Installment loans are legal in Maine. See how the state regulates them, what they cost and how to compare licensed lenders online or near you.
Maine Installment Loan Regulations
Here's what fees you can expect when obtaining online installment loans in Maine:
| Installment lending status in Maine: | Legal |
|---|---|
| Maximum loan amount in Maine: | Not specified |
| APR cap: | Tiered: 30% on the first $2,000, 24% from $2,000 to $4,000 and 18% above $4,000; if the amount financed exceeds $8,000, 18% on the whole loan (9-A M.R.S. 2-401) |
| Minimum loan term: | Not specified |
| Maximum loan term: | 25 months for supervised loans of $1,000 or less (9-A M.R.S. 2-308) |
| Prepayment penalty: | No penalty except permitted minimum charges, with an actuarial rebate on precomputed loans (9-A M.R.S. 2-509, 2-510) |
| State Regulator: | Maine Bureau of Consumer Credit Protection |
Table Data Updated: October 2026.
Above you can see what fees you can expect when obtaining online installment loans in Maine.
Compare Installment Lenders in Maine
Installment Loans In Maine Near Me
Search 5 installment loan locations in Maine by city or ZIP, or use your location to see the nearest first.
Biggest Cities for Installment Loans in Maine
Are Installment Loans Legal in Maine?
Yes. Installment loans are legal in Maine and regulated by the Maine Bureau of Consumer Credit Protection. Payday loans are also legal in Maine, under their own state limits; see our payday loan guide for Maine to compare the two. The limits in the table below come from state law, so check them before you borrow.
Always check the license
Before you apply, confirm the lender is licensed in Maine on the Maine Bureau of Consumer Credit Protection website. Ask for the APR, the number of payments and the total you will repay in writing.
How Installment Loans Work in Maine
- You receive a set amount and agree on the number of payments.
- Every payment is the same size, due on a fixed schedule.
- The APR and fees decide the total you repay.
- Paying off early may or may not save interest, so ask the lender in writing.
Who Can Get an Installment Loan in Maine?
Before you apply, have these ready:
- Proof of regular income
- A checking account in your name
- A government-issued ID
- Your phone number and email
- You must be old enough to sign a contract in Maine
How to Apply for an Installment Loan in Maine
- Decide how much you need and how many months you can pay.
- Compare lenders and check each license.
- Read the offer: APR, fees, number of payments and total repayment.
- Sign only if the monthly payment fits your budget.
Installment Loans in Maine: Pros and Things to Watch
The upside is predictability: every payment is the same size and the loan ends on a known date, so it is easier to budget than a single repayment. The trade-off is time. The longer the term, the more interest you pay in total, and fees or prepayment rules can change the real cost. Read the agreement for both before you sign.
Federal law (the Truth in Lending Act) requires a lender to disclose the APR, the finance charge and the total of payments before you sign. If a lender skips this, treat it as a red flag.
Installment vs Payday Loans in Maine
| Feature | Installment loan | Payday loan |
|---|---|---|
| How you repay | Scheduled payments over weeks or months | One payment on the due date |
| Status in Maine | Legal, regulated by the Maine Bureau of Consumer Credit Protection | Legal: $2,000 Max, 31 Days |
| What to compare | APR, fees, number of payments, total repayment | Fee per $100 and total repayment |
| Early repayment | Ask whether a penalty applies | Usually due in full at once |
Common Reasons People Borrow in Maine
People in Maine usually turn to an installment loan for a cost that is too large for one paycheck: a repair, a medical bill, moving costs or a pile of small debts they want to repay in one schedule. It works when the monthly payment fits your budget for the whole term.
Why Use MaybeLoan in Maine
- Free for borrowers: you never pay MaybeLoan.
- No loan decisions: the lender decides, not us.
- Lenders licensed in Maine: check each license with the Maine Bureau of Consumer Credit Protection.
- How we earn: lenders may pay us when you apply through our links.
The loan calculator at the end of this page lets you test different amounts and terms. Adjusting both helps you find a payment that fits your budget.
Installment loans can still be expensive. Compare the APR and the total repayment of every offer, not only the monthly payment, and borrow only what you can repay on schedule.
Cheaper Options Before an Installment Loan in Maine
- Credit union loans. Credit unions often lend at lower rates to members. Ask one you can join in Maine.
- Paycheck advance from your employer or an earned wage access program, if your employer offers one.
- A payment plan. Utilities, landlords, doctors and many creditors will agree to a plan if you contact them before the due date.
- Local assistance. Call 211 or your county social services for help with rent, utilities and food.
Who to Contact About a Lender in Maine
Report a problem to the Maine Bureau of Consumer Credit Protection.
Sources: Maine licensed consumer finance law as cited in the fields: official text read 2026-10-13 (several pages through web.archive.org captures); evidence in docs/sources/regulators/installment/Maine.json. Data last checked: 2026-10. This page is general information, not legal advice.
Frequently Asked Questions About Installment Loans in Maine
