Loan Options in Maine

Maine allows both payday and installment loans under its consumer credit code (Title 9-A). Lenders need a supervised lender license from the Bureau of Consumer Credit Protection before making consumer loans to you. The state caps finance charges and requires written disclosures, so licensed lenders can't charge whatever they want.

Rate caps, maximum loan amounts, and repayment terms differ by product type. Use the dedicated pages below for specifics:

• Maine payday loan rules
• Maine installment loan rules
• Maine rates & fees breakdown

If a lender can't show you a valid Maine license or won't disclose the total cost in writing, walk away. You can search for licensed lenders on the Bureau's website before you apply.

• Supervised lender licensing. Any company making consumer loans in Maine must hold a Bureau license. You can verify a lender is legitimate before sharing personal or banking information. Look up a lender's license here.
• Finance-charge caps. Title 9-A sets maximum finance charges for different loan sizes and terms, which limits what a licensed lender can legally charge you. Details are on the Rates & Fees page.
• Written disclosures before you sign. Lenders must give you clear, written disclosure of the APR, total finance charges, and repayment schedule. Skipping this step violates state law.
• Complaint process. If a lender violates Maine lending law or treats you unfairly, file a complaint with the Bureau of Consumer Credit Protection. They investigate and can take enforcement action.

For general tips on spotting predatory lenders and protecting your information, review the LendUp scams & safety guide.

1. Verify the license. Search the Bureau's licensed-entity list for the lender's name before you apply.
2. Get the total cost in writing. Ask for the APR, all fees, and the full repayment amount. Compare these numbers on the Rates & Fees page.
3. Never pay upfront fees. Legitimate lenders deduct fees from the loan proceeds or add them to the balance. They don't ask you to wire money or send gift cards before funding.
4. Consider alternatives first. Explore lower-cost options on the Maine alternatives page before committing to a high-cost loan.