Saco at a glance
- Population: 20,960 — 8th in Maine, which has 23 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 20,380 (US Census Bureau).
- 2020 to 2023 change: about 2.8% growth over the 2020 Census base (US Census Bureau).
- Rank among Maine places: 8th by size among 23 communities (US Census Bureau).
- Size percentile: about 65% of Maine's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 43.5280, -70.4196.
- