Payday Loans in Phippsburg, Maine

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

Company nameAddressZip codePhone number
Bangor Savings Bank 882 Lisbon St, Lewiston, ME 04240 +1 (207) 782 - 2133
Atlantic Federal Credit Union 1516 Main St, Sanford, ME 04073 +1 (207) 324 - 7511
Katahdin Trust 57 Western Ave, Hampden, ME 04444 +1 (207) 862 - 2211
Camden National Bank 36 Portland Rd, Kennebunk, ME 04043 +1 (207) 985 - 9222
RepubliCash, LLC 1124 Brighton Ave, Portland, ME 04102 +1 (207) 773 - 5067
KeyBank 188 Main St, Yarmouth, ME 04096 +1 (207) 846 - 5501
Muffler King Auto LLC 4 King Rd, Newport, ME 04953 +1 (207) 368 - 2495
RepubliCash, LLC 166 Center St B, Auburn, ME 04210 +1 (207) 333 - 3360
Midcoast Federal Credit Union 831 Middle St, Bath, ME 04530 +1 (207) 443 - 5531
Five County Credit Union 3 Hamilton Ct, Topsham, ME 04086 +1 (800) 750 - 0959

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Phippsburg, ME, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Bangor, ME, Same Day Loans in Lewiston, ME and 24-Hour Loan 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 Phippsburg, ME.

Beautiful sights of Phippsburg, ME

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

04562

Are Payday Loans Legal In Phippsburg, 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

Phippsburg, ME payday loan calculator

Understanding Payday Loans in Phippsburg, Maine

When you find yourself in a financial emergency, you may feel like you have limited options for help. But if you live in Phippsburg, Maine, you may have access to a type of short-term loan: payday loans.

Before you apply for a payday loan in Phippsburg, it is essential to understand the laws regulating payday lending in Maine. While payday loans are permitted for supervised lenders only in Maine, it is crucial to know the rules surrounding these loans to make an informed decision.

What Are Payday Loans?

Payday loans are short-term loans designed to be repaid on your next payday. They typically have high interest rates and fees and are usually used to cover unexpected expenses or emergencies.

In Phippsburg, Maine, it is vital to note that payday loans are permitted for supervised lenders only. This means that banks, credit unions, and other licensed providers can offer these loans, but not from storefront lenders.

How Do Payday Loans Work?

When you apply for a payday loan in Phippsburg, you typically borrow a small sum of money and agree to repay it with your next paycheck. Lenders will look at your income, employment history, and credit history before approving a loan. If you’re approved, you’ll receive the funds either in cash or directly deposited into your bank account.

Payday loans are meant to be short-term solutions, and their repayment term is usually no more than two weeks. However, if you cannot repay the loan on time, you may be subject to additional fees and interest rates.

Pros and Cons of Payday Loans

Before deciding to apply for a payday loan in Phippsburg, Maine, it is essential to evaluate the advantages and disadvantages carefully. Consider these pros and cons:

Pros:

  • Quick access to funds in an emergency.
  • Simplified application process that does not require a high credit score.
  • You can still get approved for a loan even if you have a bad credit history.

Cons:

  • High interest rates and fees can make payday loans expensive in the long-term.
  • Short repayment term can make it challenging to repay the loan on time.
  • Frequent use of payday loans can lead to a cycle of debt that can be difficult to escape.

Interesting Facts About Payday Loans in Phippsburg, Maine

  • Payday loans are permitted for supervised lenders only in Maine, and storefront payday lenders are prohibited from operating in the state.
  • In the 2016 presidential election, Maine voters supported a ballot initiative that limited the interest rate on payday loans to 30%. Previously, interest rates could be as high as 260% in Maine.
  • Maine has one of the lowest average payday loan sizes in the country, with an average loan size of just $366.

Apply Now with TheGuaranteedLoans

If you need quick access to funds for an emergency expense, a payday loan might be right for you. TheGuaranteedLoans is a connector service that can help connect you with potential lenders in Phippsburg and beyond.

Our process is simple and straightforward: fill out an online application with your personal and financial information, and we’ll connect you with a lender who may be able to offer you a short-term loan. Remember, we are not a direct lender, but we work with a network of lenders who can help.

Don’t let a financial emergency take over your life. Contact TheGuaranteedLoans today to learn more about your payday loan options in Phippsburg, Maine.

F.A.Q.

Are there any restrictions on the number of payday loans I can take out in Phippsburg, Maine?

Yes, in Phippsburg, Maine, you are not allowed to take out more than four payday loans per year. This is to prevent consumers from becoming trapped in a cycle of debt and to ensure that payday loans are used responsibly.

Can I be charged with late fees if I am unable to make my payday loan payment on time in Phippsburg, Maine?

Yes, if you are unable to make your payday loan payment on time in Phippsburg, Maine, the lender may charge you late fees. These fees are in addition to any interest or other fees that may be charged for the loan.

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