Maine Payday Loan Laws and Legislation
There is no surprise that payday loans are so much in demand nowadays. There are so many situations when people are in need of money and no one can borrow. Payday lending companies appear to be very helpful in this respect. One of the greatest disadvantages of these loans is that they are very expensive - they are given for a short term and therefore lenders want to stay with a profit. That is why they charge pretty high interest. This can make life even harder for some people instead of helping to get out of financial trap. That is why there are a lot of states that prohibit or somehow restrict the operation of payday lending companies. By doing so they protect their residents.
In the state of Maine the following laws regulate payday lending: Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301.
According to the state law it is not easy to get payday loan as long as they are not considered legal. Such financial services have to comply with very strict regulations that are very unfavorable in terms of profit. The laws of the state forbid charging more than $5 for a loan up to $75; more than $15 for $75-$250 loans; and it is $25 for loans above $250 accordingly. These are not very high rates and they allow borrowers not to get into the circle of indebtedness.
In the state of Maine it is prohibited to cash post-dated checks and this is exactly the procedure used by payday lending companies. Most of them require a post-dated check in return for cash applied for. Such measures limit the activity of payday lending companies and prevent borrowers from being charged excessive fees or any other charges as well as from possibly closed accounts.
When it comes to online companies things are not that simple. They are hard to monitor as long as they deal with checking account of a person and do not involve any post-dated checks. That is why there are companies that operate illegally in the state. It is very strongly advised not to deal with such companies as long as they charge very high interest and you will not only end up with more debts but can have worse troubles.
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