If you need money fast, payday loans work, especially for people who cannot get credit through banks or credit cards. You can turn to online payday loans for quick money without a credit check. If you need online payday loans in Maine, you can choose from several companies.
When you choose online payday loans in Maine, remember that loan companies charge inflated interest rates that accrue quickly. If you do not pay back the loans promptly, your debt adds up quickly. Payday loans are short-term solutions that you shouldn’t use too often. Sometimes, the interest ends up being more than your original borrowed amount.
Because of high interest, you should pay off your debt on time. You should also only use reputable online payday loans in Maine. This guide gives you reviews about the best online personal loans in Maine. We share the pros and cons about each company, so you can safely decide how to get your money in a hurry.
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The 7 Best Online Payday Loans in Maine
You can get several online short-term loans in Maine. Seven companies offer online applications and quick decisions so you can get your money as fast as possible. Before you choose an online payday loan in Maine, be sure the company has a payback schedule you can afford so you do build up too much interest.
1. Dr. Credit
Dr. Credit offers online installment loans in Maine. You can get a loan even if your credit is good, fair, or bad, and use it for any purpose. Dr. Credit loans have convenient terms and payment with no prepayment penalties on several loans. They also offer both secured and unsecured personal loans.
If you have bad credit, you know how difficult it is to get an unsecured loan, which is a loan without collateral. To cover the lack of collateral, Dr. Credit does add additional interest to your loan, usually a rate that is more than an auto loan or mortgage. When you get a loan through Dr. Credit, your credit rating is not affected, as Dr. Credit is not an FDIC lender.
Since Dr. Credit is not a lender, they are not required by law to disclose interest before you agree to the loan. After Dr. Credit approves your loan, they will tell you your rates and fees. Once you find out what your rate, fee, and term is, you can choose to accept the loan or not. Dr. Credit does not force you to accept the loan.
Once Dr. Credit approves your loan, they will deposit it directly into your bank account. It only takes a few minutes to go from applying for your loan to getting the money in your account. The application is free, and Dr. Credit offers loans up to $25,000.
2. Avant.com
Avant has helped over 1.5 million people get the credit they need. Avant sells branded credit products through WebBank, which is a member of the FDIC. The company offers loans that range between $2,000 and $35,000, with annual percentage rates between 9.95% and 35.99. You can get a loan with a term between 24 and 60 months. Avant charges an administrative fee.
Avant has its headquarters in Chicago and opened for business in 2012. The company’s goal is to provide personal loans for people who need help paying for unexpected expenses and high-interest debt. Avant developed a streamlined borrowing procedure to help middle-income consumers get the money when they need it
Several quality investment companies back Avant, which offers more than online payday loans in Maine. You can get a credit card or a personal loan, and you can manage your loan through Avant’s app. Avant also shares information with their borrowers about ways they can better manage their finances.
Avant takes pride in providing borrowers with a transparent process with support from actual people who will talk to you about your financial needs. To protect your credit rating, Avant does a soft credit report to see what terms they can offer you. If you decide to get the loan, they pull a full credit report, which does show up on the credit bureaus, so other lenders can see.
3. CashNetUSA.com
CashNetUSA offers online short-term payday loans in Maine up to $300. CashNetUSA offers credit to people who can’t get it through a traditional lender. They perform an alternative credit check through data sources and applications. They consider more than a credit score, so they can give credit to those who need it the most.
CashNetUSA has an easy application, and they will give you a quick decision if you apply before 10:30 AM Central Time between Monday and Friday. The company is a part of Enova International Inc., which is in the New York Stock Exchange and has helped over four million borrowers for over 16 years.
As an online lender, potential borrowers need to share sensitive information. CashNetUSA takes great pride in providing a safe and secure site that they continuously monitor through McAfee SECURE™ and Norton Secured™.
CashNetUSA needs personal information to secure your identity, so they use high-grade security software. They also protect their borrowers’ privacy and offer an easy-to-read privacy policy for all borrowers.
Along with a safe, secure, and quick payday loan, CashNetUSA gives their borrowers access to several benefits. You get discount coupons and free financial assistance tools that help you save money on bills and learn to better budget your finances.
After you’ve paid your loan, you can keep accessing the benefits, which also include employment assistance and financial education classes.
CashNetUSA opened up in 2004. They’ve worked with over three million customers by offering payday loans, installment loans, and other credit products. The company has a license to do business in Maine and most other states in the US. They are a member of the Online Lenders Alliance.
4. CashUSA.com
CashUSA offers personal loans up to $10,000 with rates between 5.99% and 35.99%. You do not have to pay a fee to complete a loan application on CashUSA.com. When CashUSA approves your loan, your lender will tell you the fees and rate for the loan. Once you find out the cost, you can decide whether to get the loan or not.
CashUSA works with several lenders to find you the right loan for your situation. Their service is fast, secure, and efficient. Their lenders are in all of the states and Tribal areas, too. Loans range between $500 and $10,000, but not all states allow the same loan amounts.
Once you receive your loan, CashUSA will give you an installment schedule with a set number of payments. CashUSA will deposit the approved amount as quickly as one business day. When you work with CashUSA, you can have financial privacy rather than asking your family or friends for extra money.
