Maine Payday Loans

Maine's UCCC applies. Me. Rev. Stat. tit. 9-A § 1-201, 2-401. 32 Me. Rev. Stat. § 6138(4((D) prohibits check cashers from advancing money on a postdated check. Supervised Lenders are exempt from that ban.
Status: Prohibited - Permitted for supervised lenders

Payday loans are prohibited in the state of Maine, pursuant to 63 Penn Stat. Ann. § 2325.

Payday Loan Lending Laws in Maine

Payday loans are not permitted within Maine, and the current state regulations for financial services required lenders to comply with very strict regulations. A small loan rate cap prohibits lenders from charging more than 30 percent for loans less in amount than $2,000, and state laws also forbid charging more than $5 for a loan up to $75; more than $15 for $75-$250 loans; and  $25 for loans above $250. Any borrower residing in Maine should be aware that any companies offering payday lending services within the state are operating illegally.

What is a payday loan?

Simply put, payday loans are short-term financial loans that have to be paid back within a two-week period, usually coinciding with payday schedules. Although the loan amount allowed varies from state to state, they generally fall between $100 to $500. Payday loans are recognized for their simple application process and fast approval timeframes. In states that allow the practice, a potential borrower only needs to be a U.S. resident over 18 years old, have a bank account, and can prove they can repay the loan. The application process only takes a few minutes before potential borrowers know if they’ve been approved.

Unlike traditional loans, cash advance loans also do not require a borrower to put up any type of collateral to secure the funds. That is, a borrower does not have to put up their house or car against the requested loan amount, thus giving the false appearance of easy money to irresponsible borrowers. Also, there are no requirements for the borrower to declare what the loan request is for and, in some states, only minor rules against taking out multiple loans at one time.

With these factors, a payday loan can be an attractive solution to short-term financial problems. If a borrower needs to handle an unexpected car bill on Tuesday, they can apply for a payday loan and pay it back by Friday. With any financial loan, however, the borrower should take care to understand the loan terms and have a plan to pay the funds back before agreeing to the lender’s terms.

Loan Options

While payday loan centers cannot operate physically in the state of Maine, other lending options might be available to them. Although state laws currently prevent payday lenders from operating in the state, borrowers can try applying for loans through loan-finding websites. This method works on the same business practice as credit card companies who operate out of a bank in one primary state but can offer credit services to individuals throughout the country. When faced with unexpected financial problems, a potential borrower should also consider every option they have available, from friends and family to traditional loans.

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.
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Regulatory Information

If you have a complaint against a Maine Cash Advance location you can contact your state regulator below:

Maine Office of Consumer Credit Regulation
Department of Professional and Financial Regulation, 35 State House Station Augusta ME 04333
(207) 624-8527
(207) 582-7699

Maine Check Cashers

Below you can find Maine check cashers in the following cities:

Maine Statistics**

The following information is key demographic data for the state of Maine from the Census bureau.

Total Population:
Median Household Income:
Poverty Rate:
Median Gross Rent:
High School Graduate or Higher:
Bachelor's Degree or Higher:
**The information displayed may not be current. For the most recent information, please visit

Borrow Responsibly

In theory, the best use of a payday loan should only be to handle short-term financial emergencies. The word “theory” applies here due to the sometimes chaotic events of real life. In ideal situations, a borrower considering a loan would take the time to research every aspect of a potential lender before applying. While that might not always be the case, the borrower still needs to take responsibility for any loan decisions. Understand the terms of a loan, including the interest rates and repayment periods, and make a plan to meet those obligations. Short-term loans should also never be used for long-term financial planning or anything other than an emergency situation; doing otherwise can put the borrower in a financial situation that can prove very difficult to escape.

The primary danger of irresponsible loan usage is a debt cycle, wherein a borrower cannot meet the payback deadlines and must take out new loans to pay off the old ones. This can result in additional fees and charges that can leave a borrower trapped. However, knowing all the details of the loan agreement will allow a responsible borrower to help avoid that trap. is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website; however, all information is presented without warranty or guarantee. may receive compensation from our partners, including, but not limited to, clicking on links and lead generation.