Payday Loans in Maine
- Nickname: The Pine Tree State
- Population: 1.34 million
- Capital: Augusta
- Website: www.maine.gov
11.6% of Mainers are living at or below poverty level and the average credit card debt among those living in Maine is $5,442. With a median household income of $55,602 (that’s about $6,000 less than the national average), Maine is home to many people who struggle to make ends meet.
According to the Maine Center for Economic Policy, payday lenders in Maine drain more than $500,000 from the state annually.
A typical Maine payday loan borrower takes out 8 loans per year and spends about $520 in interest on the loans.
Consumer Protection in Maine
Borrowers seeking to report a lender can contact:
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