Maine could be considered the last frontier for payday lending in the United States. As a state with severe payday lending regulation laws and few payday lending centers, the state is facing a tough decision: do they open themselves up to the world of payday lending, or not? Whichever way they decide to go, we suggest that you come our way. Here at Payday Today, we offer a quick and easy lending service that is bound to help you through your financial pinch.
If you live in Maine, you will be very interested in learning about programs we offer that are comparable to the payday loan. Our debt consolidation program is helpful for people who want to get their financial situation under control. Our personal loans are helpful for people who have good or average financial practices, but need extra money to finance the unexpected emergencies life deals out. We also offer a credit card program for borrowers with bad credit, and credit counseling courses.
In late 2005, there was a great push to change payday lending laws in Maine. The main thing the payday industry fought for was the change in interest and fees allowed per $100. At the time, lenders could charge $15 per $250 loaned, and $25 for amounts over $250. They wanted to change that law so they could charge $17.50 per $100 loaned. In addition, payday lenders wanted to amend state law so they would be allowed to collect if a lender defaults, and advertise as they please.
Maine has the fewest payday lending centers out of all states that practice payday lending. As of late 2005, there were only six lending centers that operated in the main cities of Maine.
According to the United States Department of Labor:
The unemployment rate in Maine as of January 2006 was 5.3. This was a mere 0.2 decrease since January of the previous year. The unemployment rate has wavered between 2.5 and 6.7 over the last ten years.
In January 2006, there were 37,619 unemployed people in Maine.