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Home State Regulations

Payday Loan Laws in Maine

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Laws:Maine gives payday lenders the right to charge whatever interest rates or fees they see fit. New legislation is under consideration in Maine's courts of laws, which could help expand the rights of lenders throughout Maine, as well as cause growth in the lending industry. One such change may allow lenders to charge up to $17.50 per $100 borrowed in additional fees. Lenders would also be allowed to use advertising methods currently considered illegal, and would be given more freedom when it comes to collecting funds from defaulted loans.