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Maine's State Payday Loan Laws, Are Payday Loans Illegal?
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Maine\'s State Payday Loan Laws, Are Payday Loans Illegal?

I received an e mail yesterday wondering about Maines payday loan laws. The person wanted to know if they were illegal, and the answer is yes and no. While payday loans are illegal in the state of Maine, they may operate under the supervised lender law.

Yes, they found a way to operate in this state, and they still have all the pitfalls of payday loans in other states. They may charge $5.00 up to $75.00 borrowed, and $15.00 on a loan of $75.00 to $250.00, and $25.00 for any loans over $250.00. better rates than other states, but still on the high side.

The down side is there is no cap on the amount of money you can borrow or a time frame for paying it back.This can lead to some serious interest rates over time and the risk of having to roll over your loan more than once, which also drives up the rates big time.

It really makes one wonder just who these loan laws are really written to protect, the borrower or the lender.

One bright spot is thee state of Maine does not allow any post dated checks and will not allow any collection action on these, or any obligation to pay any charges. If a company tries to do this to you in Maine, they are operating illegally.

You can still easily get caught up in the payday loan trap in this state, and it is always wise to only have one payday loan at a time and pay it off on the first due date in full. This is how they should all be set up and this will prevent the roll over charges and interest to accumulate at crazy rates.

If you have found yourself in the trap of too much payday loan debt and can not keep up, you have them calling you at work and at home, and they are threatening legal action, take a deep breath, there is help available.

Do some research on payday loan consolidation companies. They can help stop all of the above action and roll your loans into a bi weekly or monthly low payment you can afford and deserve.

Once you get this debt all cleared up do not repeat the process! Pay any future loans off in full when they are due, or better yet, do not use these payday loan companies at all.

I hope this article on payday loan laws in Maine help you to make good decisions when taking out payday loans, and if you are in trouble with payday loan debt be sure to research how to get help.

Please feel free to share this article and leave any questions and comments below!


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