Best Loans for Bad Credit in Maine for 2024

Happy Money provides the best loans for bad credit in Maine, with a MoneyGeek score of 94 out of 100 and top marks in reputation, transparency and customer service.

Updated: November 27, 2024

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Happy Money emerges as Maine's best personal loan lender for bad credit, with a MoneyGeek score of 94 out of 100. It stands out for its credibility and transparency, quick application and approval process, and quality service. The runner-up is Achieve, with a MoneyGeek score of 92 out of 100. It is notable for its strong customer service, competitive interest rates, credibility and transparency regarding its loan terms and process.

MoneyGeek reviewed three personal loan lenders in Maine that disclosed minimum credit score requirements between 580 and 640 to determine the best options for borrowers with bad credit. While these featured lenders are a good starting point, Maine residents might also consider Maine State Credit Union, University Credit Union and Maine Savings Federal Credit Union for localized personal loan services.

Best Bad CreditLendersMaine

2024

Best Bad Credit Loans in Maine

Best Overall - Happy Money

Runner-Up - Achieve

MoneyGeek scored personal loan lenders in maine that explicitly disclose their minimum credit score requirements on their websites to find the best personal loans for bad credit. Only 12% of lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Maine. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in Maine

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 for bad credit in Maine, with a MoneyGeek score of 94 out of 100. It is not a lender but a fintech company that works with federally insured lending partners by the NCUA to originate personal loans. It caters to borrowers with a minimum credit score of 640 and offers loan amounts ranging from $5,000 to $40,000, with funds available as soon as the next day. Happy Money does not charge fees such as late or early repayment penalties and offers flexible repayment terms. However, applicants should note that it only provides loans for debt consolidation and charges an origination fee.

Pros

Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
Offers to pay creditors directly
Flexible repayment terms from 24 to 60 months

Cons

Only offers loans for debt consolidation
Charges an origination fee
$40,000 borrowing limit

Runner-Up for Best Bad Credit Loan Lender in Maine

Achieve

92MoneyGeek Score
8.99% to 35.99%APR Range
620Minimum Credit Score
$5,000 to $50,000Loan Amount Range
24 to 60 monthsRepayment Terms

Achieve is the runner-up for the best bad credit loan lender in Maine, with a MoneyGeek score of 92 out of 100. Cross River Bank, a New Jersey State Chartered Commercial Bank — or Pathward, an FDIC member — originates its personal loans. Catering to applicants with a minimum credit score of 620, it offers loans ranging from $5,000 to $50,000, and borrowers can receive funds on the same day. It provides a rate discount for certain qualifications and does not charge a prepayment penalty. However, it imposes an origination fee of up to 6.99% and caps loans at $50,000.

Pros

Offers an interest rate discount when you add a qualified co-borrower to your application, show proof of sufficient retirement funds in an eligible account or use your loan funds to directly pay your creditors when consolidating debt
Doesn't charge a prepayment penalty
Low starting APR at 8.99%

Cons

Charges an origination fee between 1.99% and 6.99%
Loan amount caps at $50,000
High minimum loan amount

Calculate Your Monthly Loan Payment in Maine

The average new account balance for personal loans in Maine is $9,572, according to the Credit Industry Snapshot report. After borrowing a personal loan, typically an unsecured loan, the borrower must adhere to a structured repayment plan, which includes fixed monthly payments over a set period until the entire loan amount, plus interest, is paid off.

It's necessary to calculate monthly loan payments to manage finances effectively, and this becomes even more relevant for individuals with bad credit, as it helps prevent overborrowing and ensures that repayments are manageable within their budget. To accurately estimate your loan payments, you can use the personal loan calculator provided by MoneyGeek.

Personal Loan Calculator

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Updated: Dec 24, 2024

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Best Bad Credit Loans by Credit Score in Maine

Maine's average credit score is 731, which is higher than the Experian-reported national average of 715.

