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Fast & Convenient Payday Loans in Maine

Maine Online Payday Loans Direct Lender

Apply Now For A Payday Loan In Maine!

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From the pristine beaches and beautiful lakes to the miles of forests, Maine offers many ways to enjoy the great outdoors. Vibrant cities like Augusta, Bangor and Portland offer arts, industry and culture for residents and visitors alike. If you're a proud resident of Maine, find out how a payday loan can help you pay your bills and avoid the stress of unexpected expenses.

Maine enjoys low costs of living, affordable housing and plenty of industries for work all across the state. However, with an average state income of $56,000, residents of Maine have less income than the national average. This leaves many residents with unpaid bills as they wait for payday. Don't let a high energy bill or an extra trip to the grocery store cause you to rack up credit card debt or overdraw your account.

Learn how payday loans can help residents of Bangor, Augusta, Portland or rural areas of Maine afford their bills today. Review the essential information about statewide laws and regulations regarding payday loans. If you're considering taking on debt to pay your bills, learn how this flexible option can be a short-term solution to your unpaid bills.

Fast Facts About Maine Payday Loans

Here are a few fast facts about payday loans in Maine. Just like every state, there are many laws in place to protect borrowers from hidden fees, excessive interest rates or taking on too much debt:

  • Loan limit: $2,000
  • Loan term limit: 7 to 31 days
  • APR limit: 30%

These are just the basic limits for payday loans in Maine. Whether you're borrowing a few hundred dollars or the full $2,000 limit, be sure to check whether your lender is licensed to provide payday loans in Maine.

From Bar Harbor to Aurora, Augusta to Albion, residents living throughout Maine can enjoy access to these dynamic loans at competitive rates. Unlike other states, which allow extreme APR limits, a limit of just 30% keeps you protected from rapidly rising interest rates.

Consider the best term limit for your needs. Although you can borrow for up to a month, payday loans are a short-term solution. Don't take out a loan for longer than necessary, and don't attempt to take out more than one payday loan at a time. If you are paid at the end of the week, consider a 7-day loan for a short-term boost of cash. On the other hand, many people are only paid once a month. In that case, you can take advantage of a 31-day payday loan that covers your monthly payments until your next payday.

Benefits of Payday Loans in Maine

While no one wants to take out unnecessary debt, there are many instances where payday loans have helped residents of Maine overcome their financial hurdles. Overdue rent, excessive credit card debt or essential groceries all require fast cash.

Because payday loans are regulated in terms of term and amount limits, borrowers are protected from undue financial burden. Unlike a traditional loan or credit card debt, you won't be overwhelmed with excessive fines or debts that you're unable to repay.

Many think of payday loans as a benefit for low-income families. However, many middle-income households are also benefiting from this convenient loan type. Whether you need a hundred dollars to afford groceries or a $2,000 loan to pay your rent and utilities on time, a payday loan is a legal and fast way to manage bills that would otherwise be overdue.

What Makes Snappy Payday Loans Different?

We're working hard to restore the reputation of payday loans, cash advances and other short term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Maine has been marred by less than reputable lenders who prey on the financially vulnerable.

If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Maine to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.

Current Statewide Laws

While not all states have laws about payday loans, lenders in Maine must be licensed and approved by the state. This means you should be able to verify if lenders are approved by the state to offer loans that follow statewide regulations. Without a license, lenders could charge outrageous fees and use dishonest business practices to cause you to pay back far more than you borrowed.

One way that Maine protects its residents is an APR limit of 30%. Many unlicensed lenders use sky-high APRs, as high as 1,500%, to charge excessive interest on small, short-term loans. Don't take out a payday loan in Maine that comes with an APR higher than 30%, as this lender is likely unlicensed in the state.

Maine also sets a limit on the loan amount you can take out at any one time. You should not accept a payday loan over $2,000, as this is not legal in the state of Maine. An illegal payday loan is risky for you as a borrower, since you may be charged excessive fines and fees. State laws aren't in place to discourage you from receiving financing, but are used to protect you from hidden fees and paying more in interest than is reasonable for the loan being offered.

The state of Maine doesn't have any limitations on cool-off or grace periods. Typically, payday loans come with a 24-hour or longer cool-off period. This is designed to give borrowers a way out if they determine the loan terms are too strict or the fees are too high for them to afford. If your loan comes with a cool-off period, you may return the full loan amount at any time during that period to avoid any fines, fees or interest charges.

Some states have laws that regulate payday loan rollover. A rollover occurs when you are unable or unwilling to pay off your loan at the end of the term. Some lenders will simply provide you with the option to extend or renew your loan. This scheme often comes with fines, increased interest rates or other penalties to the borrower. For that reason, it's typically against state law to rollover your loan. Maine doesn't have any rules or regulations against this practice, so your lender may offer this service to you at or near the end of your payday loan.

If you or someone you know is experiencing issues with a payday loan and believe the lender isn't licensed by the state or isn't complying with state regulations, contact the Maine Bureau of Financial Institutions today to file a complaint.

How the Loan Process Works

When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.

We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:

  • Have an active checking account in good standing
  • Are a permanent resident or citizen of the United States
  • Are age 18 or older
  • Have had a job for at least one month
  • Can supply a working phone number and email address

The Types of Lenders Available

You can get payday loans and cash advances in Maine either online or in person. Scores of brick-and-mortar lenders operate in Maine, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.

Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:

  • With our quick service, most loans distributed within one business day.
  • Loans are deposited right into your bank account.
  • Lenders are often willing to work with applicants who have bad credit.
  • You only have to fill out a simple online form.

We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.

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If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.


How Do I Receive More Information About My Loan?

Payday loan providers are required to clearly state all terms and conditions, as well as comply with state laws. First, ask your payday loan lender to discuss the loan before signing any paperwork. If you have any doubts or need additional information regarding payday loans, you can contact the Maine Bureau of Financial Institutions to receive the latest information about laws and regulations.

Is There an Age Limit for Payday Loans?

Don't let retirement stop you from accessing this flexible financial offering. Payday loans are still available to senior citizens, even in retirement. Use a payday loan to receive your Social Security income, dividends or other source of income quickly.

Are Online Loans Legal in Maine?

Maine state laws allow online payday loan providers to offer loans, even if they are out of the state. However, these lenders are still required to have an official license and follow all state laws regarding payday loan terms and conditions. Many companies attempt to bypass state laws by offering online loans, so be sure to check whether your provider is licensed within state or follows state laws regarding loan limits and terms.

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Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. She began her career in the short-term lending industry in 1996. Starting with one store, she grew the business to over 50 storefronts offering payday loans. As the industry started to shift online, she changed gears and started Snappy Payday Loans, allowing consumers nationwide to apply online for a payday loan. Through relationships and time, Kelly has built a large network of lenders that offer loans that Snappy utilizes today.