Connecting Americans with trusted lenders since 2024

Personal Loans in Maine: Your Options After the Rate Cap

Last updated: July 31, 2026

Borrowers in Maine benefit from a rate cap that priced out high-cost payday loans. If you need money in Portland or Lewiston, a personal installment loan is now the practical path — here is how it works and how to get matched.

How Maine Regulates Short-Term Loans

It helps to know the local rules first. In short: Traditional payday loans are not viable in Maine. Its Consumer Credit Code caps loans under $2,000 at 30% APR. Our Maine payday loan law guide covers the specifics.

What the Maine Rate Cap Means for You

By limiting all-in costs, Maine made traditional high-cost payday loans unprofitable to offer, which is why storefront lenders largely left. A personal installment loan is a different product: repaid over time in fixed payments, and lenders in our network still serve Maine borrowers across credit types. The cap simply steered the market toward fairer, more transparent lending.

What People in Maine Use Personal Loans For

In Portland, Lewiston, and across Maine, borrowers most often use a personal loan for a car repair, a medical bill, a rent or utility gap, or to consolidate credit card debt at a lower cost. With payday products priced out of the state, the installment loan has become the everyday tool for these needs.

Apply for a Personal Loan in Maine

To get started in Maine, tell us the amount you need (anywhere from $100 to $5,000) and a few details about your income. In roughly 90 seconds, your request is checked against lenders licensed in Maine, and you see the offers you qualify for. The initial check is a soft pull that does not affect your credit score.

US Lending is a lender-matching service, not a lender, and does not guarantee approval. Loan availability, APR, and terms are set by individual lenders and vary by state and credit profile. This page is general information about borrowing in Maine, not legal or financial advice.

Keep reading: Personal loans: full guide · Small personal loans ($100–$1,000) · Maine payday loan laws

Personal Loans in Maine: FAQ

Why did payday lenders leave Maine?

Maine capped the all-in cost of small loans, which made traditional payday pricing unprofitable. Lenders shifted away from that product, but personal installment loans remain a legitimate option.

Can I still get a loan in Maine after the rate cap?

Yes. The cap ended high-cost payday lending, but personal installment loans are unaffected and available. US Lending matches Maine residents with licensed lenders offering $100 to $5,000.

Will checking my options in Maine affect my credit score?

No. Getting matched uses a soft check that does not affect your credit score. A lender only runs a hard inquiry if you choose to move forward with an offer.

See your Maine personal loan matches — free, with no credit impact.

Get My Free Loan Match → No obligation. Soft check only, and lenders in our network work with all credit types.