5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Maine

We have found 113 personal loans in Maine. Compare and choose the best loan for your purpose.

By Myfin Team
Updated June 12, 2024
Showing 113 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 113 personal loans
Amount
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 3 banks offering personal loans in Maine

Showing 3 banks
Sort by: Branches
Branches 42 bank branches
Total Assets (US$M)184,673,175
Kittery Branch
12 Shapleigh Road, Kittery, ME, 3904
Ogunquit Branch
251 Main Street, Ogunquit, ME, 3907
Bridgton Branch
232 Main Street, Bridgton, ME, 4009
Show all departments
Branches 41 bank branches
Total Assets (US$M)405,223,010
Td Bank Kittery
30 State Road, Kittery, ME, 03904
Wednesday: 8:30 AM - 5:00 PM
Td Bank York
127 Long Sands Road, York, ME, 03909
Wednesday: 8:30 AM - 5:00 PM
Td Bank Biddeford
299 Elm Street, Biddeford, ME, 04005
Wednesday: 8:30 AM - 5:00 PM
Show all departments
Branches 11 bank branches
Total Assets (US$M)2,440,022,000
Brunswick
110 Maine St, Brunswick, ME, 04011
Wednesday: 9:00 AM - 4:00 PM
North Windham
772 Roosevelt Trl, Windham, ME, 04062
Wednesday: 9:00 AM - 4:00 PM
Scarborough
37 Gorham Rd, Scarborough, ME, 04074
Wednesday: 9:00 AM - 4:00 PM
Show all departments

Choosing the Right Personal Loan in Maine

Managing your budget effectively can be greatly aided by personal loans, which help address financial gaps and enhance overall financial well-being. To ensure you make the right choice, it's important to select a loan that aligns with your specific needs. Consider the following strategies for comparing and selecting the best personal loan in Maine.

  1. Consider Annual Percentage Rates (APR). When evaluating loans, the Annual Percentage Rate (APR) plays a crucial role. Unlike the interest rate alone, the APR provides a comprehensive view of the overall cost, including fees associated with the loan. Comparing APRs allows you to make a more informed decision, as it helps determine which loan option will be more cost-effective in the long run.

In Maine, the APR for personal loans ranges from 4.49% to 36%.

  1. Assess Loan Amounts. Research different loan amount options and choose a lender that offers a substantial range. In Maine, personal loans are available from $100 to $500,000. Look for lenders that allow you to withdraw funds in parts and pay interest only on the amount used. Such flexibility is beneficial for projects where the required funds may vary over time, such as home renovations or car repairs.
  2. Evaluate Monthly Payments. Ensure that the monthly payment fits comfortably within your budget. It is crucial to manage your regular expenses while repaying the loan amount along with the applicable interest.
  3. Consider Credit Requirements. Most lenders prefer borrowers with good to excellent credit scores (670 or higher). However, some lenders may accept individuals with poor to fair credit. Although a higher credit score doesn't guarantee a lower interest rate, it significantly increases your chances of approval. In Maine, the minimum acceptable credit score is Poor (300-579). Tailor your search to lenders offering favorable loan terms based on your credit score.
  4. Assess Collateral Requirements. Personal loans are typically unsecured, meaning they do not require collateral. However, some loans may require collateral, such as secured loans. Secured loans generally offer lower interest rates due to the reduced risk for lenders. Conversely, unsecured loans often have higher interest rates. If you are concerned about high interest rates (up to 36% in Maine), a secured personal loan might be a suitable option if you have valuable collateral to offer.
  5. Evaluate Origination Fees. In addition to interest charges, many lenders impose processing fees, known as loan origination fees. These fees are usually a percentage of the total loan amount. While the typical origination fee ranges from 0.5% to 1% of the loan amount, specific amounts may vary among lenders. Opting for a personal loan with lower processing fees can save you money in the long run.

Compare and choose the best personal loan in Maine

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Increasing Your Approval Odds for a Personal Loan in Maine - Five Essential Tips

At some point, you may find the need to borrow money, and facing loan rejection is undesirable. Maximizing your chances of personal loan approval will benefit you in the long run. If you are considering a loan in Maine, follow these five steps to enhance your personal loan approval odds:

  • Improve Your Credit Score. Boosting your credit score is the most effective way to increase approval odds. Although the minimum credit score requirements in Maine range from Poor (300 - 579), having a higher credit score improves your likelihood of approval.
  • Increase Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Raising your income enhances your chances of approval. Although it may require effort, consider options to increase your income, such as requesting a raise at your current job or taking on a part-time job. Any increase in income lowers your debt-to-income ratio and improves your odds of loan approval.
  • Minimize Additional Debt. Avoid taking on new debt while applying for a personal loan. Lenders perceive additional debt as a risk factor, which reduces your approval chances. Focus on paying off existing debts and refrain from acquiring new ones. By minimizing your debt burden, you make it easier to manage and repay the personal loan.
  • Set Realistic Loan Amounts. Lenders are cautious about granting large loan amounts due to the associated risk. While the maximum loan amount in Maine is $500,000, obtaining this sum can be challenging. Higher loan amounts require a corresponding increase in income. You are more likely to be approved for smaller loan amounts, as they pose less risk to lenders. Determine the precise amount you need and request the minimum loan amount. In Maine, lenders typically offer a minimum loan amount of $100.
  • Consider a Joint Applicant. Explore the option of applying for a loan with a joint applicant. Lenders evaluate both credit scores and incomes in such cases. Alternatively, you can seek a co-signer who agrees to repay the loan if you default. Ensure you trust the joint applicant or co-signer, as your financial responsibilities will be interconnected.

Conclusion

In conclusion, choosing the best personal loan in Maine requires careful consideration of various factors. One of the most important factors is the annual percentage rate (APR), which gives a complete picture of the total cost of credit, including fees. By comparing APRs, not just interest rates, you can accurately assess the long-term affordability of each loan option.

FAQ

What is the highest interest rate on a personal loan in Maine?

The highest interest rate on personal loan in Maine is 36%.

What is the biggest loan amount in Maine?

The biggest personal loan amount in Maine is $500,000.

What credit score do I need to have to get a personal loan in Maine?

To get approved for a personal loan in Maine you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us