Even with a bad credit score, obtaining a personal loan is still possible. Select Maine lenders may consider applicants with poor credit scores, though typically at steeper interest rates and on terms that are not as advantageous. Refer to the table below to find suitable personal loan providers in Maine tailored to your credit score.


Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92
Happy Money	640	11.72% to 17.99%	$5,000 to $40,000	24 to 60 months	3 to 6 Business Days	94

What to Do if Your Loan Application Is Denied in Maine

It's not uncommon to face a personal loan application denial in Maine, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.

1
Find out the reason for the denial
If your loan application is denied, lenders may base their decision on factors such as a poor credit score, high debt-to-income ratio, low income level or errors in your application. By identifying the reason for the denial, you can take steps to address these issues and reduce the likelihood of future rejections.
2
Modify your loan terms
You could speak to your lender about possibly changing the loan amount or repayment terms to help secure approval. Adjustments to these loan aspects might meet the lender's approval criteria better.
3
Find another lender
Lenders have different criteria for approving loans. It's beneficial to shop around and compare lenders based on several factors to find one that aligns with your needs and credit history.
- Eligibility requirements: Lenders differ in their requirements for credit score, income level, debt-to-income ratio and employment history. Understanding these can guide you to the right lender.
- Interest rates: It's important to look for competitive interest rates, as these can significantly affect the cost of the loan, particularly for individuals with bad credit.
- Additional fees: Check for costs such as origination, late and prepayment fees. Selecting a lender without these fees can be beneficial, especially with a poor credit history. Loan terms:** Repayment terms can vary, with some lenders offering shorter or longer payment durations. Your choice can influence your monthly payment amount and the total interest paid.
- Customer service and reputation: Researching a lender's customer support and overall reputation can assure a transparent and positive loan experience.
4
Look for alternatives
There are alternatives to personal loans that may be better suited for borrowers with bad credit. These include credit unions, family loans, secured loans and peer-to-peer lending. Exploring these options can provide more favorable terms or better chances of approval.
5
Improve your credit score
Enhancing your credit score is a process that can help in eventually getting approved for a personal loan. Methods for improving your credit score include paying bills on time, reducing debt levels and limiting new credit inquiries.

EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

—Alvin Yam, CFP

FAQ About Bad Credit Loans in Maine

When shopping for personal loans in Maine, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Maine?

The best personal loan for bad credit in Maine is Happy Money, with a MoneyGeek score of 94 out of 100.

Which lender in Maine has the lowest APR rates for personal loans?

Achieve and Prosper both offer the lowest starting APR at 8.99%. Typically, only borrowers with excellent credit will receive this rate.

Which lender in Maine has the lowest minimum credit score requirement for personal loans?

With the lowest minimum credit score requirement of 600 for personal loans in Maine, Prosper is the most accessible lender for borrowers with lower credit scores.

How to apply for a personal loan for bad credit in Maine?

When seeking a personal loan with bad credit in Maine, start by reviewing your credit report to assess your financial health. Look for lenders that cater to individuals with bad credit, including online lenders, local credit unions and community banks. Compare loan offers by evaluating interest rates, repayment terms and fees. Accurately complete the application, whether online or in person, and provide any additional information requested, like a co-signer or collateral if needed. Once approved, thoroughly review the loan terms before accepting the funds.

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

The time frame to receive a bad credit loan in Maine depends on the chosen lender. Some lenders offer same-day funding, while for others, it may take anywhere from a few business days to a week.

Can I pay off my personal loan early in Maine?

Yes, you can pay off your personal loan early in Maine. However, it's advisable to confirm with your lender if there are any prepayment penalties.

Is there a difference between personal loans and installment loans in Maine for bad credit?

In Maine, both personal loans and installment loans for bad credit function similarly, requiring borrowers to take a fixed amount of money and repay it through regular, scheduled installments over a specified period.

Best Personal Loans

Best Bad Credit Loans

Sources

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 10, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 10, 2024.

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.