Installment Loans in Maine
Page last reviewed: March 30, 2026 · Reviewed for accuracy by LendUp
Loan size: Maine consumer installment loans are made under the supervised lender license. Loan amounts and applicable rate tiers vary by the offer - confirm the specific amount range in your offer documents.
Rates and fees: Maine limits charges on covered consumer loans based on the loan type and license category. Review the state-specific breakdown before you accept any offer.
Licensing: Installment lenders in Maine must hold a Supervised Lender license issued by the Maine Bureau of Consumer Credit Protection (BCCP). This applies to online lenders serving Maine residents as well as storefront lenders.
To qualify:
- Basics: You'll typically need to be 18+, have a valid ID, steady income, and an active checking account for direct deposit and automatic withdrawals.
- Military households: The Military Lending Act caps cost at 36% MAPR, which may limit available offers. See Rates & Fees for details on how this applies.
LendUp isn't a lender - we connect you with providers. Offers aren't guaranteed, and we may earn compensation if a loan is funded.
How to Apply
Steps
- Submit one request through LendUp or contact a licensed lender directly.
- Gather your ID, proof of income, and bank details for deposit and repayment.
- Review the full payment schedule - number of payments, dates, and amounts - before moving forward.
- Before you sign, confirm the total repayment amount and save a copy of the signed agreement.
What to expect
- Credit check: The lender may use a hard or soft credit pull. Ask whether checking your rate affects your credit score before you proceed.
- Payment schedule: Maine's supervised lender rules require your contract to disclose the full payment schedule - number of payments, due dates, and amounts - before you sign.
- Timing: Many lenders send funds by direct deposit. Confirm the earliest deposit date and whether a paper check is an option before signing.
- Automatic withdrawals: Expect autopay from your checking account. Ask whether payment dates can align with your pay schedule if your paydays vary.
Verify an Installment Lender in Maine
Use Maine's license lookup before you share your Social Security number or bank details.
- Select the appropriate agency, then type the first few letters of the company name followed by the percent sign (%) and click Find Licensee. If the company name starts with "The," search by the next word (e.g., search "Warm" for "The Warm Stove Shoppe").
- Select the matching record from the results list and open the detail page.
- Confirm the status shows ACTIVE - not EXPIRED or TERMINATED.
- Match the address or phone number on the record to the contact information on your offer. If they differ, ask the lender to explain before proceeding.
- Save a screenshot or PDF of the license record for your files.
To report a suspected unlicensed lender or a problem with a licensed one, file a complaint with the Maine Bureau of Consumer Credit Protection at maine.gov/pfr/consumercredit/complaint.htm.
Before You Sign
Your rights in Maine
- Written contract required: Maine supervised lenders must provide a written agreement that includes the full payment schedule - dates, number of payments, and amounts - before you are bound.
- Early payoff: You have the right to pay off your loan early. Ask the lender how unearned finance charges are calculated if you pay ahead of schedule.
- No criminal threats: Maine prohibits criminal prosecution threats against borrowers for nonpayment of a consumer loan. Debt collection on a civil debt is civil, not criminal.
- Online lenders must be licensed: Any lender - including online lenders - making installment loans to Maine residents is required to hold a Maine Supervised Lender license, regardless of where the lender is located.
Walk away if
- Upfront "processing" or "insurance" fees are required before you receive funds.
- The lender shows only the monthly payment and won't state the total repayment amount in writing.
- Your loan documents don't clearly show the payment schedule (dates, number of payments, and amounts).
- You're pushed to sign today or told you can't take the agreement home to review.
- The company won't provide a Maine license number or you can't find them in the state lookup.
If a loan won't fit your budget, review Alternatives and safety basics at Scams and safety.
Installment Loan Questions in Maine
What happens if I miss a payment?
You may owe a late fee and the lender may treat the loan as in default, which can trigger demand for the remaining balance ("acceleration") depending on your contract terms. Act early - see what to do if you can't repay for next steps.
Are online installment lenders subject to Maine licensing?
Yes. Any lender making installment loans to Maine residents must hold a Maine Supervised Lender license, wherever the lender is located. Use the BCCP licensee search to verify the company behind any website before you apply.
What happens if a lender isn't licensed in Maine?
Lending without the required Maine license is a violation of state law. Report any unlicensed lender to the Maine Bureau of Consumer Credit Protection at their complaint page.
Can a lender threaten arrest if I miss installment payments?
No. Maine prohibits criminal prosecution threats against borrowers for nonpayment of a consumer loan. If a lender or collector threatens arrest or criminal prosecution over a missed payment, report it to the Maine Bureau of Consumer Credit Protection.
Does Maine require lenders to offer a repayment plan if I fall behind?
Maine does not mandate a specific extended repayment plan for installment loans. If you're struggling, contact your lender directly to request a modified payment arrangement, and visit what to do if you can't repay for additional options.
Official Sources and Update Notes
This page provides general information, not legal advice. For authoritative Maine consumer lending information, see the Maine Bureau of Consumer Credit Protection and the BCCP Consumer Resources page.
Go back to Maine's lending guide or browse all states.