Maine Payday Loan Laws
 | Max Term of Payday Loan: | Not specified | | Max Fees and Finance Charges: | Not specified | | Maximum Loan Amount: | Not specified | | Number of Rollovers: | Not specified | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | Not specified | | Presentment Limit: | Not specified | | Penalties: | Not specified | | Private right of action: | Not specified |
Maine Payday Loan Laws:
Maine permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lawmakers in Maine are considering approving changes to existing laws that would allow significant expansion of the payday loan industry. One of the proposed changes would allow lenders to charge as much as 17.5%, which would amount to $17.50 per $100. In addition, payday lenders are permitted to use advertising methods that are currently prohibited, and have greater leeway, in collection methods in the event of default than other types of creditors.
| Payday Loan Laws: |
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