Payday Loans in Sebasco Estates, Maine

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

Company nameAddressZip codePhone number
University Credit Union ATM 37 College Ave, Gorham, ME 04038 +1 (800) 696 - 8628
Bangor Savings Bank 196 Main St, Ogunquit, ME 03907 +1 (207) 420 - 3965
Bangor Federal Credit Union 339 Hogan Rd, Bangor, ME 04401 +1 (207) 947 - 0374
Pine Tree Garage 1355 Long Plains Rd, Buxton, ME 04093 +1 (207) 929 - 6414
Bangor Savings Bank 270 Main St, Saco, ME 04072 +1 (207) 282 - 9210
FLAGG FINANCIAL 6 Central Maine Crossing 2, Gardiner, ME 04345 +1 (207) 582 - 9288
William H Brewer & Co 858 Washington St, Bath, ME 04530 +1 (207) 443 - 9759
Kennebec Savings Bank 84 Main St, Winthrop, ME 04364 +1 (207) 377 - 5801
KV Federal Credit Union 316 W River Rd, Augusta, ME 04330 +1 (207) 623 - 5171
cPort Credit Union 285 Forest Ave, Portland, ME 04101 +1 (207) 200 - 2300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sebasco Estates, 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 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 Sebasco Estates, ME.

Beautiful sights of Sebasco Estates, ME

Are Payday Loans Legal In Sebasco Estates, 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

Sebasco Estates, ME payday loan calculator

Payday Loans in Sebasco Estates, Maine – What You Need to Know

If you’re facing unexpected expenses or have a cash shortage, a payday loan might seem like a quick solution. However, it’s important to understand the regulations and guidelines surrounding payday loans in Sebasco Estates, Maine, before considering this option.

What Is a Payday Loan?

A payday loan, also known as a cash advance, is a short-term loan meant to cover expenses until your next paycheck. These loans typically have high interest rates and short repayment terms, often due on your next payday. While these loans may be tempting, they can lead to a cycle of debt if not managed carefully.

Payday Loan Regulations in Sebasco Estates, Maine

Payday loans are permitted for supervised lenders only in Maine. The Maine Bureau of Consumer Credit Protection regulates and oversees all short-term lending in the state to protect consumers.

Under Maine law, payday lenders must be licensed and there are regulations in place to limit the amount you can borrow. The maximum loan amount is $2,000, and the maximum amount that can be charged is 30% interest per year. Lenders are also required to provide a detailed loan agreement that includes the terms and conditions of the loan.

The Risks of Payday Loans

While payday loans may seem like a convenient solution for short-term cash needs, they come with significant risks. First and foremost, the interest rates on payday loans are much higher than traditional bank loans or credit cards. This can lead to a debt cycle where borrowers are caught paying interest and fees without ever paying off the principal amount.

Another risk is the short repayment period. Often, borrowers are expected to repay the loan in full on their next pay date. This can put pressure on those who are already struggling financially and can lead to default and additional fees.

Alternatives to Payday Loans

Before considering a payday loan, it’s important to explore other options. Here are some alternatives to consider:

  • Personal Loans: Personal loans typically have lower interest rates and longer repayment terms than payday loans. You may be able to take out a personal loan from a local bank or credit union.
  • Credit Cards: If you have a credit card, consider using it to cover short-term expenses instead of taking out a payday loan. Just be sure to pay off the balance in full to avoid high interest rates and fees.
  • Payment Plans: If you’re struggling to pay off an existing debt, ask your creditor if they offer payment plans or hardship programs to help you get back on track.
  • Borrow from Family or Friends: If possible, try borrowing from a family member or friend who is willing to lend you money interest-free or at a lower rate than commercial lenders.

Apply Now

If you have explored all other options and have decided to proceed with a payday loan, TheGuaranteedLoans can help you connect with potential lenders. Fill out our online application to get started. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and we facilitate connections between borrowers and lenders.

Additional Facts and Statistics on Payday Loans in Sebasco Estates, Maine

– The state of Maine has set limits on the amount of interest that can be charged on payday loans to protect consumers.

– Payday lending is allowed in Maine but only through licensed and regulated lenders.

– The average payday loan borrower in Maine takes out eight loans per year, with an average loan amount of $387.

– The average annual percentage rate on a payday loan in Maine is 217%.

– According to the Maine Bureau of Consumer Credit Protection, payday lenders in the state have collected over $28 million in fees and interest since 2011.

Conclusion

While payday loans can provide short-term relief for financial emergencies, they come with significant risks and high interest rates. It’s important to explore other options and make an informed decision before taking out a payday loan. If you do decide to proceed, remember to use a reputable lender and be sure to understand the terms and conditions of the loan.

F.A.Q.

Can I be sued or have my wages garnished if I default on my payday loan in Sebasco Estates, Maine?

Yes, if you default on your payday loan in Sebasco Estates, Maine, the lender may pursue legal action against you, including suing you or garnishing your wages. It is important to carefully consider your ability to repay the loan before taking out a payday loan.

Are payday loans regulated in Sebasco Estates, Maine?

Yes, payday loans are regulated in Sebasco Estates, Maine by the Maine Office of Consumer Credit Regulation. Lenders must be licensed and adhere to the state's regulations regarding loan amounts, fees, and repayment terms.

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