Fast and Safe Personal Loans Online are Available to Customers in Maine

Something that many people do not realize is that personal loans online in Maine are Safe and Regulated by Law. At GreenLeaf Loans we not only follow all state laws but also follow the best standards and OLA Best Practices Many people in the United States have heard horror stories about personal loans, and Maine is no exception. Up until a few years ago, the industry was plagued by unscrupulous and predatory lenders, looking to take advantage of unwitting customers. Often, since the lending process was not online yet, customers would have to arrive in person at a lending facility (often a check cashing store), and agree to whatever terms and rates the store put forth. Since it was such a time and energy commitment to show up at these places, consumers did not have the luxury of shopping around for the best rates, and therefore, there was no incentive to offer low, or even fair rates.

Thankfully, all this negative attention finally reached the ears of lawmakers, and the personal loan industry is now strictly regulated. Furthermore, with so many lenders taking their business to the internet, customers are not able to shop around for the best rates at different websites. Fast online loans are not an accessible and safe option. So, not only are you protected by lending laws, but you also have the power of a buyer's market on your side.

“When you are Looking Online for Personal Loans in Maine, but are Not Sure About How They Work”

If you are having thoughts like this one, you are already being a proactive and smart consumer. Part of what allowed personal loan companies to prey on unsuspecting customers, was the fact that these other companies misrepresented, or at least did not tell the whole truth about how personal loans work. Knowing and understanding the terms of the loan you are getting into is.

So, with that in mind, here is a list of a few basics.

1. Fast online loans are small to medium sized, short-term loans meant to help customers who find themselves in a temporary cash crunch. These loans are generally not advisable for larger purchases such as a home or a vehicle, nor are they meant to be paid back over a long period of time.

2. The concept behind payday loans is that you borrow the money you need now, and pay it back when you receive your next paycheck, that is not the same with personal loans. Personal loans are for larger amounts and give you a much longer repayment period. You can take up to a year or more to repay these loans and unlike payday loans you can borrow up to $5000 and must borrow more than $1500. This is especially helpful for those customers who have unexpected expenses crop up, and the main obstacle in their way is the amount of loan they can qualify for and how quickly. This situation would be something you may have afford if we didn't all have many other expenses and are so often forced to live paycheck to paycheck. Taking out a personal cash advance that offers multiple payments can provide so many with a financial arrangement that is oh so doable to bridge a larger financial gap.

3. These fast online personal loans, like all other loans, do need to be paid back. With that in mind, make sure you sit down and really try to figure out how much it is you need, and how much you can afford to pay back within a year or two, without it impacting your overall expenses. For example, if you borrow $5000, but you expect your next year's paychecks to be under $1000, that could leave you with not enough to afford your regular expenses and afford the payments for loan, which could ultimately leave you short and in severe financial difficulty for some time to come.

Do not forget, added on to the amount you borrow, will be interest and if your late on any payments or do not repay your loan on time will also include fees. Please read your loan documents that show your approved loan amount, payments and terms of repayment and make sure before you electronically sign that it all works for you, your income, and your budget. If you only want a small loan up to $1500 and can afford to repay it by your next payday then please apply for the smaller amount and repay the loan on your next payday. There are late fees and penalties, just like any other loan, no matter what loan you get if you fail to pay it back as agreed to when electronically signing your loan document. Avoid letting interest and fees stack up by being a smart consumer that pays their bills on time and by the full amount.

Maine Lenders with GreenLeaf Loans can Provide Online Personal Loans

Personal Loans can Even be Available to Those with Bad Credit

If you are concerned that you might not qualify for a loan, due to bad credit or no credit, there can be no need to worry. Our loan professionals do not rely solely on credit score when determining loan eligibility. Therefore, we can offer fast loans online to a larger number of customers, who may not qualify elsewhere. If you are a United States Citizen, and if you are currently employed, the chances are quite good that you can borrow money online! What is even better, when paying back a longer-term personal loan, it can actually help improve your credit. Make payments on time, and in full, and you could very well be building a solid credit history. Apply with us today and let us know how we can help!