Loan Rates and Fees in Maine

Maine licenses payday lenders under its supervised lender framework (Title 9-A), but no separate payday-specific rate statute exists - payday loans are subject to the same supervised lender interest rate caps that apply to installment loans, making traditional high-cost payday products uncommon in the state. For rate caps under that framework, see the installment section below.

Licensed supervised lenders use a tiered rate structure - the rate that applies depends on how much of your balance falls within each tier:

Alternatively, a lender may charge a flat 18% per year on the full unpaid balance instead of the tiered structure - your agreement will show which method applies. Confirm current tier breakpoints with the Maine Bureau of Consumer Credit Protection, as these may be adjusted.

On a $1,000 loan at 30% annual interest repaid over 12 equal monthly payments, you'd pay approximately $1,166 total - roughly $166 in interest plus the $1,000 principal.

• Refinancing restarts interest on the new balance - compare your remaining balance to the new loan's total of payments before you agree.
• Returned payment (NSF) fee: Maine's supervised lender statute does not specify a separate dollar cap - ask the lender for the exact amount before you sign, and verify with the Bureau of Consumer Credit Protection.
• Late fees are capped at the greater of $10 or 5% of the unpaid installment amount, up to $15 per missed payment, and may be charged only once per missed payment.
• You can prepay in full at any time and the lender must credit you for unearned interest - see Installment loans in Maine for early payoff details.

If an offer exceeds these limits, verify with the Maine Bureau of Consumer Credit Protection.

• Returned payment fee: no specific state dollar cap confirmed - ask the lender for the exact amount before you sign.
• Total of payments: the single most important number - this is what you'll actually repay over the full term, including all interest and fees.
• If you are an active-duty servicemember or dependent, federal law caps the rate a lender may charge you - confirm the lender has applied the Military Lending Act protections.