Maine Payday Loan
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Payday loans generally range in amounts up to $500 dollars. As a short-term loan, they are meant to be repaid quickly, within a couple of weeks. Because they differ so much from traditional long-term bank loans, they are also regulated differently by the Maine state legislature.
Payday Loan Laws in Maine
The state motto of Maine is: “I lead.” Well, that certainly isn’t the case with their lending practices. By law, payday loans are prohibited in the state of Maine. Lenders in this state must possess a license to deposit checks into someone's account and the state sets a minimum fee for cashing a post-dated check.
So how can you get a payday loan in Maine? It is very tough especially when one of the largest cash advance companies in the nation, Ace Cash Express, shut down their last two stores in 2015. Residents in Maine are still searching for loans. In an internet search early 2017, “payday loans Maine” turned up 669,000 hits!
The cash advance industry is primarily regulated by individual states. Lending institutions sit atop an active and shifting legal landscape. On one side lobbyists for the lenders are working fervently to ensure your right to the cash you need between paychecks; on the other side opponents are working equally hard to prohibit short-term lending in the name of consumer protection.
Maine Payday Loan - Cities