What is the best low-income loan lender in Maine?

Upgrade is the frontrunner among low-income loans in Maine. A credit score of 560 is necessary to qualify for a loan from this lender, although higher scores may result in reduced interest rates. Keep in mind the ideal lender for you may vary based on your funding needs.

Which lender in Maine has the lowest interest rates for low-income?

Upstart's low-income loan has the lowest rate. You need to have excellent credit to be eligible for this rate.

What kind of debts can I not use my low-income loan for in Maine?

The fund usage restrictions may vary depending on the lender. For example, low-income borrowers with particular lenders aren't allowed to use their loans to cover tuition, investments or other costs. Ask your lender about potential restrictions before applying.

How much debt can I consolidate in Maine?

In Maine, low-income lenders provide varying maximum loan levels. While Upgrade allows borrowing up to $50,000, LendingClub only allows loans of up to $40,000.

How long does it take to get a low-income loan in Maine?

The time it takes to get a low-income loan in Maine can vary depending on the lender. Most of the top options in the state release funds the next day.

Can I pay off my loan early in Maine?

It is up to you whether you choose to pay off your loan before it's due, but you should read the terms and conditions carefully. If you pay off your loan earlier than expected, some lenders could impose a prepayment penalty.

Best Low-Income Loans in Maine: Top Lenders and Rates for 2023

WHAT WE’RE GEEKING OUT ON

Best Overall Low-Income Loan Lender in Maine
Runner-Up for Best Overall Low-Income Loan Lender in Maine
Best Low-Income Loan Lender for Bad Credit in Maine
Best Low-Income 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 Low-Income Loan in Maine
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Maine

Best Low-Income Loan Lenders in Maine

Although not everybody can fulfill the income criteria lenders have established, it is apparent that customers in Maine are not hesitant to obtain one since the state has an average personal loan debt of $17,266. Low-income loans enable applicants with lower-than-average salaries to be eligible.

To determine where you can acquire the best low-income loan in Maine, MoneyGeek's study of lenders in the state takes into account over 30 different variables. We analyzed credit score requirements, APR ranges, time of loan disbursement and repayment periods.

Best Overall Low-Income 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
Providing personal loans since 2017, Upgrade was recognized by MoneyGeek as the top low-income loan in Maine. Upgrade personal loans are suitable for borrowers who require access to smaller loans because they range from $1,000 to $50,000. It is the best option if you need a loan to pay off other debts or if you want to finance important purchases at competitive rates.
Upgrade runs a soft credit check that won’t hurt your credit score. The lender does require employment for all of its borrowers, and its APR costs can be quite high. Despite this, as long as you have a credit score of at least 560, Upgrade continues to be the best overall low-income loan provider in the state.
Pros
Doesn’t charge prepayment or late fees
Allows joint applications
Performs soft credit inquiry
A+ BBB rating
Offers autopay discount

Cons
Charges origination fees
Has late fees
Low maximum loan amount
APR range: 5.94% to 35.47%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 560
Repayment terms: 36 to 60 months
Time to receive funds: Same day
on Upgrade Website

Runner-Up for Best Low-Income Loan in Maine: LendingClub

LendingClub
- 7.04% to 35.89%APR Range
- 600Minimum Credit Score
- $1,000 to $40,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
One of the biggest companies in the U.S. offering unsecured personal loans is LendingClub, an online marketplace for fintech loans. In our list of the top low-income loans in Maine, the company finished as a runner-up.
LendingClub’s low-income loan amounts range from $1,000 to $40,000. Because the qualifying standards are less stringent than those imposed by other lenders, it's a suitable option for people with fair-to-good credit. Despite having a lower maximum loan amount than many other lenders, LendingClub offers attractive APRs and payback terms, even after taking its origination fee into account.
Pros
Conducts soft credit check
A+ BBB rating
No prepayment penalty fees
Offers joint loans

Cons
No co-signers
Origination fees
Late payment fees
APR range: 7.04% to 35.89%
Minimum/maximum loan amount: $1,000 to $40,000
Minimum credit requirements: 600
Repayment terms: 36 to 60 months
Time to receive funds: Next day
on LendingClub Website

Best Low-Income 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
Upstart is one of the first companies to use artificial intelligence to increase consumer access to finance. The company is MoneyGeek's top option for the best low-income loan in Maine for applicants with bad credit. With repayment terms of three and five years, Upstart offers loans with values ranging from $1,000 to $50,000.
APR rates differ by state but range from 3.22% to 35.99%. Unless you are using the loan proceeds for educational reasons, Upstart will send you the money within the next business day. Although borrowers with exceptional credit may find lower costs elsewhere, Upstart personal loans are a terrific option for people with fair or no credit history.
Pros
No prepayment penalty fees
Conducts soft credit pull
A+ BBB rating
Quick loan disbursement
Low minimum loan amount

Cons
Charges an origination fee
Co-signers not allowed
No autopay discount
APR range: 3.22% to 35.99%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 300
Repayment terms: 36 to 60 months
Time to receive funds: Next business day
on Upstart Website

