By Shawn Martin
Payday loan laws in Maine are actually set up to help the borrower. It is currently illegal to operate payday loan companies in the state of Maine.
They can still operate as long as they are what they call a supervised lender.
The loan rates are more favorable than your conventional payday loan, $5.00 up to $75.00 borrowed, $15.00 for $75.00 to $250.00 loans, and it is $25.00 for loans above $250.00
This is much lower rates than other states, but there still is not time limit or loan cap on how much you can borrow. Still pretty easy to get caught in the payday loan trap.
One good thing is the Maine payday laws do not allow any post dated checks, so all charges associated with this practice do not apply.
It is always risky when using payday loans, and Maine is no different in this aspect.
While it does protect the borrower better than many other states, it is still too high of interest and too much temptation to take out too large and too many loans at once.
We can help!
If you find yourself in trouble with payday loan debt in Maine or any other state we can help!
I invite you to check out our Payday Loan Repayment Plan or call us at 1-877-280-5100 for a free quote and more information on how we can help return some sanity to your finances.