Payday Loans in Ocean Park, Maine

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

Company nameAddressZip codePhone number
First Federal Savings & Loan Association of Bath 283 Main St, Damariscotta, ME 04543 +1 (207) 563 - 3111
Patricia Quinn - CMG Financial Mortgage Loan Officer NMLS 1590467 155 Center St Building C, Auburn, ME 04210 +1 (207) 975 - 2844
University Credit Union - Memorial Union 5748 Memorial Union, Orono, ME 04469 +1 (800) 696 - 8628
KeyBank 40 Front St, Bath, ME 04530 +1 (207) 443 - 5573
Penobscot County Federal Credit Union 466 Main St, Bangor, ME 04401 +1 (207) 941 - 6373
KeyBank 188 Main St, Yarmouth, ME 04096 +1 (207) 846 - 5501
KeyBank 600 Center St, Auburn, ME 04210 +1 (207) 786 - 5412
Bath Savings Trust Co 105 Front St, Bath, ME 04530 +1 (207) 443 - 6296
Allstate Insurance: Sandy Beaulieu 849 Stillwater Ave, Bangor, ME 04401 +1 (207) 945 - 3612
University Credit Union - Bangor 977 Union St, Bangor, ME 04401 +1 (800) 696 - 8628

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Ocean Park, ME

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

04063

Are Payday Loans Legal In Ocean Park, 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

Ocean Park, ME payday loan calculator

The Ins and Outs of Payday Loans in Ocean Park, Maine

Payday loans have been a controversial topic in the financial industry for quite some time now. Despite their popularity, some people still view them with suspicion as they believe that payday loans may lead people to further debt and financial instability. However, many people in Ocean Park, Maine, continue to turn to payday loans as a solution to their immediate financial needs.

What Are Payday Loans?

A payday loan is a type of short-term loan that is typically used to cover urgent expenses. These loans are usually due on the borrower’s next payday and are secured by the borrower’s paycheck. In exchange for the loan, the borrower is charged a fee, which is usually a percentage of the loan amount. Payday loans are also known as cash advances, paycheck advances, or payday advances.

Payday Loans in Ocean Park, Maine

In Maine, payday loans are permitted for supervised lenders only. The Maine Consumer Credit Code regulates all payday loans, and all lenders must comply with the code to ensure consumer protection. Maine law requires that the interest rate on a payday loan cannot exceed 30% per annum. Also, lenders are required to provide borrowers with a clear and concise written agreement that outlines the terms of the loan.

The Loan Application Process

The application process for a payday loan is simple and straightforward. The borrower must provide the lender with a check for the amount of the loan, plus the loan fee. The lender will then hold the check until the borrower’s next payday, at which time the check will be deposited. If the borrower cannot repay the loan on the due date, they can renew the loan by paying the loan fee again.

  • To qualify for a payday loan in Maine, the borrower must:
  • Have an active checking account
  • Provide proof of income
  • Be at least 18 years of age
  • Provide a valid email address and phone number

Benefits of Payday Loans

Payday loans offer several benefits, including:

  • Quick access to cash during an emergency
  • Easy approval process
  • No collateral required
  • No credit check required

Potential Risks of Payday Loans

Although payday loans offer some benefits, they also come with several risks:

  • High-interest rates and fees
  • Renewal fees can increase debt quickly
  • Short repayment terms
  • Can lead to a cycle of debt if not used responsibly

Statistics on Payday Loans in Ocean Park, Maine

According to a report by the Maine Bureau of Consumer Credit Protection, 10,157 payday loans were taken out in 2020. The average loan amount was $382, and the average interest rate was 219%. The report also shows that 75% of borrowers paid their loans back on time, while 25% renewed their loans.

Apply Now

If you’re in need of quick cash to cover an emergency expense, consider applying for a payday loan on our website. TheGuaranteedLoans is a trusted connector service that can help you find a lender that meets your needs. To apply, simply fill out our online application form, and we’ll connect you with a lender who can provide you with the funds you need. Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. We are a connector service, and our goal is to help you find a lender that meets your needs.

Conclusion

Payday loans can be a useful tool for those in need of quick cash. However, they come with risks that should be carefully considered before applying. If you decide to take out a payday loan, be sure to only borrow what you can afford to repay and have a plan in place to pay it back on time. Always read the terms of the loan agreement carefully before signing and make sure to understand the fees and interest rates associated with the loan.

F.A.Q.

Can I be charged with a default fee if I am unable to make my payday loan payment on time in Ocean Park, Maine?

Yes, if you are unable to make your payday loan payment on time in Ocean Park, Maine, the lender may charge you a default fee. This fee is in addition to any interest or other fees that may be charged for the loan.

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

Yes, if you miss a payment on your payday loan in Ocean Park, 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.

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