Maine Payday Loans

In the state of Maine payday loans are prohibited. The small loan rate cap applies in the state of Maine. This law permits payday lending business to supervised lenders. The supervised lenders are generally Maine payday loans companies. These lenders can lend any amount of loan. The law does not keep a cap on the amount of a loan. There is no minimum or maximum limit to the amount of loan you can borrow. The law however keeps cap on the interest rate these lenders can charge from you. You will have to pay varied interest rate on different

Maine payday loans amounts. If you borrow an amount up to $75, these lenders will charge from you $5 as the interest rate. If the amount loaned exceeds $75 but is less than $250, the rate of interest will be 15% and $25 for an amount loaned more than $250. If you borrow $2000, then you will have to pay 30% of the loan amount each year so long as you and your lender agree to pay back the loan. The law does not have any provisions regarding the APR. The minimum or maximum duration for Maine payday loans is not specified anywhere.

Maine Payday Loans: Laws & Regulations

The rollover position is also not clear. The law does not provide for extensions or rollovers. Rollover is a term used for extending the Maine payday loans again by paying the fees but the principal amount stands dues. In a rollover the loan process repeats. In the absence of any laws and provisions the two parties are free to keep all the conditions to their discretion.

maine payday loans

They might agree or disagree to everything that comes their way in establishing a borrower and lender relations. This would be based on a mutual agreement on both sides. It is always suggestible to have a written agreement signed by both the parties. One thing very unique about Maine payday loans is that lenders are prohibited to advance money on postdated checks.

Elastic from Urban Trust Bank

This Maine payday loans company provides many services such as cash in financial emergency, bill payment, cash advance in emergency. They claim to provide better prices than their competitors. They claim to make their products convenient for their customers. They claim to deliver world-class services to their customers. Their loan application process is simple. You just have to fill an online application and furnish the lenders with basic information about you. Give them a call at 888-444-3527 or visit their website at www.elastic.com.

My Cash Now

This Maine payday loans lender offers payday loans or cash advance loans in your financial emergency. They also provide cash cards and money gram services. They claim to provide their customers with quick and easy services. They claim their customer services to be the best possible customer services. They claim to have taken every measure to ensure that the privacy of their clients is secure. They do not require any credit check. It may either be good or bad. All they ask you for is basic information about yourself such as proof of your identity, your residential proof, and a checking account. You can make use of their services just by filling an easy onlineapplication form. Give them a call at 1-866-398-2274 or visit their website at www.mycashnow.com.

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If you’ve had a good or a bad experience with a specific Maine payday loans company, please share it with the rest of us so we can all benefit from the information. Also, if you have any questions about Maine payday loans, you can ask them here, and either one of our staff or another visitor will answer it the same day. You can also feel free to sound off on the cash advance industry itself, and say whether you feel payday loans are inherently good or evil. This will help provide a well-balanced discussion on Maine payday loans.

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