19 Ene Payday loans are allowed into the State of Maine, however they are greatly controlled.
The Lobster state just permits completely certified loan providers to give loans, and thus extremely few lenders can achieve this. In reality, based on the Bureau of credit Protection, you will find just 15 lenders that are licensed their state. Before you think about trying to get a payday loan in Maine, remember to read and comprehend its laws regarding short-term loans.
Maine’s Cash Loan Laws
Getting a payday loan in Maine demonstrates harder compared to other states because of tight restrictions that lending organizations need certainly to adhere to. Hawaii bans cashiers from advancing cash on a postdated check and hence calls for loan providers to own a supervised loan provider permit before they are able to give check always advances.
For supervised loan providers which are exempt through the ban, because there is no restriction towards the period of loan terms, there was a tiny loan price cap or optimum loan level of $2000, by having a optimum finance charge of 30%.