Payday Loans in West Newfield, Maine

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

Company nameAddressZip codePhone number
Community Credit Union 1025 Auburn Rd, Turner, ME 04282 +1 (207) 783 - 2096
Advance Auto Parts 100 Main St 320, Westbrook, ME 04092 +1 (207) 854 - 0039
Dirigo Federal Credit Union 391 Main St, Lewiston, ME 04240 +1 (207) 784 - 5435
KeyBank 256 US-1 Ste 1 Unit 1, Falmouth, ME 04105 +1 (207) 781 - 3499
KeyBank 471 Main St, Springvale, ME 04083 +1 (207) 324 - 3362
KeyBank 40 Front St, Bath, ME 04530 +1 (207) 443 - 5573
Norway Savings Bank 88 Ossipee Trail E, Standish, ME 04084 +1 (207) 642 - 1290
PeoplesChoice Credit Union 369 Elm St, Biddeford, ME 04005 +1 (207) 284 - 8483
Northeast Bank - Brunswick 186 Maine St, Brunswick, ME 04011 +1 (207) 729 - 8711
PeoplesChoice Credit Union 23 Industrial Park Rd, Saco, ME 04072 +1 (207) 282 - 4156

Payday Loan Companies in Nearby Cities

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

Beautiful sights of West Newfield, ME

Are Payday Loans Legal In West Newfield, 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

West Newfield, ME payday loan calculator

The Ins and Outs of Payday Loans in West Newfield, Maine

If you find yourself in financial trouble, you may be considering a payday loan to help you get through it. But is this type of loan legal in your state? In Maine, payday loans are permitted for supervised lenders only. Here in West Newfield, there are a few things you should know before taking out a payday loan.

What is a Payday Loan?

A payday loan is a short-term loan that is usually due on your next payday. These loans are typically for small amounts, ranging from $100 to $1,000, and come with high interest rates and fees. The idea behind a payday loan is to help you cover emergency expenses when you don’t have enough money to pay for them. However, payday loans can be risky, especially if you can’t repay them on time.

The Laws Regulating Payday Loans in West Newfield, Maine

In Maine, payday loans are permitted, but only for supervised lenders. This means that the lender must be licensed and regulated by the state government. The maximum amount that you can borrow is $2,000, and the loan must be repaid within 90 days. The interest rate is capped at 30%, which means that a $100 loan can cost you up to $130 in interest and fees. It’s also important to note that lenders can only charge one fee per loan, regardless of the length of the loan.

If you’re struggling with payday loans, there are resources available to help you. The Maine Bureau of Consumer Credit Protection can provide information and assistance if you’re having trouble repaying your payday loan. You can also contact a local consumer protection agency or a consumer rights attorney for help.

Pros and Cons of Payday Loans in West Newfield, Maine

While payday loans can be helpful in some circumstances, they also come with risks and potential downsides. Here are a few things to consider before taking out a payday loan in West Newfield:

  • Pros: Payday loans are easy to get, and you don’t need good credit or collateral to qualify. They can also be helpful if you have an emergency expense and need cash quickly.
  • Cons: Payday loans come with high interest rates and fees, which can make them difficult to repay. If you can’t repay the loan on time, you may end up in a cycle of debt, with additional fees and charges piling up. Additionally, some lenders have been known to engage in predatory lending practices, so it’s important to do your research and choose a reputable lender.

Apply Now

If you’re considering a payday loan in West Newfield, Maine, TheGuaranteedLoans is here to help. We connect borrowers with potential lenders, making the application process fast and easy. Please note that we are a connector service, not a direct lender, and we do not make credit decisions. We partner with a network of trusted lenders, and we will work to find the right lender and loan for your needs. To get started, simply fill out our online application form.

Interesting Facts and Statistics about Payday Loans in West Newfield, Maine

– There are approximately 45 payday lenders in Maine, serving a population of 1.3 million.

– In 2019, Maine borrowers took out 165,000 payday loans, with an average loan amount of $372.

– The annual percentage rate (APR) for a typical payday loan in Maine is around 260%.

– According to a study by the Pew Charitable Trusts, 12 million Americans take out payday loans each year, paying around $9 billion in fees and interest.

Payday loans can be a convenient way to get cash fast, but they also come with risks and potential downsides. If you’re considering a payday loan in West Newfield, Maine, it’s important to do your research and choose a reputable lender. And remember, if you’re having trouble repaying your loan, there are resources available to help you get back on track.

F.A.Q.

Are there any protections for consumers who take out payday loans in West Newfield, Maine?

Yes, the Maine Consumer Credit Code provides protections for consumers who take out payday loans, including limiting the number of loans that can be taken out at one time and requiring lenders to provide clear information about the terms and conditions of the loan.

Is it possible to have a payday loan in West Newfield, Maine forgiven or cancelled?

Yes, in some cases, payday loans in West Newfield, Maine may be forgiven or cancelled. For example, if the lender violates state law or if the borrower is unable to repay the loan due to unforeseen circumstances, the loan may be forgiven or cancelled.

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