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Payday Loans In Maine

Maine’s beautiful beaches and sunny weather make it a great place to live. Each city has its own culture and traditions. However, there are some who find it difficult to afford the high cost of living.

 Many people find it difficult to pay their rent, mortgage and utilities. This makes payday loans a great way to get by. Because of the way that the laws were designed, payday loans can actually be a smart solution to short term financial problems.

You can find information about ME payday loans here if you’re looking for cash advances. This information should assist you in making the right decision.

What are Payday Loan Lenders in Maine?

Direct lenders are responsible for all payday loans in Maine. What is a direct lender? This is a company or individual that offers short-term loans. These loans are due to be repaid with interest and fees in a very short time, which can sometimes be as little as one month. This is a great way to get rid of short term financial difficulties.

Why Oak Park Financial?

Everyone knows that lending companies may sell customers’ personal information. If this happens, you may end up receiving endless emails. These emails can be annoying and may result in unwanted calls. 
This however does not happen with Oak Park Financial payday loans. Direct lenders in Maine don’t allow third parties to interfere with the process.  This means that all data is kept private between clients and direct lenders.

Online Payday Loan Services in Maine

Payday loans in Maine have many benefits beyond working with a direct lender.

Online applications

The online option is another advantage to these short-term cash advances. It is also convenient as you don’t have to travel anywhere or wait in line until you can apply online for payday loans. You just need to fill out the online application. 

Easy applications

It won’t take you hours to figure out how to fill the application form correctly. The application is designed to ensure that you don’t miss any details. It also includes a step-by–step application form that will assist you in applying for Maine payday loans.

Fast approvals

Payday loans in Maine are also known for speedy approvals. After your application is submitted, you’ll need to wait for the response, which can only take a few seconds. 

You will then be asked to sign the loan agreement. Within one business day, the cash will be transferred directly to your bank account.

Bad credit ok

Payday loans with no credit check are also available. Many people are denied advances from other lenders because they have poor credit histories. 

Online payday loans are a great service, regardless of your credit rating. Direct lenders assess the borrower’s employment to determine if they can afford an advance. You however must pay off bad credit loans by the due date. This will prevent you from getting into further debts due to rollovers.

Regulations for Payday Loans in Maine

  •     Maximum payday loan amount in ME is 500 dollars. 100 dollars is the minimum amount you can get. 
  •     The loan must be repaid within seven days to one month.
  •     Borrowers are not permitted to simultaneously take out more than one cash loan. 
  • Rollovers are also restricted

A practical example of how payday loans in Maine work

Let’s say you get a 100 dollar loan for a two-week period. The finance fee can range from 16.11 dollars to as high as 419 percent. 

Maine’s maximum finance charges are ten percent plus a fee for verification that cannot exceed five percent.

Payday loan clients should be aware that there is a 24-hour cooling off period before they can cancel their agreement.  The client does not need to inform the lender why they are not interested in this loan.

Sometimes borrowers cannot repay their debt by the due date. This is when payday loans are available with a grace period of up to two months.

Maine Payday Loans Available Now

You can apply online for easy payday loans in Maine if you’re looking to get a loan quickly. Complete the form to find out if you have been matched with a direct lender. 

If you don’t like the terms or rates, you don’t have to accept the offer. Payday loans in Maine are the best choice if you need money fast.

FAQs

What is the cost of a Maine payday loan?

Payday loans amounts will be determined by the amount of the finance fee, verification fee, and APR. It also depends on the amount of money you apply for. Your loan agreement will specify the exact  amount.

What are the maximum payday loans one can get in Maine?

Payday loans are regulated differently in each state. Maine law prohibits you from taking out more than one loan at once. Also, the next short-term loan can only be obtained within 24 hours of the last one.

What are the requirements to get a payday loan in Maine?

Payday loans have very few requirements that you must meet.
● You must be a Maine resident.
● You must be at minimum 18 years of age
● Your Social Security Number is required.
● You need to open an active checking account
● You should have permanent employment with at least 1,000 dollars per month
It is necessary to provide a working telephone number and an email

What happens if I am unable to make the payment by the due date?

Payday loans come with a grace period. To take advantage of this opportunity, you must inform your lender in advance.

If I’m not a Maine resident, will I still be eligible for a loan?

No. Payday loans are not available to residents out of ME. You can get a cash advance if you live in ME.

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