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Best Personal Loans in Maine

LightStream is MoneyGeek's top-recommended lender as it offers the best personal loans in Maine. The lender has an A+ rating with the Better Business Bureau (BBB) and provides same-day funding with no late fees.

However, the best lender may depend on your particular financial needs. MoneyGeek determined that Upstart is an ideal lender for individuals with bad credit, SoFi is excellent for those with good credit, Upgrade is great for debt consolidation and Best Egg is good for home improvement.

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Last Updated: 11/22/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Maine: Lightstream

Irrespective of the purpose of your loan, you’ll have multiple options to choose from. MoneyGeek analyzed more than 30 data points to help you choose the best personal loans in Maine. Our analysis puts forward the best options while considering multiple in which Maine residents would opt to take a personal loan and also provides details as to why the lender is the best choice under that category.

Best Overall Personal Loan Lender 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

    on LightStream Website

Best Personal Loan Lender 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

    on Upstart Website

Best Personal Loan Lender 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

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation 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

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Maine: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Maine for You

The average personal debt in Maine is $17,266. If you are considering taking out a personal loan, it’s important to make sure that you do your due diligence and consider whether or not it’s the right option for you. The following steps can help you throughout your consideration and application process.

1

Ask Yourself the Important Questions

You must ask yourself pertinent questions to ensure that this is the best option for you based on your circumstances.

  • How much funding do you need? - Understand why you need a personal loan and see if you can limit your expenses.
  • What is your credit score? - Almost all lenders in Maine perform a credit check. Make sure your credit score meets their minimum requirements.
  • Can you afford the monthly payment? - Taking out a personal loan is a significant commitment of your income to make regular payments. Make sure you can afford it.
  • How much debt do you already have? - Most lenders check for any existing debt that you have. You can, of course, take a loan to consolidate your other debts by paying off all other loans. On the other hand, you may be better off closing some other debts before taking a new loan.
2

Do Your Research

MoneyGeek carried out extensive research to find the best lender for various scenarios in Maine. Although our research covers many situations, it pays to perform your own research to find the best lender based on your unique circumstances. The ideal strategy is to approach at least three lenders and understand their fees, repayment terms and any other restrictions that they may have in place to know which lender is best suited for your needs.

This is because taking out a loan is a significant commitment of your resources for anywhere between two to four years, and some lenders carry out a hard check that impacts your credit standing.

3

Wait

Once you’re satisfied with your research and have enough information to make a decision, we recommend waiting for a few days before you choose a lender. This is the final stage before you apply for a loan and helps you make sure that taking a personal loan is the best option for you. Ensure that the monthly payments to repay your loan will not be a burden to your existing financial plan.

4

Read the Fine Print

If you’ve finalized your lender selection, go through the terms and conditions thoroughly before applying. Most importantly, pay attention to all the fees and charges, such as penalties for paying off your loan before your term ends, even if you think they may not apply to you. You can reach out to the lender’s customer service team if you do not understand any or the charges and ask about how they can impact your expenses.

5

Apply

Once you’re satisfied that the lender meets all the requirements that you need and you understand their terms and conditions thoroughly, you can complete your application. Most lenders ask for personal and residential information, while some lenders in Maine also ask for details of your income along with supporting evidence.

Almost all lenders in Maine allow you to complete the application process online. However, you can also reach them on their customer care numbers or even visit them personally to fill out your application. In-person applications may sometimes be better for any last-minute questions and clarifications.

What to Do if You Can’t Get a Personal Loan in Maine

There is no cause for panic if your loan application is rejected by a lender. You can approach them to find out the specific reasons they rejected your application and determine whether your chances of getting approved will improve if you meet certain conditions.

For example, you might not meet the minimum credit score requirement or your income could be insufficient. If this happens, work to improve your credit score or increase your income so that you qualify for the loans. You could also apply with a different lender that has requirements you can fulfill.

While these are some of the options you can explore, we strongly recommend avoiding payday loans, also known as cash advance loans or check advance loans. Although these are short-term loans that are available quickly and offer a portion of your regular salary, they come with high interest rates and may have hidden charges.

Frequently Asked Questions About Personal Loans in Maine

Although several lenders in Maine offer personal loans, you must be sure that this is the best option for your circumstances. You can learn more about how a personal loan may be of help to you by reading some of the most frequently asked questions.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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.