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.
Top Lenders & Best Rates for You
Best Debt Consolidation Loan Lenders in Maine
Updated: December 28, 2023
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WHAT WE’RE GEEKING OUT ON
- 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
Best Overall Debt Consolidation Loan in Maine: Upgrade
- Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
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
Cons
- Low borrowing limit
- Has origination fee
- Has late fee
- 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
Runner-Up for Best Debt Consolidation Loan in Maine: LightStream
- LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
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
Cons
- No cosigners
- No loan preapprovals
- Restrictions on fund usage
- 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
Best Debt Consolidation Loan for Bad Credit in Maine: Upstart
- Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
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
Cons
- Charges origination fee
- Debt-to-income limit of 45%
- Low borrowing limit
- 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
Best Debt Consolidation Loan for Good Credit in Maine: SoFi
- SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
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
Cons
- Doesn’t allow cosigners
- Doesn’t accept unemployed applicants
- 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
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.
1
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?
2
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.
3
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.
4
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.
5
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.
What is the best debt consolidation loan lender 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.
Which lender in Maine has the lowest interest rates for debt consolidation?
Upstart offers an APR rate as low as 3.22% in Maine.
What kind of debts can I not use my debt consolidation loan for 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.
How much debt can I consolidate in Maine?
In Maine, you can take out a debt consolidation loan between $1,000 and $100,000.
How long does it take to get a debt consolidation loan in Maine?
Lenders have different processing times. Some offer same-day funding, while others take one to two days.
Can I pay off my loan early in Maine?
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.
METHODOLOGY
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.