Fair to Bad Credit Loans in ME
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Last updated August 9th 2020
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Maine?
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Maine Usury and Regulations
Summary of Maine Usury Law(s) / Quote: "Legal: 6% / Contract: No maximum on commercial if in writing / Judgment: 8% up to $30,000 / Corporate: No specific rate"
(WeFindLenders.com endeavors to include the most up to date legal data for Maine, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Maine, and/or contact the Maine State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Maine Usury Law Information: Maine Statutes Title 9-A
Legal Maximum Interest Rates: Quote: "6% unless lending institution and borrower agreed differently" - see Tit. 9-B §432
Usury Penalties:
None
Judgment Interest Rates: Quote: "Judgments
below $30K, the rate is 15%. For judgments above $30K, the rate is
the 52-week average T-bill discount rate for + 4%"
Legal Exceptions: Quote: "For pawn
shops see Tit. 30-A §3963 / secured transactions see Tit. 11
§9-1201 / for borrower credit see Tit. 9-A §2-201"
Maine Lenders By City
Portland ME / Lewiston ME / Bangor ME / South Portland ME / Biddeford ME / Augusta ME / Saco ME / Waterville ME
Complaints to:
Maine
of Financial Regulations / Maine
Complaint Process / Maine
Complaint Form
Or call: 207-624-8551 toll free anywhere in the State Maine @ 877-624-8551 / Physical Address: Department of Professional & Financial Regulation / Office of Securities / 121 State House Station, Augusta, Maine 04333
Maine Lender Service Areas Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Maine Savings
671 Broadway Bangor
ME 04401 - 207.862.6500
www.mainesavings.com
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Bangor FCU
339 Hogan Rd, Bangor
ME 04401 - 207.947.0374
www.bangorfederal.com
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Acadia FCU
849 Stillwater Ave, Bangor
ME 04401 - www.emmcfcu.org
207.945.3632
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Maine State Credit Union
200 Capitol St, Augusta
ME 04330 - 207.623.1851
www.mainestatecu.org
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Connected Credit Union
85 Civic Center Dr, Augusta
ME 04330 - 207.623.3857
www.connectedcreditunion.org
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Capital Area FCU
2010 North Belfast Ave, Augusta
ME 04330 - 207.622.3442
capitalareafcu.org
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Evergreen Credit Union
225 Riverside St, Portland
ME 04103 - www.egcu.org
207.221.5000
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Town & Country FCU
557 Main St, South Portland
ME 04106 - www.tcfcu.com
207.773.5656
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Evergreen Credit Union
799 Broadway, South Portland
ME 04106 - www.egcu.org
207.799.0074
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Coast Line Credit Union
333 Cottage Road South Portland
ME 04106 - 207.799.7245
www.coastlinecu.com
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Bad Credit Loan Form for Maine
Signature Loan Example In Maine
Kevin purchased a used truck a few months ago and
put the entire purchase on his credit card.
The dealer he was dealing with was really reluctant to accept the
credit card because of the fees charged business by the credit card
companies, but in the end they accepted the deal and Kevin had a new
used truck to drive.
He has since paid most of it off, but has come to realize that he
is paying almost 21% interest on the overdue balance.
This is adding a lot of interest and cost to the purchase of his truck.
Kevin would like to negotiate a low interest loan for the remaining
$1000 with a term of one year.
He plans to pay the remainder of the balance on his credit card and
save some of the interest he would otherwise pay.
With such a small amount he is not really saving
much, but he realizes that every little bit counts.
The one year term will give him a low monthly payment and he may even
repay the loan early if he can come up with the funds.
He has an average credit rating which he indicates that he expects
it to improve once he repays both the credit card balance and of course
the loan balance.
A $1000 loan with a 1 year term and 4.86% interest rate for Kevin
would cost him the following per month:
• Loan Amount (principal) = $1000
• Interest Rate = 4.86%
• Term Length =1 year
• Monthly Payment = $85.54
• Total Paid Back = $1026.52
• Total Interest = $26.52
Kevin will likely be approved for this small loan with his current
credit score and other financial data he provided.
The loan can be deposited into his checking account
within several days and he will be able to repay the credit card account.
He has not really discussed or provided any information about any
savings he may have.
He also did not indicate his income level or what other debts he may have at the moment. Keven will have to update his application before his loan can be approved.
If he does have other debts or does not make sufficient
income, his loan application could be in jeopardy even with his average
credit score.
At the time Kevin was desperate to purchase the truck from the dealer.
As we mentioned earlier most dealers will not accept much more than
a $1000 credit card payment when they are selling a vehicle.
Some will not take a credit card payment at all. In special circumstances, they may ask the buyer to absorb the added fees for the credit card charge.
In the end Kevin actually paid more for the truck
than he planned if you include the interest costs for the credit card
and later on this loan that he has applied for.
Consumers are often encouraged to only charge items to credit cards
when they know they have sufficient funds to pay the total balance
when the credit card statement is due.
Many consumers carry a balance and end up paying much more for whatever they have purchased because of the interest costs, negating any savings from discounts or sale prices they might have received.
