Payday Loans in Pownal, Maine

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

Company nameAddressZip codePhone number
Partners Bank 484 Main St, Springvale, ME 04083 +1 (888) 226 - 5747
Dirigo Federal Credit Union 1 Lewiston St, Mechanic Falls, ME 04256 +1 (207) 346 - 3001
Community Credit Union 144 Pine St, Lewiston, ME 04240 +1 (207) 783 - 2096
Maine Savings 101 Western Ave, Hampden, ME 04444 +1 (207) 862 - 6500
Raymond James Financial Services 276 US-1, York, ME 03909 +1 (207) 337 - 6033
Western Union Walgreens, 465 Main St, Westbrook, ME 04092 +1 (207) 854 - 9103
Jackson Hewitt Tax Service 30 Landing Rd, Windham, ME 04062 +1 (207) 844 - 6161
Terry Lemay - Mortgage Loan Officer 76 Main St, Newport, ME 04953 +1 (207) 200 - 1016
Infinity Federal Credit Union 202 Larrabee Rd, Westbrook, ME 04092 +1 (207) 854 - 6000
American Mortgage Market Inc 1071 Auburn Rd A, Turner, ME 04282 +1 (207) 225 - 5937

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pownal, ME, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bangor, ME, Bad Credit Loans 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 Pownal, ME.

Beautiful sights of Pownal, ME

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

04069

Are Payday Loans Legal In Pownal, 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

Pownal, ME payday loan calculator

Everything You Need to Know About Payday Loans in Pownal, Maine

When financial emergencies arise, many people find themselves in need of quick loans to pay bills, cover unexpected expenses, or make ends meet between paychecks. In Pownal, Maine, one option for these borrowers is a payday loan. These short-term loans can be a helpful resource when used responsibly, but it’s essential to understand the risks and regulations before borrowing.

How do Payday Loans Work in Pownal, Maine?

In Maine, payday lending falls under the jurisdiction of the Maine Bureau of Consumer Credit Protection. Under Maine law, supervised lenders–those with a license from the state–are permitted to offer payday loans to borrowers. Borrowers can receive up to $2,000 for a period of 35 days or less. Lenders may charge up to 30% interest on the loan amount, plus additional fees. It’s important to note that payday loans are considered high-cost loans and can come with significant fees and interest rates, so borrowers should be mindful of the repayment terms and consequences of non-payment.

What are the Requirements for a Payday Loan in Pownal, Maine?

The requirements for a payday loan in Pownal, Maine, are straightforward. Borrowers must be at least 18 years old and meet the lender’s criteria for a loan. Typically, this includes having a valid bank account and a steady source of income. Borrowers may also need to provide proof of income, such as pay stubs or bank statements, and personal identification, such as a driver’s license or passport.

What are the Risks and Benefits of Payday Loans in Pownal, Maine?

Like any financial product, payday loans come with their own set of risks and benefits. On the one hand, payday loans can provide quick access to cash for emergencies or unexpected expenses. They can also help borrowers avoid costly late fees or overdraft charges. However, payday loans also carry significant risks, particularly for those who cannot repay the loan in full on the due date. High fees and interest rates can quickly add up, making it difficult for borrowers to catch up on payments. Defaulting on a payday loan can lead to negative credit reporting, collection calls, and legal action. Borrowers should carefully consider their options and only borrow what they can afford to repay.

Interesting Facts and Statistics About Payday Loans in Pownal, Maine

  • According to the Maine Bureau of Consumer Credit Protection, in 2019, there were 119,824 payday loan transactions in Maine, totaling over $59 million in loan volume.
  • The average payday loan amount in Maine was $493 in 2019, with an average interest rate of 23.5%.
  • Payday loan storefronts are most concentrated in urban areas of Maine, including Portland and Lewiston.

How to Apply for a Payday Loan in Pownal, Maine

If you are considering a payday loan in Pownal, Maine, it’s important to understand the risk and regulations before applying. TheGuaranteedLoans is not a direct lender, but we can help facilitate connections between borrowers and potential lenders in Maine. To get started, fill out our online application, and we’ll match you with lenders who may be able to offer you a loan. Keep in mind that payday loans should be used responsibly and only as a last resort.

At TheGuaranteedLoans, we strive to be a trusted resource for borrowers in need of financial assistance. Whether you’re looking for a payday loan, title loan, or other type of small-dollar loan, we can help. Contact us today to learn more about our services and how we can assist you.

F.A.Q.

Can I be charged with a penalty if I cancel my payday loan in Pownal, Maine?

No, in Pownal, Maine, payday lenders are not allowed to charge any penalty fees for canceling a loan. If you decide to cancel your loan, you can do so without incurring any additional costs.

Can I be charged with a prepayment penalty if I pay off my payday loan early in Pownal, Maine?

No, in Pownal, Maine, payday lenders are not allowed to charge any prepayment penalty fees for paying off a loan early. If you are able to pay off your loan early, you can do so without incurring any additional costs.

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