Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Maine.
Maine Payday Loan Laws
Maine Legislation State Information
Payday Loan Legal Status: Prohibited – Permitted for supervised lenders
Citation:
Maine’s UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
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; or $25 for amounts financed of $250 or more.
Regulator: Maine Office of Consumer Credit Regulation
Address:
Department of Professional and Financial Regulation
35 State House Station
Augusta ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
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Tags: Maine Payday Loan Laws, online payday loans Maine, Payday Loans Maine 
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