Maine

Payday Loans in Maine

At a Glance
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.

Average Credit Card Debt and Median Household Income in Maine vs. the U.S.
Maine
The U.S.
$5,442
$6,194
Average Credit Card Debt (2019)
$55,602
$61,937
Median Household Income (2018)
Typical Revenue of Payday Lenders in Maine
  • 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.

Payday Loan Statistics for Borrowers in Maine vs. Nationally
Maine
U.S.
$375
$392
Average Loan Amount

Consumer Protection in Maine

Maine Consumer Credit Protection