How Our Payday Loans Alternative Works

We offer short-term installment loans ranging $300 to $1,000 for first time borrowers. When you obtain an installment loan, you agree to repay principal plus interest in regular payments over a set period of time. Our installment loans have terms of bi-weekly payments. During the life of the loan, your payment amounts will decrease, making it easier to manage as time goes on.

Understanding Why the Payment Amount Goes Down Over Time

If your application is approved, you’ll repay a percentage of the loan’s principal along with interest on the total principal balance of your loan in each payment. As your principal balance goes down, the total interest remaining decreases. This makes your payment amount decrease with every installment. Therefore, it will be easier for you to make your payments over the life of your loan.

Why a Payday Loans Alternative is Better

At Golden Valley Lending, we provide a viable alternative to payday loans in Maine. When you partner with us, you’ll receive the following benefits:

• Simple application process
• Access to a helpful customer service team
• Next day funding day in some cases
• Smaller payments as the principal balance decreases
• No hidden fees or prepayment penalties for paying early

You can complete our streamlined application in only a few minutes from your mobile device, tablet or computer. If approved and verified before 4:30 p.m. Eastern Time, Monday through Friday, you may be funded as soon as the next business day. Funds can be deposited into your bank account electronically using a secured ACH transaction. You’ll also enjoy the ability to access your account at any time online, where you can review your payment history, balance and loan documents.

By contrast, Golden Valley Lending’s payday loans alternative offers many advantages over traditional payday loans. Typically, payday loans are required to be repaid in full by the borrower’s next payday. When a borrower cannot repay in full, the loan is rolled over, and additional finance charges are assessed. In some cases, borrowers may need to roll over loans to subsequent paydays multiple times, meaning that they rack up substantial finance charges. Instead of paying off a portion of the principal with each payment, people who have payday loans don’t pay any of the principal until the end of their loans when they make the final balloon payment. As a result, there is no way to save on interest by paying the loan off early because the finance charges are included in the final balloon payments.

At Golden Valley Lending, we’re proud to offer residents of Maine a payday loans alternative. We look at other factors beyond your three-digit credit score when making an approval decision. Apply today!