Maine Payday Loans
You bounce a check or are late on bills and you pay a penalty fee. You get a payday loan and you pay an interest rate. But no matter what it's called or how it's measured, the cost is in dollars. So sometimes payday loans are the cheapest option. This page has what we have found are the lowest online loan rates for people living in Maine. If you know of a online lender with cheaper rates for your state, please contact us.
PaydayOne.com
Finance Charges
| Loan Amount |
Interest and Fees |
Total Due |
APR 14 days |
| $100 | $15.00 | $115.00 | 391.07% |
| $150 | $15.00 | $165.00 | 260.71% |
| $200 | $15.00 | $215.00 | 195.54% |
| $250 | $25.00 | $275.00 | 260.71% |
| $300 | $25.00 | $325.00 | 217.26% |
Terms
The maximum payday loan for Maine residents is $300.The maximum loan term is 41 days.
Requirements
You must be at least 18 years old and have:- A job or proven source of income
- An email address
- A verifiable phone
- A checking account in good standing (PayDay One defines an account in good standing if it shows 30 days of transaction history without any non-sufficient fund transactions, returned checks, overdraft charges, or negative account balances.)
Guarantee
If you find a lower price from another similarly licensed online lender we'll match it.Relevant Legal Excerpts for Maine Payday Loans
Section 2-401. Finance charge for consumer loans
2. With respect to a consumer loan, other than a loan pursuant to open-end credit, a lender may contract for and receive a finance charge calculated according to the actuarial method, not exceeding the equivalent of the following:
A. The total of:
(i) 30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less;
(ii) 24% per year on that part of the unpaid balances of the amount financed that is more than $2,000 but does not exceed $4,000; and
(iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000.B. Notwithstanding paragraph A, with respect to a consumer loan in which the amount financed exceeds $8,000, a lender may not contract for and receive a finance charge calculated according to the actuarial method in excess of 18% per year on the entire amount of the loan.
3. This section does not limit or restrict the manner of calculating the finance charge, whether by way of add-on, discount or otherwise, so long as the rate of the finance charge does not exceed that permitted by this section. If the loan is precomputed,
A. The finance charge may be calculated on the assumption that all scheduled payments will be made when due; and
B. The effect of prepayment is governed by the provisions on rebate upon prepayment, section 2-510.
4. The term of a loan for the purposes of this section commences on the date the loan is made. Differences in the lengths of months are disregarded and a day may be counted as 1/30th of a month. Subject to classifications and differentiations the lender may reasonably establish, a part of a month in excess of 15 days may be treated as a full month if periods of 15 days or less are disregarded and that procedure is not consistently used to obtain a greater yield than would otherwise be permitted.
7. Notwithstanding subsection 2, the lender may contract for and receive a minimum charge of not more than:
A. Five dollars when the amount financed does not exceed $75;
B. Fifteen dollars when the amount financed exceeds $75, but is less than $250; or
C. Twenty-five dollars when the amount financed is $250 or more.
DISCLAIMER: The documentation on this site is for informational purposes only and is not intended to be a legal substitute for the official versions. There is no guarantee for accuracy, completeness, or timeliness of the information provided. Refer to the lender for the fees charged or other loan questions. Consult with your legal advisor for help in interpreting individual statutes. All ownership rights for the material not original to this site remain with the respective copyright holders.