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.
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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