGuaranteedLoans can help you find a licensed lender. As a connector service, we can facilitate your connection with potential lenders and help you get the cash you need quickly and easily. Apply now and get connected with a lender in Edgecomb, Maine.

In conclusion, payday loans in Edgecomb, Maine are a viable option for people who need cash quickly and can’t get credit from traditional lenders. However, it’s important to understand the regulations and limitations on payday loans in Maine and to make sure you can afford the loan before taking it out. With the help of TheGuaranteedLoans, you can find a licensed lender and get the financial help you need.

F.A.Q.

Are there any protections for consumers who take out payday loans in Edgecomb, Maine?

Yes, the Maine Consumer Credit Code provides protections for consumers who take out payday loans, including limiting the number of loans that can be taken out at one time and requiring lenders to provide clear information about the terms and conditions of the loan.

Is it possible to have a payday loan in Edgecomb, Maine forgiven or cancelled?

Yes, in some cases, payday loans in Edgecomb, Maine may be forgiven or cancelled. For example, if the lender violates state law or if the borrower is unable to repay the loan due to unforeseen circumstances, the loan may be forgiven or cancelled.

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