Maine Cash Advance Consumer Resource
Are you a Maine resident and looking for the most reliable information on payday loans in your state? Then you are at the right place! CashAdvance.com, the leading source for payday loan information, has accumulated the most comprehensive and dependable guide on the internet for information on Maine payday loans.
Maine residents have probably noticed that it is virtually impossible to obtain a payday loan in their state. This is because Maine has enacted certain interest rate caps and other fee regulations that have made it difficult for any lenders, except a select few, to be able to feasibly operate a business dedicated to offering quick cash loan in the state. There is high demand in Maine for payday loans, so residents should check back with CashAdvance.com for updates and news developments on pending reforms to Maine law.
For more information on cash advances within the various cities of Maine, please visit the Information by City section below.
Would you like to share your opinions on Maine payday loans? CashAdvance.com wants to hear from you! You can contact us at: maine@cashadvance.com. We look forward to hearing from you!
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Cash Advance in Maine
When trying to obtain a cash advance in Maine, you will find that there are a number of rules and regulations concerning this process. There are only a few cash advance companies available in the state, and the decision has yet to be made as to whether the state will allow other companies to come into the area to offer Maine residents cash advances. A few more interesting facts are listed below.
Laws and Regulations Concerning Cash Advance in Maine
• Experts have been determined to change the laws regarding whether Maine will allow more
Cash advance companies to operate within the state. In 2005, there were only six such companies in the entire state, the smallest amount for any state in the nation.
• Presently, there are no laws in Maine that regulate the cash advance industry.
• In the year 2000, legislation did apply certain regulations on machines that offer cash advances. Lenders have to be clear about the fees that are involved in obtaining a loan in this way; otherwise they cannot charge any fees.
• Cash advance machines must provide a receipt to the borrower that states how much the loan is and the fees that are being charged, along with the date, time and amount that has been taken from the borrower’s account. The account number and the borrower’s name and location are specified on the receipt through a code of numbers.
• Pertaining to cash advance machines, these units are owned by individual companies, not by banks. The owner of a machine must have the company name appear on that machine along with information about the company. If the borrower has a problem or complaint regarding the transaction, he or she will be able to contact the company through contact information that will be supplied, including the address and a toll-free phone number.
Interest Rates
30% total interest cap on loans up to $2000, $15 for amounts $75-249, and $25 for amounts $250 or more Lenders cannot charge more than 30% total interest on loans not exceeding $2000. Finance charges of $15 for loans between $75 and $249, and a fee of $25 for all loans of $250 or more.
Online Services
Because there are so few cash advance companies in the State of Maine, online services are a great option for obtaining a cash advance. When an unexpected expense pops up, you can receive quick and reliable service through an online company. Your privacy will always be respected, and these sites will keep your information strictly confidential. You can apply for a cash advance in Maine and have your money very quickly, without having to leave your house. Your advance can be deposited directly into your account, and you can even request an extension for repaying the loan, if needed.
The following requirements pertain to obtaining a cash advance in Maine through an online service:
• Must be at least 18 years of age
• Must have a checking account
• Must have a steady income
• Must be a U.S. resident
• Must have a phone number where you can be reached
The unexpected can happen. If and when it does, you can obtain a cash advance in Maine to help you through your financial dilemma.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.