What a loan can cost in Maine
Examples at an illustrative rate, never above Maine's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 28%
- Repayment
- 12 monthly payments
- Payment
- $289.52
- Finance charge
- $474.24
- Total of payments
- $3,474.24
Example: a $3,000 installment loan at 28% APR repaid in 12 monthly payments of $289.52 costs $3,474.24 in total, including a finance charge of $474.24. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Maine
Free and low-cost help in Maine, each with its official link and the date we checked it.
Lending regulator and complaints
Maine Bureau of Consumer Credit Protection (BCCP) licenses lenders in Maine.
Check a lender's license File a complaint
maine.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
maine.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211maine.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
ptla.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in Maine.
maine.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
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). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Maine
Each rule links to its source. How we research state rules.
Allowed in Maine: installment and personal loans and payday loans. Not allowed: title loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 30% APR (top tier) | Not set by statute | Not set by statute | Supervised Lender license | Me. Rev. Stat. tit. 9-A: 1-301; 2-401 |
| Title loans[4] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | See sources |
| Payday loans[1][5] | 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.
Rate, fee and license rules in Maine
Installment and personal loans
- Rate cap
- Supervised Lender license required when the actuarial finance-charge rate exceeds 12.25% per year (or the loan is real-estate secured). Supervised loan finance charge ceiling (9-A M.R.S. 2-401): 30% per year on the part of the amount financed up to $2,000; 24% on the part over $2,000 up to $4,000; 18% on the part over $4,000; if the amount financed exceeds $8,000, 18% per year on the entire amount.
- Fees
- Minimum charge in lieu of the rate ceiling: $5 (amount financed up to $75), $15 (over $75 but under $250), $25 ($250 or more) per 9-A M.R.S. 2-401(7).
- License
- Supervised Lender license under the Maine Consumer Credit Code (Title 9-A); a Loan Broker license is separately required to broker consumer credit for a fee.
Title loans
- License
- None; no license type exists because vehicle title loans/pawns are not authorized for consumer lenders operating in Maine.
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.
Rent and jobs in Maine
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Maine borrowers
Check your options in Maine
Maine questions
Does Maine law allow payday loans?
Maine law allows payday loans. The cost limit is 30% APR (top tier). Source: Me. Rev. Stat. tit. 9-A, 1-301 and 2-401.
What is the most a lender can charge in Maine?
By loan type in Maine: Installment and personal loans: 30% APR (top tier). Title loans: Not allowed. Payday loans: 30% APR (top tier).
Where can I file a complaint about a lender in Maine?
You can file a complaint with Maine Bureau of Consumer Credit Protection (BCCP), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Maine on this page.
How do I check a lender's license in Maine?
Maine Bureau of Consumer Credit Protection (BCCP) licenses lenders in Maine. Use the license link under Resources in Maine on this page to check a lender before you share your information.
Is there free help paying bills in Maine?
Yes. Resources in Maine on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- New HampshireAllowed 36% APR
- VermontAllowed 24% APR (top tier)
- MassachusettsAllowed 23% APR
- Rhode IslandAllowed 36% APR (top tier)
- ConnecticutAllowed 36% APR (top tier)
Sources
- maine.gov. Maine Bureau of Consumer Credit Protection (BCCP). Retrieved September 23, 2026.
- maine.gov/pfr/consumercredit/industry/licensing/supervised_lender/faq.htm. Retrieved September 23, 2026.
- legislature.maine.gov. Me. Rev. Stat. tit. 9-A: 1-301. Retrieved September 23, 2026.
- maine.gov. Maine Bureau of Consumer Credit Protection (BCCP). Retrieved September 23, 2026.
- maine.gov. Me. Rev. Stat. tit. 9-A, 1-301 and 2-401 (finance charge ceilings. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Maine. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
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.
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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.