Payday Loans in Paris, Maine

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

Company nameAddressZip codePhone number
Acadia Federal Credit Union 90 Main St, Madawaska, ME 04756 +1 (207) 728 - 4121
Bangor Savings Bank 17 Sennebec Rd, Union, ME 04862 +1 (207) 785 - 5935
People's United Bank 790 Main St, Westbrook, ME 04092 +1 (207) 856 - 7400
Duncklee & Nott 19 Central St, Hallowell, ME 04347 +1 (207) 622 - 5222
Allstate Insurance: Sandy Beaulieu 849 Stillwater Ave, Bangor, ME 04401 +1 (207) 945 - 3612
KeyBank 600 Center St, Auburn, ME 04210 +1 (207) 786 - 5412
Northeast Bank - Bethel 11 Main St, Bethel, ME 04217 +1 (207) 824 - 2117
Western Union 726 Roosevelt Trail, Windham, ME 04062 +1 (207) 893 - 0005
Bangor Savings Bank 73 Camden St, Rockland, ME 04841 +1 (207) 593 - 0308
Bath Savings Institution 8 Church St, Damariscotta, ME 04543 +1 (207) 563 - 3116

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Paris, ME, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bangor, ME, Payday Loan Without a Credit Check 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 Paris, ME.

Beautiful sights of Paris, ME

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

04271

Are Payday Loans Legal In Paris, 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

Paris, ME payday loan calculator

Understanding Payday Loans in Paris, Maine

Payday loans are a controversial topic in lending circles, but they can be a helpful option for those facing unexpected financial emergencies. If you reside in Paris, Maine, it’s important to understand the rules and regulations surrounding payday loans. In Maine, payday loans are only permitted for supervised lenders, with strict guidelines in place to protect borrowers.

What is a Payday Loan?

A payday loan is a short-term loan designed to help individuals cover unexpected expenses before their next payday. These loans are typically for small amounts, and borrowers are expected to pay back the loan, along with high-interest rates and fees, on their next payday. The loan amount and fees can vary depending on the state laws and the lender’s policies.

Payday Loans in Paris, Maine

In Maine, payday loans are only permitted for supervised lenders. According to the Maine Bureau of Consumer Credit Protection, the maximum amount a borrower can receive on a payday loan in Maine is $2,000. The interest rate is typically capped at 30% APR for amounts up to $2,000, with a maximum finance rate of $5 for loans up to $75, and $15 for loans between $75 and $250.

Benefits of Payday Loans

One of the main benefits of payday loans is that they can be processed quickly. Unlike traditional bank loans, payday lenders do not require extensive paperwork and can often approve loans in just a few hours or less. This can be especially helpful for those facing time-sensitive financial needs.

Another benefit of payday loans is that borrowers can receive funds even if they have poor credit or no credit history, as long as they have proof of income and a checking account. Payday loans can also be a helpful way to build or repair credit, as long as lenders report the loan to credit bureaus.

Disadvantages of Payday Loans

While payday loans can provide immediate relief in times of financial distress, they often come with high fees and interest rates. In addition, if borrowers cannot pay back the loan on time, they may incur additional fees and financial penalties. This can lead to a cycle of debt, where borrowers are forced to take out new loans to pay off existing debt.

Interesting Facts and Statistics about Payday Loans in Paris, Maine

  • According to a report by the Maine Bureau of Consumer Credit Protection, over 219,000 payday loans were taken out in Maine in 2019, for a total of over $83 million.
  • In Maine, the average payday loan borrower takes out 8 loans per year, spending an average of $145 in fees per loan.
  • 47% of payday loan borrowers in Maine have an annual income of less than $25,000.

Apply Now

If you’re considering a payday loan in Paris, Maine, it’s important to understand the risks and benefits involved. TheGuaranteedLoans can help connect you with potential lenders, but it’s important to remember that we are a connector service, not a direct lender. Our goal is to provide transparency and simplicity in the lending process, and we work with a network of reputable lenders to help meet your financial needs. If you feel a payday loan may be the right option for you, we encourage you to fill out an application at TheGuaranteedLoans today.

F.A.Q.

Are there any restrictions on the use of payday loans in Paris, Maine?

Yes, there are restrictions on the use of payday loans in Paris, Maine. You are not allowed to take out more than four payday loans per year, and you are not allowed to take out a payday loan if you already have outstanding payday loans or have defaulted on a payday loan in the past.

Can I renew or roll over my payday loan in Paris, Maine?

No, you cannot renew or roll over a payday loan in Paris, Maine. You must repay the loan in full on the agreed upon due date, or the lender may pursue collection actions.

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