Payday Loans in Long Island, Maine

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

Company nameAddressZip codePhone number
Five County Credit Union 765 Washington St, Bath, ME 04530 +1 (800) 750 - 0959
Kelly O. Newkirk, CPA PC 918 Walkers Mills Rd, Bethel, ME 04217 +1 (207) 875 - 2401
Maine State Credit Union 162 Hospital St, Augusta, ME 04330 +1 (207) 621 - 6060
KeyBank 600 Center St, Auburn, ME 04210 +1 (207) 786 - 5412
Saco & Biddeford Savings Institution 2 Portland Ave, Old Orchard Beach, ME 04064 +1 (207) 284 - 4591
Saco & Biddeford Savings Institution 41 Gorham Rd, Scarborough, ME 04074 +1 (207) 284 - 4591
Dirigo Federal Credit Union 172 Pine St, South Paris, ME 04281 +1 (207) 743 - 5410
People's United Bank 11 Woodbridge Rd, York, ME 03909 +1 (207) 363 - 2151
Town and Country Federal Credit Union 557 Main St, South Portland, ME 04106 +1 (207) 773 - 5656
Camden National Bank 137 Maine St, Brunswick, ME 04011 +1 (207) 798 - 5572

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Long Island, 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 Online 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 Long Island, ME.

Beautiful sights of Long Island, ME

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

04050

Are Payday Loans Legal In Long Island, 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

Long Island, ME payday loan calculator

Understanding Payday Loans in Long Island, Maine

If you live in Long Island, Maine, and you are in urgent need of cash, payday loans can come in handy. Payday loans are short-term loans that typically come with high-interest rates and fees. These loans are meant to be repaid on the borrower’s next payday, hence the name ‘payday loans.’

Payday loans can be a viable option for borrowers who have a poor credit score and are unable to secure a traditional loan from a bank or credit union. However, in Maine, payday loans are only permitted for supervised lenders, which means these lenders are regulated by the state. The regulations are in place to protect borrowers from predatory lending practices.

How Do Payday Loans Work?

To obtain a payday loan, borrowers are required to provide proof of income and a checking account. The lender approves the loan based on the borrower’s income and ability to repay. If approved, the borrower is expected to pay back the loan plus interest and fees on their next payday.

The amount that borrowers can borrow depends on their income and other factors such as the lender’s requirements. Payday loan lenders typically charge fees ranging from $15 to $30 for every $100 borrowed. The fees and interest rates can add up quickly, causing borrowers to fall into a debt trap if they’re unable to pay back their loans on time.

Regulations in Maine

In Maine, payday loans are regulated by the Supervised Lenders’ Act enforced by the Maine Bureau of Consumer Credit Protection. Supervised lenders in Maine must obtain a license to operate, and they are required to adhere to strict rules and regulations.

For instance, the maximum amount that a borrower can take out is $2,000, and the loan term is limited to 35 days. Additionally, lenders cannot charge more than 30% annual percentage rate (APR) for their loans. Borrowers can also renew their payday loans, but they must pay at least 25% of the principal amount and file a renewal notice with the lender.

Benefits of Payday Loans

  • Payday loans offer quick cash to borrowers who need it urgently.
  • Borrowers with poor credit scores can access funds through payday loans.
  • Payday loan lenders don’t require collateral, making it easier for borrowers to qualify.
  • The loan application process is simple and convenient, and borrowers can get approved within a few minutes.

Drawbacks of Payday Loans

  • Payday loans come with high-interest rates and fees that can trap borrowers in a cycle of debt.
  • If borrowers can’t repay their loans on time, they may face additional fees and interest charges.
  • Borrowers who use payday loans frequently may find it challenging to get out of debt.

Interesting Facts and Statistics

Did you know that:

  • There are over 18,000 payday lending stores operating in the US
  • The payday loan industry generates more than $9 billion in revenue every year
  • The average payday loan borrower in the US takes out 10 loans a year, spending almost 200 days in debt
  • Payday loans are banned in 15 states in the US, including New York, New Jersey, and Pennsylvania

Apply Now

TheGuaranteedLoans is a connection service that can help you find a lender in Long Island, Maine, who can provide you with a payday loan. Our platform is free to use, and we work with a network of reputable lenders who follow federal and state regulations. By filling out an application on our website, you can get connected with a lender who meets your needs. Remember, we’re not a direct lender, and we can’t guarantee loan approval, but we’ll do our best to help you find a suitable lender.

Don’t let a financial emergency get the best of you. Apply now and get the cash you need in no time!

F.A.Q.

Can I be charged with a penalty if I miss a payment on my payday loan in Long Island, Maine?

Yes, if you miss a payment on your payday loan in Long Island, Maine, the lender may charge you a penalty fee. This fee is in addition to any interest or other fees that may be charged for the loan. It is important to make your payments on time to avoid incurring any additional fees.

Can I have multiple payday loans in Long Island, Maine at the same time?

No, you can only have one payday loan in Long Island, Maine at a time.

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