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This page was last updated July 2018

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Fair Credit Lenders in Portland ME

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Town & Country FCU
3 Auburn St Portland
ME 04103 - www.tcfcu.com
207.878.0352

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cPort Credit Union
285 Forest Ave, Portland
ME 04101, 207.200.2300
www.cportcu.org

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Truchoice Federal Credit Union
335 Brighton Ave, Portland
ME 04102 - www.trufcu.com
207.772.0808

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Evergreen Credit Union
225 Riverside St, Portland
ME 04103 - www.egcu.org
207.221.5000

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Semiconductor of Maine FCU
405 Western Ave, South Portland
ME 04106 - semifcu.org
207.775.8371

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Cumberland County FCU
101 Gray Rd, Falmouth
ME 04105 - www.myccfcu.com
207.878.3441

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TruChoice Federal Credit Union
272 Park Ave, Portland
ME 04102 - www.trufcu.com
207.772.0808

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University Credit Union
391 Forest Ave, Portland
ME 04101 - www.ucu.maine.edu
800.696.8628

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Five County Credit Union
19 Commercial Street, Portland
ME 04101 - www.fivecounty.com
800.750.0959

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Bad Credit Loans in Portland ME

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Portland ME Lender Area Map

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Portland ME Loan App Volume

Top 5 Portland neighborhood loan app volume

  1. Oakdale
  2. West Bayside
  3. Rosemont
  4. Back Cove
  5. West End

Portland Maine Custom House: Licensing

Portland Bad Credit Loan Example

Nelson and his family just got back from visiting Disney. Before they decided to go they talked about whether they should go or not and how much it was going to cost them. They really wanted to take their kids and show them a really good time. It was going to be the trip of a lifetime for them and they decided that they would really spare no expenses.

The problem for Nelson is that they have a bad credit rating and they did not have the money to pay for this trip saved up. Now they need a large loan to cover all of the expenses they charged to their credit cards during the trip.

They stayed in a hotel close to the Disney site so that they could go back and forth and they spent 4 days going on the rides and visiting all of the pavilions etc. They spent a lot of money. It was several thousand just for the entrance tickets and then there are the meals and drinks. They did not know that a hot dog and fries with a drink was over $10 at Disney.

Lunch can easily cost $100 for the family and it is not a very nutritious lunch at that. With all of their expenses, for the trip, they were lucky to spend only $10000. They could have spent a great deal more when you take into account all the t-shirts, the food and drinks etc. As it was they cut back a lot compared to some families they saw.
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Nelson now needs a bad credit loan in the amount of $10000 and he would like a term of three years to repay it. He is a little worried about finding a lender to approve a loan for him with his bad credit rating.

A $10000 loan with a 3 year term and 8.54% interest rate for Nelson would cost him the following per month:

Loan Amount (principal) = $10000
Interest Rate = 8.54%
Term Length =3 year
Monthly Payment = $315.86
Total Paid Back = $11370.99
Total Interest = $1370.99

Nelson and his family had a really great time that the family will remember for years. Nelson's bad credit rating is making it difficult to get a loan approved. He does not want to pay credit card interest rates. His bad credit stems from being out of work for a few months last year.

At the time they decided to stop paying some utilities and bills that were coming in. This significantly dropped his credit score. He has since found a job and has caught up on all of his overdue bills.

He and his family also do not have anything saved for emergencies such as major repairs or even for health costs. He does have a good health plan with a deductible of $1000, however even a bill like that would be a problem for him right now.

It looks like he will get his loan since he has demonstrated that he can pay all of his bills on time when he is working. He is committed to working to look after his family and like any father he also wants to show them a good time. He will be paying for this loan for the next three years, but that is more than ok in his mind.

If you're living in Portland like Nelson, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Andy Somerset

Andy Somerset is a writer for the WFL Project.

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Upgrades Nearest Portland ME

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Portland Credit Counseling

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Counselors contact us for listing removal or info change.

New England Credit Consultants
84 Middle Street, Portland
ME 04101 - 207.358.7490
www.necreditconsultants.com

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Institute For Financial Literacy
260 Western Ave, South Portland
ME 04106 - financiallit.org
866.662.4932

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Money Management International
477 Congress Street, 5th floor
Portland - ME 04101
www.moneymanagement.org
713.394.3232

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Portland Assistance Programs

Food Bank: Project Feed / Address: 202 Woodford Street, Portland, ME 04103 / Phone: 207.761.3920

Hot/Cold Meals: St. Vincent de Paul Soup Kitchen / Address: 307 Congress Street, Portland, ME 04101 / Phone: 207.772.1113

Shelter In Case of Eviction: Milestone Recovery / Address: 65 India Street, Portland, ME 04101 / Phone: 207.775.4790

Social Assistance Programs: Portland Social Services Department / Address: 196 Lancaster Street, Portland, ME 04101 / Phone: 207.775.7911

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Usury Law Governing Portland ME

Summary of Maine Usury Law(s) / Legal: 6% / Contract: No maximum on commercial if in writing / Judgment: 8% up to $30,000 / Corporate: No specific rate (read more on Maine lending laws)

Complaint process for Portland residents:

Maine of Financial Regulations / Maine Complaint Process / Maine Complaint Form

Or call: 207-624-8551 toll free anywhere in the State Maine @ 877-624-8551 / Physical Address: Department of Professional & Financial Regulation / Office of Securities / 121 State House Station, Augusta, Maine 04333

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WFL Loan Products

Portland residents dealing with a bad credit score can read about our bad credit lender pool, OR if your rating is in the average zone, you can read about fair credit loan pool. If you're DEEP in high interest debt, please read about our debt consolidation resources.

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