Maine is known for its mountains, forests, and its rocky coastline. The state also has relatively lower income level at $51,494 in comparison to the national median income level of $55,775.
While The Pine Street State has higher than national average of adults with at least a high school education, the income in the state has remained lower than national levels. This is mainly due because of the high taxes in the state and also due to difficult terrain and weather conditions.
Due to low income level, the residents of Maine certainly need personal loans. These loans are used for a variety of reasons, ranging from unexpected medical expenses to the repayment of other loans.
However, the state has relatively lower unemployment rate at 4.4 percent which is probably because it is so cold that motivates more people to work in any type of job it is not because this state is flying high in the job count because it certainly is not, which offers some guarantee towards the repayment of these personal loans.
Personal Loans for Loan Consolidation
Since Maine residents have low income level, it may lead to them obtaining various loans to meet their expenses. Such loans may have high interest rates attached to them or may have other unfavorable terms and conditions. Multiple loans are also difficult to manage.
In order to overcome these issues, the borrower may decide to take out a personal loan for consolidating their other loans. This process has many benefits. One of the biggest benefits is that you may negotiate better terms and conditions for your personal loan.
Additionally, by consolidating your debt, you remove the hassle of tracking several loans. This ensures that you do not miss out on any repayment installment, which may otherwise lead to severe penalties.
Personal Loan for Meeting Education Expenses
Maine has higher share of well-educated adults than the national average. However, a large percentage of its population is engaged in lower paying industries. 13.1 percent of its residents are engaged in retail sector, which does not offer many benefits to its employees.
This situation may prompt Maine residents to press the button for higher education, in order to increase their employability. However, such endeavor requires heavy outlay, some of which may be met by obtaining personal loans.
While educational loans and grants are the best way to meet educational expenses, many of the allied expenses are not covered under such loans. These expenses may be covered by personal loans. However, the decision to use personal loans for these expenditures should be made prudently.
The borrower should consult their lender for designing the best possible terms and conditions as well as the proper repayment schedule.
Best Banks for Personal Loans in Maine
Getting a personal loan in Maine is made easy with the top banks in the state.
Maine Family Federal Credit Union
Maine Family Federal Credit Union without a doubt has the most transparent process for loans. In their site, you’d immediately see your interest rate based your credit score.
Maine State Credit Union
With Maine State Credit Union, you get highly competitive interest rates and benefit from a quick and smooth-sailing application process at the same time.
Maine Savings Federal Credit Union
Gorham Savings Bank
For all their personal and consumer loans, Gorham Savings Bank has a list of applicable existing rates in their website. For some of their secured loans, there’s no need to apply at all.
Established in 1852, Bath Savings has garnered loyal clients in Midcoast and Southern Maine because of their competitive rates and personal service.
Infinity Federal Credit Union
Infinity Federal Credit Union is Maine’s first credit union and has been serving the state since 1921. They are all about building relationships both with their customers and their employees.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.