Best Low-Income Loan for Good Credit in Maine: Prosper

Prosper
- 7.95% to 35.99%APR Range
- 640Minimum Credit Score
- $2,000 to $40,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
A pioneer in peer-to-peer lending, Prosper was established in 2005 and is headquartered in San Francisco, California. MoneyGeek identified Prosper as the best low-income loan in Maine for consumers with good credit.
Borrowers must have a credit score of at least 640 in order to be approved for a Prosper low-income loan. Co-signers are not allowed. Repayment periods from Prosper range from three to five years, and loan amounts are between $2,000 and $40,000. While Prosper may have less stringent credit score standards than some of its competitors, borrowers must still meet additional requirements in order to be approved for a loan.
Pros
A+ BBB rating
Offers quick fund disbursement
Joint applications allowed
Conducts soft credit inquiry
Doesn’t charge prepayment penalty

Cons
Late penalty fee
Origination fees
Limited repayment terms
APR range: 7.95% to 35.99%
Minimum/maximum loan amount: $2,000 to $40,000
Minimum credit requirements: 640
Repayment terms: 36 to 60 months
Time to receive funds: Same day

How to Choose the Best Low-Income Loan in Maine for You

The average personal loan debt for residents of Maine is $17,266. Evaluate all of your options prior to completing an application for a low-income loan in Maine. This includes reviewing things like loan amounts, repayment conditions, interest rates and other fees.

MoneyGeek details a few things to consider before submitting an application for a low-income loan in Maine.

Ask Yourself the Important Questions

Before determining which companies' eligibility requirements you meet, you must first consider whether applying for a low-income loan is a sensible decision for you. Consider your answers to the following questions when selecting the best low-income loan in Maine:

How much do I need? Pick a lender who can offer you the funds you need. Also, by identifying how much you need in advance, you won’t borrow more than necessary, which could save you money.
What’s your credit score? Your credit score affects both your capacity to get loans and the interest rates you will pay.
Can I afford to pay the required amount monthly? Payment failures result in penalties and a bad credit score.
Are there any unpaid debts on your record? A high debt-to-income ratio should be avoided because lenders may consider it while evaluating your application.
Could you think of another strategy to pay off your debt? If you have alternative options for your funding needs, you might not require a low-income loan.

Do Your Research

Before completing an application for a low-income loan in Maine, be sure you are well-informed. Take the time to understand the terms for using the money since some lenders impose limitations on how you may utilize the loan.

MoneyGeek recommends the best lenders for low-income borrowers, but the ideal option for you may vary. You can compare interest rates from various lenders to decide which one gives the best deal.

Wait

It can be beneficial to pause before applying for a loan. Make sure you can comply with all of the loan's requirements before taking any action. After you've gathered all the essential data, think about your options. You might even find that a different funding solution can meet your financial needs.

Read the Fine Print

Reading the fine print before completing your request for a low-income loan is always a smart idea. Now is the moment to carefully review every detail of your contract. Don't assume you understand all of the terms of the loan. If something is unclear, don't be afraid to ask. Failing to read the terms and conditions of your loan could cost you more money in the long run.

Apply

Applying for a low-income loan can be completed either in person (if offered by the lender) or online after considering all the factors and asking pertinent questions. You will need to submit identification, address verification and proof of income during the application process. If you can apply in person, this can be beneficial since you can address any concerns with your application immediately. This could increase the odds of your application being accepted.

What to Do if You Can’t Get a Low-Income Loan in Maine

Lenders may reject your application for a low-income loan in Maine for various reasons. Your credit score, debt-to-income (DTI) ratio, loan amount and payback period could all play a role in the rejection.

It is best to determine the reason for the denial of your application. You may, for example, try to have the loan's terms changed because it might help your application be approved. In other cases, your credit score or DTI ratio could be the problem, and a quick repair isn't always possible. If you have the chance to work on these issues, it could be advantageous in the long run.

Some discouraged consumers might be tempted to take out payday loans, but MoneyGeek sternly warns against it. Rather than applying for expensive payday loans or borrowing from a different lender, it is preferable to take a long-term approach. Keep in mind that if you ignore the reasons your lender rejected your initial application, you will probably end up with the same result.

Calculate Your Monthly Payment

Not only must you ensure that your request for a low-income loan in Maine is approved, but you must also make sure that you can afford the monthly payments. MoneyGeek's personal loan calculator can help you quickly assess if you qualify.

Month	Payment	Principal	Interest	Balance

FAQs About Low-Income Loans in Maine

It's a good idea to be aware of the numerous factors Maine lenders will consider when reviewing your loan application, but your financial needs will still be the primary basis for selecting a loan. MoneyGeek has provided answers to frequently asked questions about low-income loans in Maine to help you find the ideal lender for your funding needs.

Methodology

METHODOLOGY

Affordability, lender transparency, accessibility, customer service, flexibility and consumer friendliness were used by MoneyGeek to evaluate more than 30 personal loan providers.

To determine the best personal loan lenders, MoneyGeek looked at particular data points within each category that we believe will be most important. Among these variables are credit score, application fee, minimum income requirements, APR ranges, maximum loan amount and disbursement time.

Customers are MoneyGeek's first priority. We take into account customer feedback for each lender as well as features like pre-approval options, simple payment methods and mobile apps that could make your interactions with them easier.

After thorough research by MoneyGeek, we provide personal loan recommendations to assist you in selecting a lender that best suits your needs.

sources

LendingClub Bank. "Get Up to $40,000 and Competitive Fixed Rates." Accessed October 28, 2022.
Prosper Funding LLC. "Stress Less with Low-Interest Online Personal Loans." Accessed October 28, 2022.
Upgrade. "Personal Loans up to $50,000." Accessed October 28, 2022.
Upstart. "Get a Smarter Loan." Accessed October 28, 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.