Best Debt Consolidation Loan Lenders in Maine

According to MoneyGeek’s analysis, Upgrade provides Maine’s best debt consolidation loans. The company, launched in 2017, is known for offering direct payments to third-party creditors.

With Upgrade, you can borrow up to $50,000, or a minimum of $1,000. This lender doesn’t charge any prepayment penalty for repaying your loan early. However, it has a 2.9% to 8% origination fee and a late fee of up to $10.

Upgrade doesn’t have minimum income requirements and accepts applicants with a minimum credit score of 560. This is good news for Maine residents since the average credit score in the state is 684. However, this lender may not be ideal if you need a cosigner for your debt consolidation loan.

Pros

• Fair credit score requirement
• No prepayment penalty
• Same-day funding
• Allows joint loans

• APR range: 6.55%–35.97%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

LightStream is MoneyGeek’s pick for Maine's second-best debt consolidation loan lender. It’s the online lending platform of Truist bank, which was formed by the merger of SunTrust and BB&T in 2019. The company offers debt consolidation loans from $5,000 to $100,000, with repayment terms ranging from two to seven years.

With LightStream, you won’t have to worry about origination fees, prepayment penalties and late fees. You also get a 0.5% discount if you set up automatic payments. However, LightStream only accepts applicants with a credit score of at least 660.

Furthermore, LightStream neither provides loan preapprovals nor allows cosigners. It also prohibits using your loan to pay off your student loan or an existing LightStream loan.

Pros

• Loans up to $100,000
• 0.5% autopay discount
• No origination and late fees
• No prepayment penalty
• Same-day funding

• APR range: 5.73%–20.49%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 660
• Repayment terms: 24–84 months
• Time to receive funds: Same day

Founded in 2012, Upstart is a leading artificial intelligence lending platform designed to improve access to affordable credit. It may be the best option for Maine residents with bad credit looking to consolidate debt.

With Upstart, you can borrow up to $50,000, with repayment terms ranging from three to five years. You can qualify for an Upstart loan with a 300 credit score and once approved, you can receive your loan funding the next day.

Note, however, that this lender may not be ideal if you prefer having a mobile app for your loan or don’t want to pay an origination fee.

Pros

• No prepayment penalty
• Minimum credit score of 300
• Conducts soft credit pulls
• Next-day funding

• APR range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next day

Since 2011, SoFi has provided consumers with multiple financial products, including personal loans. MoneyGeek found that this lender is ideal for borrowers with good to excellent credit scores.

With SoFi, you can borrow up to $100,000 and repay your loan in one to five years. The lender doesn’t charge origination fees, prepayment penalties or late fees. If you set up automatic payments, you earn a 0.25% discount. Additionally, SoFi offers unemployment protection if you get laid off, allowing you to modify your payments temporarily while looking for a new job.

This lender may not be for you if you have a credit score lower than 680. It also requires you to be employed or have an offer of employment to start within the next 90 days.

Pros

• Loans up to $100,000
• 0.25% autopay discount
• No origination and late fees
• No prepayment penalty
• Accepts coapplicants

• APR range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: Two days