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Maine senator requires crackdown on ‘snake oil and print that is fine payday advances

State Sen. Rick Bennett of Oxford demands limitations as to how much lenders may charge for short-term loans to hard-pressed Mainers.

The U.S. that is effective payday rates of interest, by state, for the $300 loan. The second highest in New England in Maine, it’s 217. Center for Responsible Lending

In need of money and not able to access conventional loan providers for a number of reasons, some Mainers move to monetary clothes giving away pay day loans with terms which can be sometimes impractical to pay off.

In a bid to provide better security, state Sen. Rick Bennett, R-Oxford, told a legislative committee this week that a lot of Mainers are “misinformed, bilked, conned and mistreated by unscrupulous predator lenders, frequently when they’re in serious individual circumstances too & most susceptible to snake oil and fine print.”

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