Maine Payday Loans Online

Lorraine Roberte

Lorraine is a freelance writer who specializes in digital marketing and personal finance. She has written for well-known sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.

Do you need cash to pay some of your bills or rent? You can apply for a payday loan online and get your money fast. You can fill out the application form, and you need to have an active bank account to receive your money. The process is simple and easy. Traditional banks can’t give you a quick loan, plus you have to have an excellent credit history and provide tons of documents, and the process can take up to a few months.

Are Payday Loans Permitted in Maine?

Fortunately, payday loans are permitted in Maine. State laws for a payday loan are the following:

The highest amount is up to $2000
There is no length limit for payday loans.
The Lenders are allowed to charge restricted fees for up to $75 – beyond $5; from $75 to $250- not more than $15; above $250 – not more than $25. This is what Maie law allows, and better inform yourself about how much you should pay.
Criminal offenses against borrowers are not allowed
You have to check the lender’s license for Maine. Maine is one of the states that have strict regulations for payday loans.

How to Apply for a Payday Loan in Maine?

You need to fulfill some requirements to be able to apply for a payday loan in Maine:

Provide a government-issued ID as proof of residence
Be 18 years or older on the day of application
You have to be a full-time or have time employee and earn at least $1500 per month. You need to provide proof of income, and this will show your ability to repay the loan. Lenders do not usually check credit scores for payday loans.
You need to provide contact information to the lender, such as email address and phone number.
If you are on the verge of bankruptcy, you can not apply for a loan.

Choosing an Online Payday Lender in Maine

As we are all aware of scam sites and afraid that our data is not secured, here are a few pointers on how to choose reputable and secure payday lenders online:

Clear information about interest rates and other charges is shown transparently on the website.
They have a valid license to operate.
They have agents to help their customers available during business hours regarding possible questions that may arise.

You can also check for positive reviews from other customers and how they were satisfied with the service of the lender.

Conclusion

Payday loans are meant to help people to cover additional expenses, and they are short-term loans. They usually involve high charges, and you have to be aware that they are useful only in an emergency. We all come to a time when we need quick money till our next paycheck arrives.

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Disclaimer
Short-term loans are short-term credit solutions with small amounts intended for temporary financial difficulties only that can quickly become a pricey alternative.www.johnthomasfinancial.com does not offer loans or make credit decisions, and it is free to use. This website only provides a matching service between users and lenders or third parties; it connects people who need loans with businesses that can provide them. There are no fees associated with using this site, and users are under no obligation to accept loan offers they receive through the site. The website presents all data on short-term loan products and the industry for informational purposes only. Johnthomasfinancial.com does not represent or endorse any particular lender, and we are not responsible for the actions or inactions of any lender. We also do not collect, store, or access information regarding the fees and charges associated with loans from lenders in our network. Short-term loans may not be available in all states, and not all lenders in our network can provide loans up to $1,000. There is no guarantee that any lender will approve the use of this website or that any loan product will be matched with a lender. Additionally, there is no guarantee that you will receive a short-term loan offer on the terms requested in the online form. In order to assess your creditworthiness and decide which products are best suited for you, the lender may need tocheck your credit score via one or more credit bureaus. To protect both the lenders and the applicant, extensive verifications will be performed. These may include, but are not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products can differ greatly from lender to lender because they often depend on numerous factors specific to each individual case including state of residence and credit standing of the applicant.

APR Representative

APR (Annual Percentage Rate) is the rate of interest you’ll pay on a loan if you borrow it for an entire year. Our website doesn’t offer loans directly, so we unfortunately can’t provide the APR that any specific lender charges. The interest rates offered by lenders can vary significantly, depending on numerous factors such as where you live and your credit score. In addition, there may be other fees associated with the loan offer, including but not limited to origination fees, late payment charges and penalties. Lenders may also take non-financial actions such as reporting late payments or taking debt collection action. The following financial and non-financial actions are not affiliated with www.johnthomasfinancial.com, and we have no information regarding what lenders may do in these situations. All charges and actions taken should be disclosed to the borrower in a clear and transparent manner within their loan agreement. The APR is the total cost of a product divided by the number of years it will last. It’s not a financial penalty for a short-term item.

Late Payment Implications

If you think you might miss a payment or will be late, call your lender as soon as possible. They may charge late fees and penalties, which vary by state. All the procedures and costs associated with late payments are explained in the loan agreement, so read it carefully before signing any paperwork.

Non-payment Implications

In cases of non-payment or missed payments, financial and non-financial penalties may be implied. The terms of renewal should be disclosed in the loan agreement. Additional measures undertaken as a result of non-payment, such as renewals, must be stated explicitly with consent. Each loan agreement should contain its own terms for renewal. Renewal costs and fees may be imposed additional circumstances.