Hallowell at a glance
- Population: about 2,613, 22nd by size in Maine of 23 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 2,564 residents here (US Census Bureau).
- 2020 to 2023 change: about 1.9% growth over the 2020 Census base (US Census Bureau).
- Rank among Maine places: 22nd largest of 23 (US Census Bureau).
- Size percentile: about 4% of places in Maine are smaller (US Census Bureau).
- Coordinates: mapped at 44.2872, -69.8180 by the US Census Bureau Gazetteer.
- Nearest larger cities: Augusta, ME (5 mi); Gardiner, ME (6 mi); Waterville, ME (19 mi); Lewiston, ME (22 mi); Bath, ME (25 mi); US Census Bureau population estimates.
- Smaller towns nearby: Lyndonville, VT (109 mi); West Burke, VT (109 mi); Wells River, VT (112 mi) (US Census Bureau).
What a personal loan costs in Hallowell
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Maine lending rules that apply in Hallowell
The table carries the Maine rate and licensing rules that apply to consumer loans made in Hallowell.
| Rule | Detail | Source |
|---|---|---|
| Minimum finance charge for supervised lenders | $5 (loans ≤$75), $15 ($75–<$250), $25 (≥$250) — 9-A M.R.S. § 2-401(7) Source says: "the lender may contract for and receive a minimum charge of not more than ... Twenty-five dollars when the amount financed is $250 or more" | Maine Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 30% per year on unpaid balances up to $2,000; 24% on $2,000–$4,000; 18% above $4,000 (9-A M.R.S. § 2-401(2)) Source says: "30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less" | Maine Legislature as of 2026-09-16 |
| Payday lending status | Payday lenders are licensed as supervised lenders by the BCCP and subject to the 9-A § 2-401 finance-charge caps Source says: "Supervised Lenders Including Mortgage Lenders and Servicers, Non-Mortgage Supervised Lenders, Payday Lenders, and Insurance Premium Finance Companies" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
| Small-loan / installment lender licensing | Supervised lender license required when the finance charge exceeds 12 1/4% per year (or the loan is secured by real estate); applications via NMLS Source says: "Anyone who makes, takes assignment of, or services consumer loans in which the rate of the finance charge ... exceeds 12 1/4% per year" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
| State lending regulator | Maine Bureau of Consumer Credit Protection (Department of Professional and Financial Regulation) Source says: "The Bureau of Consumer Credit Protection licenses and registers the following business entities" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
How to compare offers in Hallowell
Here is a short checklist for comparing personal loans in Hallowell:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Maine using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.