What is the best personal loan lender in Maine?

Lightstream was MoneyGeek’s best pick for the best personal loan lender overall in Maine. But, the best option for you may differ based on what you’re looking for. Our research found that SoFi is the best choice for applicants with a good credit score, while Upstart is the preferred choice if you have a bad credit score. If you want to consolidate existing debts by taking out a personal loan, Upgrade is the best lender in Maine.

Which lender in Maine has the lowest interest rate?

Upstart has the lowest interest rates on average in Maine, as low as 3.22%.

Can I use a personal loan for vacations in Maine?

You are free to spend the money received through a personal loan as you see fit. However, you should check the lender’s terms to see if there are any stipulations.

Can I use a personal loan for home improvement in Maine?

Yes. Taking out a loan to meet home improvement expenses is one of the most common reasons for getting a loan in Maine.

What can I not use my personal loan for in Maine?

Different lenders in Maine list specific situations in which you cannot utilize a personal loan. For example, some lenders do not allow you to use a personal loan to pay for college expenses, while others restrict using a personal loan to fund illegal activities, buying a stock or any type of cryptocurrency. You can get a complete list of prohibited purchases from your lender before applying.

How much can I borrow in Maine?

Different lenders in Maine have different borrowing limits. While some lenders provide loans up to $100,000, others cap the limit at $50,000 or less.

How long does it take to get a personal loan in Maine?

This also varies depending on the lender you choose. Some lenders will fund your loan the day you are approved, while others may take up to a week.

Can I pay off my loan early in Maine?

You may think it’s a good idea to pay off your loan before the term ends. While this is true in most cases, some lenders may charge a penalty if you do this. That is why it’s important to understand the terms of your lender before you apply.

Top Lenders & Best Picks for You

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.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Maine
The Best Personal Loan Lender for Bad Credit in Maine
The Best Personal Loan Lender for Good Credit in Maine
The Best Personal Loan Lender for Debt Consolidation in Maine
The Best Personal Loan Lender for Home Improvements 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

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
LightStream is MoneyGeek’s top overall choice for the best personal loans in Maine. The lender, which has an A+ rating from the BBB, is a division of Truist Bank.
LightStream does not charge any fees to process applications and also allows applicants to pay off their loans before the end of the term without charging a prepayment penalty. It offers personal loans in all 50 states and is a great choice if you’re looking to quickly borrow amounts up to $100,000.
You can often get your loan on the same day that it is approved. LightStream also does not charge any late fees and does not require applicants to be employed or have a minimum income.
The lender does perform a hard credit check that could impact your credit score, and you must have a minimum credit score of 660 to be eligible for a loan.
Pros
A+ BBB rating
No late fee
Offers auto payment discount
No prepayment penalty
Does not require applicants to be employed

Cons
Conducts a hard credit inquiry
Won’t work with applicants with new or no credit
Puts restrictions on usage of funds
APR Range: 4.49%–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
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
If you’re looking for a personal loan in Maine and you have a bad credit score, MoneyGeek recommends Upstart. The lender has been pioneering AI-powered lending since 2014 and received an A+ rating from the BBB.
Upstart does not charge any fees if you want to pay off your loan before your term ends and also does not impose any restrictions on how you can utilize your funds. It provides loans to applicants with a credit score as low as 300 and conducts a soft credit inquiry without adversely affecting your credit score. It services loans in 48 states and is a perfect choice if you’re looking to get a quick loan of up to $50,000 as it funds your loan within a day or two of approval.
Keep in mind that Upstart’s maximum APR charges are on the higher side, with a maximum interest rate of 35.99%. However, the company’s 3.22% interest rate for well-qualified borrowers is outstanding. You must have a minimum salary of $12,000 to qualify for a loan, and Upstart does not provide loans to applicants with new or no credit.
Pros
A+ BBB rating
No prepayment penalty
Low credit score requirement
Conducts a soft credit inquiry
Offers joint loans

Cons
Doesn’t allow co-signers
$15 late fee
Charges origination fee
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
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
SoFi is MoneyGeek’s top choice for residents of Maine with good credit looking for a personal loan. The publicly traded organization has been providing personal loans since 2015. The BBB gave an A+ rating to the lender. It is a great option to get a relatively quick loan of up to $100,000, although it can sometimes take a few business days to receive your funds.
SoFi offers a discount of 0.25% if you set up auto payments on your account and does not charge any late payment fees. It also does not charge any penalty if you pay off your loan before it is due and processes applications free of cost.
That said, SoFi only offers personal loans to employed applicants with a minimum salary of $50,000 per year with a minimum credit score of 680. It performs a soft credit check that won’t impact your credit score.
Pros
A+ BBB rating
Performs a soft credit check
No late fee
0.25% autopay discount
No prepayment penalty

Cons
Can take a few days to get funds
Provides loans only to employed applicants
Doesn’t allow co-signers
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
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
Upgrade is the best personal loan lender in Maine for consolidating existing loans and streamlining payments to reduce your interest charges. Upgrade only offers loans to employed applicants but does not have a minimum income requirement. The lender is a great choice for those with a minimum credit score of 560 looking for a loan that ranges between $1,000 and $50,000.
This lender provides loans in all 50 states and has an A+ rating from the BBB. It does not charge any prepayment penalty and provides a discount of 1% if you set up autopay on your account to make regular payments. However, it charges a fee to process your application that varies between 2.9% and 8%, which is pretty high. Upgrade also has a high maximum interest rate of 35.47% and places restrictions on how you can utilize the funds.
Pros
A+ BBB rating
Offers auto payment discount
Conducts a soft credit inquiry
No prepayment penalty
1% autopay discount

Cons
Potentially high APR
$10 late fee
Charges origination fees
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
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
If you’re looking to fund your home renovation expenses by applying for a personal loan, Best Egg is MoneyGeek’s top pick. The lender offers the best personal loan in Maine for this purpose, with an A+ rating from the BBB. Owned by Merlette Holdings, Inc., Best Egg is a great choice if you want to fund home improvement expenses up to $50,000. You can get access to funds within a day of approval of your loan.
However, it does charge an origination fee of up to 6% and has a late fee of $15, which many other lenders do not charge. It only offers loans to applicants with a minimum salary of $50,000 and also charges relatively high APR rates of up to 35.99%.
It performs a soft credit check without impacting your score. The lender does not charge any penalty if you pay back your loan early and also provides a 0.5% discount if you set up autopay.
Pros
A+ BBB rating
No prepayment penalty
Performs a soft credit inquiry
Provides autopay discount
Mobile app

Cons
Minimum credit score requirement is 700
Charges origination fees
Charges late fees
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
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.

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.

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.

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.

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.

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.

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. Learn more about our editorial policies and expert editorial team.