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Maine Payday Loans

As wonderful as life is, sometimes it throws us the most inconvenient surprises at the worst times. We’ve all run into unexpected costs and expenses when our bank account is running on empty. When you’re out of savings and you don’t have any friends or family to turn to, what do you do?

Payday Loans

Payday loans are short term finance options that allow you to borrow up to your full paycheck amount for one payroll cycle. They are incredibly flexible small loans that are offered by lenders all across Maine, both online and in person. As long as you can pay your loan back with one paycheck, you can borrow as much as you need for any reason at all.

Here are some common reasons that residents of Maine are using payday loans for:

  • Prescriptions
  • Medical expenses
  • Vet costs
  • Automotive repairs
  • Family illness
  • Unexpected travelling costs
  • Home renovations

Bad credit? No problem!

Some consumers might be concerned that their credit score is not high enough to be approved for a cash advance on their paycheck. While banks and comparable financial institutions may have strict guidelines and regulations for credit score requirements, payday loan companies often do not require credit checks. Because the amount you borrow is so small that it can be paid back in one paycheck, your credit score is not important.

That being said, payday loan companies in Maine generally do report their borrowings to the major credit bureau agencies. If your credit score is recovering from delinquent payments, collections items, or bankruptcies, payday loans may actually improve your credit score if you pay back your borrowed money on time.

How do you apply?

When applying for a Maine cash advance, the fastest way is often online. Many companies offer online applications that can be completed within 15 minutes. The only downside to online applications is that it may take 24 business hours for you to have access to your cash advance.

When applying in person, the application process can take up to 1 hour. This is simply because real people have to file paperwork opposed to everything being completed electronically. The requirements for approval are the same whether you apply online or in person. Once you have been approved when applying in person, your lender should be able to either provide you with your cash immediately, or else they will cut you a check that you can cash.

When applying for a payday loan, it is important to have some basic information prepared. Before you apply, collect the following details to ensure a smooth, seamless transaction:

  • Amount you need to borrow
  • Driver’s licence
  • Social Security Number
  • Most recent paystub or other form of income verification
  • Void check or bank account information

No matter what, life will always have its ups and downs, but with payday loans you don’t have to worry about money when you’re faced with an already difficult situation. Maine has options for every consumer, so don’t hesitate to look into payday loans today!

More Maine Cities

Auburn, Portland, South Portland