Maine Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Maine payday loan laws contact the Maine Office of Consumer Credit Regulation.
Payday loans are permitted for supervised lenders in Maine (see Maine Payday Loans or Maine Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | |
| Rates or Fees (max) | (Small Loan Rate Cap)30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249.99; or $25 for amounts financed of $250 or more. |
| Term Limitations |
Maine regulations mention nothing about rollovers. Nothing is mentioned about cooling periods between loans. Maine has no requirements for extended repayment plans.
For example, in Maine the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | |
| APR |
Finally, a more detailed excerpt from Maine's statutes on finance charges is listed below. In general the tables above summarize this.
None
Citation: Maine's UCCC and Me. Rev. Stat. tit. 9-A Section 2-401., Rev. Stat. Ann. tit 9-A Section1-201, Me. Rev. Stat. Ann. tit. 9-A Section1-301. Supervised Lenders are exempt from 32 Me. Rev. Stat. Section 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.