To obtain a personal payday loan from CashUSA, you meet their minimum requirements. They include
- Being at least 18 years old
- Being a US citizen or permanent resident
- Earning a net of $1000
- Having your own checking account
- Sharing your email address and phone number
CashUSA also provides financial education about your personal loans, so you can make an informed decision.
CashUSA does share information with their lenders. On its website, CashUSA informs customers that they are a for-profit company that relies on its advertisers. They share your information with financial-related services and lending partners. Their lending partners pay CashUSA for information about borrowers, and many lending partners bid on customers.
5. Sofi.com
Sofi is a large lender that provides financial products like student loans, personal loans, and home loans. As the one-stop-shop for financial needs, they make it easy for customers to open an account and become a member, rather than a customer. They take pride in their transparency regarding fees, terms, and explanations.
Sofi works with over one million members, and the website claims that 98% of those members would recommend Sofi to a friend. If you need a loan or an investment account, Sofi has one application to keep everything simple.
To differentiate itself from other lenders, Sofi offers several benefits to its members. They include
- Career services, like one-on-one career-coaching sessions
- Money education events
- Networking happy hours
- Guidance from financial planners
- Advice based on personal financial situations
- Referral bonuses of up to $10,000
Sofi also differentiates itself by helping customers who lose their jobs while paying back one of their loans. Sofi will help you find a new job, or they will pause your payments until you find a new job.
In 2011, a group of Stanford business school students found a company called Social Finance, Inc. Less than a year later, Sofi started refinancing both federal and private student loans. With over 1.8 million members, Sofi has funded over $50 billion in loans.
If you need an online personal loan, Sofi offers them with fixed rates between 5.99 and 18.85% APR. They offer AutoPay for your convenience. Sofi does not charge an origination fee and they do not charge prepayment or late payment fees. You can borrow up to $100,000 after completing a quick application.
6. MoneyMutual.com
MoneyMutual offers loans between $200 and $2,500. Once you complete an application, you will get an answer in less than 24 hours. MoneyMutual understands that 40% of Americans are struggling to find $400 in case of an emergency. To help people with unexpected expenses, MoneyMutual offers quick and secure loans with a five-minute form.
Once you are approved, MoneyMutual can directly deposit your loan in your bank account. Over two million customers have worked with MoneyMutual since they opened in 2010.
MoneyMutual does not loan money itself, instead, they share your information with other lenders who will send you information about their terms, rates, repayment schedule, and fees. You can decide whether or not to accept the loan.
For several years, MoneyMutual employed Montel Williams for eight years. He symbolized the company’s desire to help people have a better future regardless of their circumstances. The company makes its home in Las Vegas.
MoneyMutual makes it simple for customers to apply and get a loan. First, you spend a few minutes completing their form. Then, lenders review your information and offer you a product. They will contact you through text, email, or phone call. Finally, you make your decision on the best loan for you, and the lender deposits that money in your account in as little as 24 hours.
7. PayDayMark.com
PayDayMark offers one of the fastest loan approvals in the industry. Once you apply with your name, zip code, last four digits of your Social Security number, and your birth year, you can be approved in five minutes or less. After you apply, PayDayMark can give you a loan between $100 and $1,000.
PayDayMark does not charge a fee to apply for a loan. All customers can review their loan terms and fees before accepting them. The company separates itself through its dedication to responsible lending practices that includes educating their borrowers about the process. They also separate themselves from the rest by offering 24/7 service.
They also use advanced encryption technology to protect their customers’ sensitive information. Your private information is safe with PayDayMark. The company is headquartered in California.
The company offers interest rates between 5.99% and 35.99% with terms ranging between 90 days and 72 months. Most products have a minimum repayment of 90 days.
FAQ
Before you get a payday loan, you should be aware of what they entail. These are some of the frequently asked questions borrowers often have.
What is a payday loan?
Payday loans help people get money when they need it. Borrowers pay back the loans when they get their next paycheck. Payday loans aren’t installment loans, they need to be paid in full at the next paycheck.
Do you need a job to get a payday loan?
Lenders do not require borrowers to have a job, but they do need some source of income to repay the loan. Lenders accept self-employed income, retirement, and disability as regular sources.
Do you need collateral for a payday loan?
No. Lenders do not require borrowers to have collateral.
Do lenders charge application fees?
Reputable payday lenders do not charge fees to applicants. If a lender requires borrowers to pay a fee to complete an application, then you should find a different payday lender.
How do you pay back a payday loan?
Each lender has a different method for accepting payments. Many online payday loan companies have apps or online methods for payments. Some lenders will take money directly from your bank account, too.
Can I pay my loan early?
Most companies do not charge prepayment fees. However, they might still require you to pay all other fees and possibly the expected interest, too. If you pay the loan early, you will not accrue additional interest. Ask your lender about fees and if you save money paying early.
Can you go to jail for defaulting on a payday loan?
No. In the United States, no one goes to jail for defaulting on consumer debt like credit cards and payday loans.
Conclusion
When it comes to borrowing money at high-interest rates, you should do your research. Online payday loans in Maine can be convenient, but they can also be expensive. If you do not understand the fees, terms, and rates, you can end up paying over 200% off of the money you borrow.
Some of the best online payday loans in Maine offer extra benefits, like financial education, job counseling, and coupons. They also have easy-to-complete forms with quick approvals and direct deposits. Hopefully, our guide helped you find the best payday loan company for your needs.