Best Loans in Maine, Payday, Auto Title Laws of September 2024
According to the Maine Consumer Credit Code, installment loans are capped at $35,000, and terms cannot exceed 25 months.
Allowable finance charges include:
- 30% per year on the first $2,000.
- 21% per year on balances > $2,000 but ≤ $4,000.
- 15% per year on balances > $4,000.
As well, for loans above 8,000, APRs are capped at 18%.
For small loans, different guidelines apply. Licensed lenders can charge:
- $5 on loans ≤ $75.
- $15 on loans > $75 but ≤ $250.
- $25 on loans > $250.
Best Bad Credit Loans in Maine of September 2024
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For additional resources, see our complete guide on bad credit loans.
Best Personal Loans for Good Credit in Maine of September 2024
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