Payday Loans in Wayne, Maine

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

Company nameAddressZip codePhone number
KC's Auto 212 Main St, Vassalboro, ME 04989 +1 (207) 923 - 5000
Katahdin Trust 57 Western Ave, Hampden, ME 04444 +1 (207) 862 - 2211
My Maine Payday 400 Congress St, Portland, ME 04101 +1 (207) 618 - 8385
CASH X-PRESS 575 Main St, Bangor, ME 04401 +1 (207) 990 - 5906
Five County Credit Union 219 US-1, Yarmouth, ME 04096 +1 (800) 750 - 0959
Five County Credit Union Inside Wal-Mart, 30 Landing Rd, Windham, ME 04062 +1 (800) 750 - 0959
Varney Ford 237 Moosehead Trail, Newport, ME 04953 +1 (888) 460 - 7356
Partners Bank 484 Main St, Springvale, ME 04083 +1 (888) 226 - 5747
Norway Savings Bank 65 Main St, Gorham, ME 04038 +1 (207) 222 - 1502
Camden National Bank 18 Main St, Winthrop, ME 04364 +1 (207) 377 - 3159

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wayne, ME, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Bangor, ME, Payday 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 Wayne, ME.

Beautiful sights of Wayne, ME

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

04284

Are Payday Loans Legal In Wayne, 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

Wayne, ME payday loan calculator

Understanding Payday Loans in Wayne, Maine

When facing financial difficulties between paychecks, many people turn to payday loans in Wayne, Maine, as a means of getting by. However, the payday loan industry is often misunderstood and surrounded by controversy. This guide aims to break down the basics of payday loans, the laws in Wayne, Maine, and what to consider before applying for one.

What Are Payday Loans?

Payday loans are small, short-term loans that typically range from $100 to $1,000. These loans are intended to help borrowers cover unexpected expenses or bridge the gap between paychecks. Payday loans are usually due by the borrower’s next payday, typically within two weeks to a month.

Payday loans are unique in that they don’t require collateral. Instead, lenders rely on the borrower’s income and creditworthiness as a guarantee that the loan will be paid back on time. To apply for a payday loan, borrowers typically need to have an active checking account, proof of employment, and a valid ID.

Payday Loan Laws in Wayne, Maine

Payday loans are legal in the state of Maine, but they are strictly regulated. Maine’s Check-Cashing Act allows supervised lenders to offer payday loans, and loans cannot exceed $2,000. The state also limits the interest rate on payday loans to 30%, which is lower than the average interest rate for payday loans nationwide.

There are also several additional regulations in place to protect borrowers in Wayne, Maine. For example, lenders are required to provide borrowers with a written agreement outlining the terms of the loan, including the interest rate, fees, due dates, and disclosure of the borrower’s rights. Lenders are also prohibited from charging prepayment penalties, rollover fees, or additional interest beyond the initial loan amount.

Considerations Before Applying for a Payday Loan in Wayne, Maine

While payday loans can be a helpful resource for individuals in a bind, there are several factors to consider before applying. Here are a few key points to keep in mind:

Interest Rates and Fees:

While payday loan interest rates in Wayne, Maine, are capped at 30%, that still means borrowers will have to pay back more than the amount they borrowed. Additionally, lenders may charge fees for processing the loan or for late payments.

Loan Terms:

Payday loans are designed to be repaid quickly, typically within two weeks. However, if a borrower cannot pay back the loan on time, the lender may offer extensions or rollovers, which can result in additional fees and interest charges.

Budgeting and Financial Planning:

Before taking on a payday loan, it’s important for borrowers to evaluate their financial situation and ensure that they will be able to pay back the loan on time. Creating a budget and exploring alternative sources of funding, such as community resources or credit unions, may be more financially sound.

Applying for a Payday Loan in Wayne, Maine

If you’ve decided that a payday loan is the right option for you in your current financial situation, applying for a loan is quick and easy. Our website, TheGuaranteedLoans, is a connector service that assists borrowers in finding the right lender for their needs.

When applying for a payday loan, you will typically need to provide proof of income, access to your checking account, and personal information such as your name and address. Once you have submitted your application, a lender will review your information and determine whether to approve your loan. If approved, your funds will be deposited directly into your bank account, typically within one business day.

Apply Now

If you’re in need of a payday loan in Wayne, Maine, TheGuaranteedLoans can help you connect with the right lender. Fill out our online application today to get started. Keep in mind that TheGuaranteedLoans is not a direct lender, but rather a connector service that assists in finding the right lender for your needs.

Interesting Facts and Statistics About Payday Loans in Wayne, Maine

  • There are 60 payday lenders in Maine, according to the Bureau of Consumer Credit Protection.
  • Maine’s average payday loan has an APR of 217%.
  • As of February 2021, the maximum loan amount for payday loans in Maine is $2,000.
  • Borrowers can make repayments in equal installments over a period of at least 90 days.

In Conclusion

While payday loans can be a helpful resource for those in need of financial assistance, it’s important to understand the laws and regulations in place in Wayne, Maine, and to carefully evaluate your financial situation before committing to a loan. By doing your research and working with a reputable lender, you can make an informed decision that will help you achieve your financial goals.

F.A.Q.

Can I be charged with additional fees if I want to pay off my payday loan early in Wayne, Maine?

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

Can I be charged with collection fees if I default on my payday loan in Wayne, Maine?

Yes, if you default on your payday loan in Wayne, Maine, the lender may pursue collection actions, including charging you collection fees. It is important to carefully consider your ability to repay the loan before taking out a payday loan to avoid defaulting on the loan.

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