Complete guide
Answers, tradeoffs and next steps
Use the sections below to evaluate fit, not to predict approval.
State-specific decision hinge
Maine’s payday keyword maps into the state’s supervised-lender consumer-loan code. The value is tiered annual-rate calculation and license verification, not a national payday APR example.
Current state rule table
| State field | Current rule |
|---|---|
| License | Supervised lender license required for covered loans above 12.25% actuarial rate unless otherwise exempt |
| Up to $2,000 | Maximum consumer-loan finance charge equivalent to 30% per year |
| $2,000–$4,000 portion | 24% per year |
| Above $4,000 portion | 18% per year; loans over $8,000 capped at 18% on whole amount |
| Minimum charge | Code permits specified minimum charges depending on amount financed |