Top Lenders & Best Rates for You
Best Debt Consolidation Loan Lenders in Maine
Updated: December 28, 2023
Advertising & Editorial Disclosure
- Best Overall Debt Consolidation Loan Lender in Maine
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Maine
- Best Debt Consolidation Loan Lender for Bad Credit in Maine
- Best Debt Consolidation Loan Lender for Good Credit in Maine
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Maine
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Maine
Best Debt Consolidation Loan Lenders in Maine
MoneyGeek considered more than 30 data points to determine Maine’s best debt consolidation loan lenders. We analyzed each lender’s loan amounts, interest rates, repayment terms, fees and disbursement time. Additionally, we studied their minimum requirements for credit score, gross income and debt-to-income ratio to help you increase your chances of getting your loan approved.
Best Overall Debt Consolidation Loan in Maine: Upgrade
Runner-Up for Best Debt Consolidation Loan in Maine: LightStream
Best Debt Consolidation Loan for Bad Credit in Maine: Upstart
Best Debt Consolidation Loan for Good Credit in Maine: SoFi
How to Choose the Best Debt Consolidation Loan in Maine for You
According to MoneyGeek’s study, Maine residents have an average personal loan debt of $17,266, with a 9.23% interest rate. You can use a debt consolidation loan to streamline several debts into a fixed monthly payment with a lower interest rate.
Before applying for a debt consolidation loan in Maine, you must evaluate certain factors like your credit score and income. MoneyGeek recommends taking the following steps to choose the best debt consolidation loan lender for your situation.
Ask Yourself the Important Questions
First, consider your current financial standing and determine whether a debt consolidation loan is a right option for you. Ask yourself the following pertinent questions:
- How much funding do you need?
- What’s your credit score?
- Can you afford the monthly payments?
- Do you have existing debts?
- Is your debt manageable through other means?
Do Your Research
When shopping around for debt consolidation loans in Maine, gather information from different lending companies. Look at what they offer in terms of loan amounts, interest rates and repayment terms. Additionally, find out if they charge fees and impose restrictions on fund usage. By doing this, you can narrow down your search to the lenders that best meet your needs.
MoneyGeek created this guide to help you choose the best debt consolidation loan in Maine, but our recommendations may not suit your particular needs and situation. That’s why it’s still best to do your own research.
Wait
After you have all the necessary information about your prospective debt consolidation loan lenders, consider waiting a day or two before making a decision. Keep in mind that a debt consolidation loan is a huge commitment, so you need to be sure about the lending company you choose. Waiting a day or two can help you make a wise and objective financial decision.
Read the Fine Print
Sometimes, you miss small but significant details while researching lending companies. After choosing your debt consolidation loan lender, read the fine print to catch details you may have missed, like fees and charges. Note that origination fees, prepayment penalties and late fees can affect your budget. Reviewing the fine print can help save you money in the long run.
Apply
If you are sure about your chosen lender, submit your loan application. During this process, lenders often require identification, address verification and proof of income. Prepare all the necessary documents and ensure the information you provide is accurate.
Note that there are different ways to apply for a debt consolidation loan. You can do it online or over the phone. You may also visit your lender if it has a physical location. Ultimately, choose the option that’s most convenient for you.
What to Do if You Can’t Get a Debt Consolidation Loan in Maine
Having your loan application denied does not mean your debt consolidation journey is over. It means your lender found something that didn’t meet its minimum criteria, like a low credit score or insufficient income.
Your next course of action should be reaching out to your lender. Some of them send letters explaining their decision, but there’s no harm in getting in touch with the company and asking for more information. You can also try asking if you can modify your application to make it more acceptable. For instance, you can lower your loan amount or shorten your repayment term.
If there’s no changing your lender’s mind, you can apply at another lending company. However, try to correct whatever caused your application to be rejected before applying elsewhere. Payday loans are an alternative option, but MoneyGeek advises against using them since they have extremely high interest rates and short repayment periods.
Calculate Your Monthly Payment
Remember that you must repay your debt consolidation loan in monthly installments plus interest. Use MoneyGeek’s debt consolidation loan calculator to determine whether your budget can cover a specific payment amount.
FAQs About Debt Consolidation Loans in Maine
When it comes to debt consolidation loans, the best option for you will depend on your personal needs, credit score and income. MoneyGeek answered some commonly asked questions below to help you better understand debt consolidation loans in Maine.
Upgrade is MoneyGeek’s top pick for Maine's best debt consolidation loan lender. However, your best option will depend on your particular needs and situation. For instance, Upstart is ideal if you have bad credit.
Upstart offers an APR rate as low as 3.22% in Maine.
This will depend on the lender. Some companies impose restrictions on fund usage, while others do not. It’s best to contact your lender for more information.
In Maine, you can take out a debt consolidation loan between $1,000 and $100,000.
Lenders have different processing times. Some offer same-day funding, while others take one to two days.
Yes, you can. However, some lenders charge a prepayment penalty. Make sure to ask your lender if it charges a fee if you repay your loan early.
MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.
sources
- Upgrade. "Consolidate Your Debt." Accessed June 29, 2022.
- Upgrade. "How can we help you?." Accessed June 29, 2022.
- LightStream. "Debt Consolidation." Accessed June 29, 2022.
- LightStream. "Frequently asked questions." Accessed June 29, 2022.
- Upstart. "Simplify your bills with a debt consolidation loan." Accessed June 29, 2022.
- Upstart. "This is Upstart." Accessed June 29, 2022.
- SoFi. "Personal Loans." Accessed June 29, 2022.
- SoFi. "Frequently Asked Questions." Accessed June 29, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.