If you live in the State of Maine and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans In ME
Last 5 debt service loans approved in the State of Maine. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$45000 850000 $7500 $10000 $8500
5.40% 11.86% 12.72% 10.92% 14.10%
Debt Consolidation Providers In ME
Click
or tap map image above for interactive version. A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Five County Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - KV Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - New Dimensions FCU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - cPort Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Five County Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Dirigo Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Midcoast Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Gardiner Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Penobscot County Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Down East Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - There are specific laws regarding debt
services in Maine. You must use your own due diligence when you see offers
online (or offline) for consolidation or debt settlement services. If
any company or individual asks you for ANY upfront fees before they approve
a loan, then you must walk away - they're not legitimate. You can use the links on this page on
our fair to bad credit loan page for Maine if you want to learn more about
the laws in Maine regarding debt servicing companies. Make sure you're
fully away of your rights and the laws of Maine before entering into any
kind of loan agreement. Just because they have a fancy office and fancy
leather chairs doesn't mean they're conducting business in accordance
with the legal Statues of Maine. Kerri would like a debt consolidation
loan of $2500 with a two year term so that she can manage her monthly
expenses and not be overly stressed with meeting the payments. She is really looking forward to this
trip and is about as excited as one could be! If you live in the State of Maine and
you're trying to get approved for a debt consolidation loan, we hope our
website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Counseling Services - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - New England Credit Consultants - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Institute For Financial Literacy - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - FAQ
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Lenders contact
us for listing removal or amendment.
Portland ME 04101
debtconsolidation.com
207.775.7790
10 Jefferson St
Biddeford, ME 04005
207.283.3047
201 Civic Center Drive
Augusta, - ME 04330
www.fivecounty.com
800.750.0959
316 West River Road, Augusta
ME 04330 - www.wsecu.org
207.623.5171
72 Cony St, Augusta
ME 04330 - newdimensionsfcu.com
207.430.0779
399 Western Ave, Augusta
ME 04330 - www.cportcu.org
207.623.1001
19 Commercial St, Portland
ME 04101 - www.fivecounty.com
800.750.0959
391 Main St, Lewiston
ME 04240 - 207.784.5435
www.dirigofcu.com
186 Lower Main St, Freeport
ME 04032 - www.midcoastfcu.me
877.964.3262
420 Brunswick Ave, Gardiner
ME 04345 - gardinerfcu.org
207.582.2676
466 Main Street Bangor
ME 04401 - 207.941.6373
penobscotcountyfcu.com
24 Springer Dr #111, Bangor
ME 04401 - www.downeastcu.com
207.990.5444 ME
Debt Consolidation Application Form
About Consolidation Loans
In Maine
Consolidation
Loan Example in Maine
At the moment she owes $1500 on her credit card and she has committed
to going on a vacation trip with a girlfriend that is going to cost her
approximately $2000.
She has a thousand dollars saved up so if she can borrow another thousand
over and above what she owes on her credit card she will have enough money
to pay for the trip as well as pay off the debt she owes on the credit
card.
She really did not want to arrange a debt consolidation loan at this time,
however she spent the money and charged her purchases to her credit card
not realizing that she also would have a chance to go on a great vacation.
If she cannot find a loan, she really will be disappointed and her girlfriend
will also be disappointed. Both are waiting to hear about the loan approval
before they commit to the trip.
If she had not purchased a new bedroom set and charged it on her credit
card, everything would have been fine. Kerri has no other debts at this
time.
She lives in an apartment and she pays the rent on time along with all
of the utilities that she owns.
She really wants to go on this trip and will even settle for a loan approved
for one thousand dollars instead of twenty five hundred.
A $2500 loan with a 2 year term and 6.48% interest rate for Kerri would
cost her the following per month:
• Loan Amount (principal) = $2500
• Interest Rate = 6.48%
• Term Length =2 year
• Monthly Payment = $111.34
• Total Paid Back = $2672.23
• Total Interest = $172.23
Kerri is desperate to go on this trip so much so that she is willing to
settle for a smaller loan as long as it is enough to pay for the trip.
She would still have to pay interest on the credit card at the usual interest
rates charged by credit card companies.
Fortunately for Kerri it is unlikely that she will need to do this.
She has a good credit score, does not have any other debts and makes enough
income to carry her living expenses as well as this loans monthly payment.
She has asked for a two year term to keep the payments lower. With her
ability to manage her money, we fully expect she will pay this loan off
well ahead of the two year term.
If she does her credit score will improve further making it easier for
her to obtain a loan in the future and also at a more competitive interest
rate.
Kerri will have the funds in her checking account within a couple days
and she will be able to pay her credit card balance off immediately and
then pay for her trip.
Sincerely,
Credit
Counseling Services In ME
Counselors contact
us for listing amendment.
Bangor ME 04401 - 207.947.9933
www.consumercredit.com
84 Middle St, Portland, ME 04101
www.necreditconsultants.com
207.358.7490
260 Western Ave, South Portland
ME 04106 - 866.662.4932WFL Loan Product
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