Looking for an Unsecured Personal Loan in Maine?
Does this sound familiar — “Why won’t lenders approve my application for a personal loan? I have sent it out to a dozen different companies but they all keep telling me ‘No.’” If it does, that means you are in need of some extra cash fast. It also means that your credit score has been hit a dozen times with no money to show for it. Our Loan Discovery Process is designed to prevent this type of situation from occurring. There is no up-front credit check, meaning there is no initial hard inquiry on your credit report.
Did you know that each time you submit a request for a loan to a lender, they have to pull a copy of your credit report from the credit reporting bureaus in order to make a decision whether to approve your request or not? And did you realize that each of those inquiries reduces your credit score incrementally? Now, consider the fact that you have sent out 12 requests — that’s 12 hits on your credit score! Our program has you check your credit score initially because it does not affect your score. At the same time, we search through lenders so that you don’t have to keep making request after request after request for the money you need. Doesn’t that sound much easier?!
Unsecured Loans for People with Bad or No Credit
How It Works is we work with a network of lenders to find you the unsecured personal loan that will best fit your situation. We then present to you the offers that these lenders return to us. There are options for people with no credit, who typically struggle to find financing options because they have not had a chance to establish a credit history. Even bad credit is not a problem; we are able to work with credit scores that go as low as 450. In addition to working with people who are encountering limitations because of their credit situation, Loans Now and our lending partners also do the following:
- We provide our service for free
- We have loans for any situation, in amounts anywhere between $500 and $70,000
- We have repayment terms from 3 – 7 years
- We can offer interest rates as low a 4.99%
- We look at all aspects of your situation
- We do not offer payday loans
We provide you with all of these benefits because we know you may be hurting from your current credit need. Whatever that need may be, an unsecured personal loan can help you through it. Whatever the situation that has caused you to seek out a loan — whether it be to pay for an unexpected expense, put a downpayment on a new or used car, get out of credit card debt, or to repair damage to your home — Loans Now can help.
The Main Issue with Maine
For such a large state compared to its New England neighbors, Maine has a small population. Only 1.3 million people live here, with no city having more than 70,000 residents. Between growing strawberries and blueberries, and mining for oil and natural gas, the next largest industry in the state is healthcare. But, because of its low population, businesses are not flocking to the state. In fact, the industries that are prevalent in Maine are faltering because of changes in technology and social standards.
With new job creation extremely low, an average household income lower than the national average, and initiatives to rely on more renewable energy sources expand (affecting the oil and gas industries), many of Maine’s residents could be facing a financial downfall. There is another factor affecting Mainers. The cost of living is higher in Maine than the majority of the country, which means that the loss of a job can threaten your family’s livelihood, or your current income may not be able to cover an unexpected expense. All of these issues combined may have you seeking help, and an unsecured personal loan through Loans Now can provide you with the help you need, fast.
Maine Laws and Regulations for Bad Credit Personal Loans
There are no usury laws in the State of Maine. The state statutes establish that the legal limit for charging interest rates on loans not in writing is 6% (Title 9B § 432, Maine Revised Statutes). Again, this is only if there is no written contract. If you are receiving a loan in Maine, know that there is no limit beyond this amount. This means lenders are free to charge any amount they consider to be acceptable. To prevent usurious lending, competition between lending institutions, state-chartered banks, and national banks keeps interest rates managed.
Maine retains no other laws on the subject because the legislature believes not having one in place will allow for greater market competition within the state and between states (which is what is happening). As such, there are no penalties for attaching finance charges to a loan in excess of the 6%.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Maine Personal Loan for Bad Credit Lending Regulator
The Bureau of Consumer Credit Protection, part of the Department of Professional and Financial Regulation, is Maine’s tool for regulating various industries in the financing sector, including financial institutions. Consumer complaints made against a business are responded to by this department branch and all licensing duties are handled within the bureau as well.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K