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Payday loans in Maine

Payday loans for bad credit in Maine

Payday loans are allowed in Maine from state-licensed lenders (Supervised Lender license). Here are the limits Maine law sets, what a typical loan can cost, and where to get free help if you need it.

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Last updated .

Part of the Maine guide

What Maine law allows

Payday loans in Maine
ProductStatusAPR capAmountTermLicenseLaw
Payday loans[1][2] AllowedHigh-cost loan 30% APR (top tier) Not set by statute Not set by statute Supervised Lender license Me. Rev. Stat. tit. 9-A, 1-301 and 2-401
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Payday loans

Rate cap
A payday loan is defined as a supervised loan (9-A M.R.S. 1-301), so the supervised-loan ceiling of 2-401 applies: 30% per year on the first $2,000 of amount financed, 24% on $2,000 to $4,000, 18% above $4,000.
Fees
Lender may instead charge a minimum finance charge of not more than $5 (amount financed up to $75), $15 (over $75 and under $250) or $25 ($250 or more), per 9-A M.R.S. 2-401(7). The $25 figure is a minimum charge, not a general payday fee cap.
License
Supervised Lender license under the Maine Consumer Credit Code, issued by the Maine Bureau of Consumer Credit Protection.

Full detail for every loan type: Maine lending laws.

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Rent and jobs in Maine

Typical rent and the jobless rate, to weigh before a loan payment.

Rent and unemployment in Maine
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[3]$1,681FY2026
Unemployment rate[4]3.2%2026-08

Other options in Maine

Cheaper options to try first

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
  • Nonprofit credit counseling through the National Foundation for Credit Counseling.
  • A payment plan from the company you owe, if you ask before you miss a payment.
  • 211 for help with rent, utilities and food: call 211 or visit 211.org.

More cheaper options in Maine.

Other loan types allowed in Maine

See every loan type Maine law allows.

Payday loans in nearby states

Sources

  1. maine.gov. Maine Bureau of Consumer Credit Protection (BCCP). Retrieved September 23, 2026.
  2. maine.gov. Me. Rev. Stat. tit. 9-A, 1-301 and 2-401 (finance charge ceilings. Retrieved September 23, 2026.
  3. National Low Income Housing Coalition. Out of Reach 2026: Maine. Retrieved September 23, 2026.
  4. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

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Important disclosures

APRs vary by lender and state in Maine. Each lender sets its own rates and terms and must show you the APR before you sign.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
30%
Repayment
12 monthly payments
Payment
$97.49
Finance charge
$169.88
Total of payments
$1,169.88

Example: a $1,000 payday loan at 30% APR repaid in 12 monthly payments of $97.49 costs $1,169.88 in total, including a finance charge of $169.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

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  • Questions about a lender licensed in Maine? Contact the Maine Bureau of Consumer Credit Protection (BCCP) or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.