Payday Loans in Maine
- Nickname: The Pine Tree State
- Population: 1.34 million
- Capital: Augusta
- Website: www.maine.gov
The small state of Maine is known for its rugged coastline, its beautiful lighthouses, and its abundant lobster and clams. Portland is Maine’s largest city and has a population of about 67,000. The entire state of Maine is home to approximately 1.34 million people.
Even though Maine is the 12th smallest state in the U.S. by area and the 9th least populous, many of the state’s residents have large financial problems. About 11.1% of Mainers are living at or below poverty level (which is about average for the U.S.), and the average credit card debt among those living in Maine is $5,442. With a median household income that’s about $6,000 less than the national average, Maine is home to many people who struggle to make ends meet.
- Large lenders:$1 to $4 million per year
- Small lenders:A few thousand to $500,000 per year
According to the Maine Center for Economic Policy, payday lenders in Maine make more than $500,000 in fees annually. The average payday loan is Maine is for about $375. A typical payday loan borrower in Maine takes out 8 loans per year and spends about $520 in interest on the loans.
Consumer Protection in Maine
Maine Consumer Credit Protection
- Address: 35 State House Station, Augusta, Maine 04333-0035
- Phone: 207-624-8527
- Fax: 207-582-7699
- Website: https://www.maine.gov/pfr/consumercredit/index.htm