What You Need to Know About Payday Loans in Lewiston, Maine
Payday loans are a type of short-term loan that offer borrowers access to cash for emergency expenses. These loans are typically for amounts under $500 and have repayment terms of two to four weeks. Taking out a payday loan can be a good option for people who need quick access to cash. However, borrowers should understand the risks that come with these loans and be aware of the regulations governing them in the state of Maine.
Are Payday Loans Legal in Lewiston, Maine?
In Maine, payday loans are legal but they are limited by state law. The maximum loan amount allowed is $500 and the maximum loan term is 30 days. All payday lenders must be licensed by the Maine Office of Consumer Credit Regulation, and all loans must be repaid in full and on time.
What Is The Interest Rate On a Payday Loan in Lewiston, Maine?
The interest rate on a payday loan in Lewiston, Maine, is capped at 30% per year. This rate includes all fees and charges associated with the loan.
How Do I Apply For a Payday Loan in Lewiston, Maine?
Applying for a payday loan in Lewiston, Maine, is a straightforward process. All you need to do is fill out a simple online application at TheGuaranteedLoans. We will then connect you with a licensed lender who can process your application and provide you with a loan decision.
What Is The Repayment Process For a Payday Loan in Lewiston, Maine?
Repayment of a payday loan in Lewiston, Maine, is due in full and on time. The lender will typically withdraw the amount of the loan plus any applicable fees and interest directly from your bank account on the scheduled due date. It is important to ensure that your bank account has enough funds to cover the loan repayment or else you may be subject to additional fees such as late or returned payment fees.
F.A.Q.
Do I need to have perfect credit to be approved for a payday loan in Lewiston, Maine?
No, you do not need to have perfect credit to be approved for a payday loan in Lewiston, Maine. Most lenders will consider applicants with all types of credit histories. However, it is important to note that borrowers with better credit scores may qualify for more favorable loan terms.
What are the qualifications for a payday loan in Lewiston, Maine?
To qualify for a payday loan in Lewiston, Maine, you must be at least 18 years of age, a U.S. citizen or permanent resident, and have a valid checking or savings account. You must also be employed, earning at least $1,000 per month, and have an active phone number and email address.
What happens if I can’t repay my payday loan in Lewiston, Maine?
If you are unable to repay your payday loan in Lewiston, Maine, you should contact your lender immediately. Your lender may be able to work with you to find a solution that works for both parties. However, if the loan is not repaid, the lender may pursue legal action against you to recover the amount owed.
Apply Now
If you’re in need of a payday loan in Lewiston, Maine, TheGuaranteedLoans can help. We are not a lender, but we can connect you with licensed lenders who can provide you with the cash you need. Just fill out our online application and we’ll take care of the rest.