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Bad Credit Loans Online in Saco Maine

MEloan offers access to the leading bad credit, payday, and installment loans available in Saco Maine. Compare lenders, see reviews on lenders, and get connected to preapproved bad credit lending options all with MEloan. We are here to help the citizens of Saco ME receive the financing they deserve.

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The MEloan guide to choosing the best loan with bad credit in Saco Maine

The term “bad credit” refers to a low credit score or a short credit history. Multiple factors like a history of late payments or maxed-out credit cards have a negative effect and lower your credit score.

For individuals in Saco whose credit might have some blemishes or simply haven’t had time to build a credit history, bad credit loan options are available. These types of loans come either secured (backed by collateral like a home or car) or unsecured. Interest rates, fees, and terms for these types of loans vary by lender.

There are many types of banks, credit unions, and online lenders that tailor their services to borrowers with weak credit. When searching for a loan with less than ideal credit it is important you shop around because lender credit score requirements vary amongst lenders.

Do I have a bad credit score?

Although there are a few different credit-scoring models, the FICO credit scoring system is one of the most popular and is the model most commonly used Maine financial institutions. With a FICO credit score, you will be ranked on a range from 300 to 850. The lower your credit score the more difficult it will be to access financial services like loans, credit cards, and financing.

According to FICO, a bad credit score is within the following ranges:

  • Fair credit: 580 to 669.
  • Poor credit: 300 to 579.

According to MEloan, the average credit score for a citizen in Maine was 715.

With a poor credit score, your ability to the chances of getting approved for a loan, buying a car, renting an apartment, or purchasing a home will be minimal compared to higher score borrowers. If you do get approved for a loan with bad credit, you’ll likely be charged the highest interest rates and higher fees. If you find yourself in this situation, there is still hope as there are ways to improve your credit over time. Being on top of your financing and paying your bills in full every month and regularly checking your credit report to catch errors can help you improve your credit score.

Do I have a bad credit score?

According to FICO, your credit score is calculated based on five major factors:

  • Payment history (35 percent).
  • Amounts owed (30 percent).
  • Length of credit history (15 percent).
  • New credit (10 percent).
  • Credit mix (10 percent).

If you neglect one of these factors in your personal finances, your credit score will drop. For example, repeatedly making payments late or not making them at all will have a major impact on your score because your payment history makes up  35% of your credit score. Things like bankruptcies, foreclosures and high amounts of debt relative to your income could also result in a bad credit score.

Because payment history and length of credit history can make up 50% of your credit score, individuals with little or no credit history may find themselves with a lower credit score due to their lack of credit history. Borrowers with little or no credit history may find it easier to raise their credit score compared to individuals with damaged credit history.

How to get a bad credit loan in Saco Maine?

Finding a personal loan with bad credit in Saco is possible, but it requires research and effort to find the most affordable loan possible. We at MEloan do not suggest turning to payday lenders as their interest rates are often quite high and can compound. Here is MEloan‘s step by step guide to getting a personal loan if you don’t have strong credit.

  1. Know your credit score. Learn where your credit currently stands by getting a free credit report. You are legally entitled to at minimum one free credit report every year from each of the credit reporting agencies. Take a look at your credit score, see where it is lacking, and make note of what you can do in the future to raise your credit score.
  2. Add potential loans into your monthly budget. Evaluate your income and budget to make sure that you can support an additional monthly loan payment. You can use our loan calculator to determine estimated monthly payments, which you can then add to your budget to determine if you can afford the monthly payment.
  3. Research your options. Research personal loans for bad credit online, ensure you read the fine print, and look for independent reviews about lenders.
  4. prequalify to see your loan options. Before applying for a loan online, many online lending marketplaces allow you to check whether or not you will qualify with multiple lenders without doing a hard credit check. This is a great way to shop around for a bad credit loan without impacting your credit score further. We offer a personal loan marketplace that allows you to check your prequalified options with lenders in Saco.
  5. Look into secured loans. Secured personal loans are offered by some lenders and are easier to get if you have below average credit. With a secured loan, you will have to put up an asset like your home or car as collateral, these loan options typically have lower APRs than unsecured loans.
  6. Add a co-signer if necessary. With a Co-signer with good credit, you may qualify for more loans with more competitive interest rates. The co-signer will have to take on partial responsibility for the loan and may be required to pay back the loan if you fall behind on payments.
  7. Get ready to apply. When applying you’ll likely have to provide financial documents like pay stubs, tax documents, employment information and more. Having these documents ready when you apply, you’ll speed up the process of finalizing your loan.
  8. Be ready for a hard credit check. After the initial prequalification, lenders will perform a hard credit check before finalizing and funding your loan. A hard credit check can temporarily damage your credit, though you should be able to recover the points lost once you begin making payments on the loan.

Our Goal at MEloan is to provide access to personal loans, credit cards, student loans, and business loans in Maine. We provide in-depth reviews, advice, and powerful tools for all things personal finance in Maine. MEloan.com is a LoanClose Company.

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****APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Personal loans from our partners offer APRs ranging from 3.49% to 35.99% + applicable fees. Our partners personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. * Ex. of a personal loan: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.