Best Loans for Bad Credit in Maine for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 2024

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Happy Money emerges as Maine's best personal loan lender for bad credit, with a MoneyGeek score of 94 out of 100. It stands out for its credibility and transparency, quick application and approval process, and quality service. The runner-up is Achieve, with a MoneyGeek score of 92 out of 100. It is notable for its strong customer service, competitive interest rates, credibility and transparency regarding its loan terms and process.

MoneyGeek reviewed three personal loan lenders in Maine that disclosed minimum credit score requirements between 580 and 640 to determine the best options for borrowers with bad credit. While these featured lenders are a good starting point, Maine residents might also consider Maine State Credit Union, University Credit Union and Maine Savings Federal Credit Union for localized personal loan services.


    Overall Best Bad Credit Loan Lender in Maine

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Maine, with a MoneyGeek score of 94 out of 100. It is not a lender but a fintech company that works with federally insured lending partners by the NCUA to originate personal loans. It caters to borrowers with a minimum credit score of 640 and offers loan amounts ranging from $5,000 to $40,000, with funds available as soon as the next day. Happy Money does not charge fees such as late or early repayment penalties and offers flexible repayment terms. However, applicants should note that it only provides loans for debt consolidation and charges an origination fee.


    • Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
    • Offers to pay creditors directly
    • Flexible repayment terms from 24 to 60 months


    • Only offers loans for debt consolidation
    • Charges an origination fee
    • $40,000 borrowing limit
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in Maine

  • Achieve

    • 92MoneyGeek Score
    • 8.99% to 35.99%APR Range
    • 620Minimum Credit Score
    • $5,000 to $50,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Achieve is the runner-up for the best bad credit loan lender in Maine, with a MoneyGeek score of 92 out of 100. Cross River Bank, a New Jersey State Chartered Commercial Bank — or Pathward, an FDIC member — originates its personal loans. Catering to applicants with a minimum credit score of 620, it offers loans ranging from $5,000 to $50,000, and borrowers can receive funds on the same day. It provides a rate discount for certain qualifications and does not charge a prepayment penalty. However, it imposes an origination fee of up to 6.99% and caps loans at $50,000.


    • Offers an interest rate discount when you add a qualified co-borrower to your application, show proof of sufficient retirement funds in an eligible account or use your loan funds to directly pay your creditors when consolidating debt
    • Doesn't charge a prepayment penalty
    • Low starting APR at 8.99%


    • Charges an origination fee between 1.99% and 6.99%
    • Loan amount caps at $50,000
    • High minimum loan amount

Calculate Your Monthly Loan Payment in Maine

The average new account balance for personal loans in Maine is $9,572, according to the Credit Industry Snapshot report. After borrowing a personal loan, the borrower must adhere to a structured repayment plan, which typically includes fixed monthly payments over a set period until the entire loan amount, plus interest, is paid off.

It's necessary to calculate monthly loan payments to manage finances effectively, and this becomes even more relevant for individuals with bad credit, as it helps prevent overborrowing and ensures that repayments are manageable within their budget. To accurately estimate your loan payments, you can use the personal loan calculator provided by MoneyGeek.


Best Bad Credit Loans by Credit Score in Maine

Maine's average credit score is 731, which is higher than the Experian-reported national average of 715.

Even with a bad credit score, obtaining a personal loan is still possible. Select Maine lenders may consider applicants with poor credit scores, though typically at steeper interest rates and on terms that are not as advantageous. Refer to the table below to find suitable personal loan providers in Maine tailored to your credit score.

What to Do if Your Loan Application Is Denied in Maine

It's not uncommon to face a personal loan application denial in Maine, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.


Find out the reason for the denial

If your loan application is denied, lenders may base their decision on factors such as a poor credit score, high debt-to-income ratio, low income level or errors in your application. By identifying the reason for the denial, you can take steps to address these issues and reduce the likelihood of future rejections.


Modify your loan terms

You could speak to your lender about possibly changing the loan amount or repayment terms to help secure approval. Adjustments to these loan aspects might meet the lender's approval criteria better.


Find another lender

Lenders have different criteria for approving loans. It's beneficial to shop around and compare lenders based on several factors to find one that aligns with your needs and credit history.

  • Eligibility requirements: Lenders differ in their requirements for credit score, income level, debt-to-income ratio and employment history. Understanding these can guide you to the right lender.
  • Interest rates: It's important to look for competitive interest rates, as these can significantly affect the cost of the loan, particularly for individuals with bad credit.
  • Additional fees: Check for costs such as origination, late and prepayment fees. Selecting a lender without these fees can be beneficial, especially with a poor credit history. Loan terms:** Repayment terms can vary, with some lenders offering shorter or longer payment durations. Your choice can influence your monthly payment amount and the total interest paid.
  • Customer service and reputation: Researching a lender's customer support and overall reputation can assure a transparent and positive loan experience.

Look for alternatives

There are alternatives to personal loans that may be better suited for borrowers with bad credit. These include credit unions, family loans, secured loans and peer-to-peer lending. Exploring these options can provide more favorable terms or better chances of approval.


Improve your credit score

Enhancing your credit score is a process that can help in eventually getting approved for a personal loan. Methods for improving your credit score include paying bills on time, reducing debt levels and limiting new credit inquiries.

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Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in Maine

When shopping for personal loans in Maine, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Maine?
Which lender in Maine has the lowest APR rates for personal loans?
Which lender in Maine has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in Maine?
Can I pay off my personal loan early in Maine?

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 10, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 10, 2024.

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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.