Best Personal Loans 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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When rating personal loan lenders in Maine, MoneyGeek considered important factors like a lender's reputation, loan terms, and transparency regarding fees and rates. After thorough analysis, we found that First Tech and PenFed are Maine's top personal loan lenders, scoring 98 and 96, respectively. First Tech stands out for great customer service and communication clarity, while PenFed excels in flexible loan terms and strong support.

With an average credit score of 731, the average borrower in Maine is likely to find suitable loan options. When applying for a loan, lenders also look at your credit score, income and debt level.

MoneyGeek Logo IconBest PersonalLoan LendersMaine

Best Personal Loan Lenders in Maine

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in Maine as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Maine

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's top pick for the best personal loan lender in Maine, with a MoneyGeek score of 98 out of 100. Its APR range of 8.94% to 18.00% is competitive, particularly considering the average rate. With the highest scores in rates and fees, reputation and transparency, clients receive some of the best interest rates and comprehensive, clear information. Additionally, First Tech offers flexible repayment terms from six to 84 months, making them superior to many competitors in lending options available.


    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty
    • Provides granular APR data for a variety of loan terms


    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Maine

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up for providing personal loans in Maine, with a MoneyGeek score of 96 out of 100. PenFed offers a competitive APR range from 7.99% to 17.99%, which is more favorable than other lenders, partly explaining its high rating. The lender particularly excels in presenting comprehensive and upfront information to consumers and offering flexible loan terms, including up to 60 months of repayment options, contributing to its overall recommendation.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Our loan calculator is a valuable resource that allows you to simulate different borrowing scenarios. Adjusting factors like the loan amount, term and interest rate can help you understand your monthly payment obligations and the total cost of a loan over its lifespan. This tool can be instrumental in planning and budgeting for loan repayment.

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Estimate the monthly payment for your loan.

Updated: Jun 23, 2024

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Next Steps

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

    Best Personal Loan Lender in Maine for Bad Credit

  • 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 in Maine for borrowers with low credit, with a MoneyGeek score of 94 out of 100. While Happy Money isn't a lender itself, it connects borrowers with reputable financial institutions, priding itself on transparency by disclosing minimum credit score requirements. Its APR range is competitive — from 11.72% to 17.99% — requiring a minimum credit score of 640. Happy Money stands out for its clarity and diligence in providing upfront information and ensuring a swift and straightforward application process for clients.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders they work with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How Does MoneyGeek Score Lenders for Bad Credit Loans?

    Best Personal Loan Lender in Maine for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is MoneyGeek's pick for the best in Maine for borrowers looking to consolidate debt, offering competitive APRs ranging from 10.99% to 13.99%, lower than many lenders reviewed. With a MoneyGeek score of 96 out of 100, Alliant ensures that customers are well-informed upfront and provides some of the best interest rates. Alliant Credit Union is an online-only institution, requiring borrowers to be members with good standing for at least 90 days for loan eligibility.


    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • No prepayment penalties


    • An online-only credit union, no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How Does MoneyGeek Score Lenders for Debt Consolidation?

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Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Maine

Lenders evaluate your credit score and history, income, and debt-to-income ratio to determine your loan terms and APR. A higher credit score can significantly improve the terms of your loan, so it may be beneficial to enhance your credit prior to applying.

Refer to the table below to see how your credit score could affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Maine

Personal loans can offer lower interest rates and simplified debt management, along with flexibility in use and potentially beneficial impacts on your credit score. However, it's important to be mindful of possible risks, including origination fees and the danger of collateral loss, which underscore the need for careful financial planning.

For a more comprehensive understanding of what to consider, visit this resource on thepros and cons of personal loans.


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  • Lower interest rates than most credit cards
  • Consolidation of multiple debts into one payment
  • Fast approval and disbursement of funds
  • Potential for better terms with a qualified co-signer
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  • Increased overall loan cost due to origination fees
  • Potential prepayment penalties for early loan payoff
  • Risk of asset forfeiture with secured personal loans
  • Encouragement of excessive debt due to easy approval

FAQ About Personal Loans in Maine

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Maine for personal loans?
Where is the best place to get a personal loan in Maine?
Who has the best personal loan interest rates in Maine?
What can I use a personal loan for in Maine?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.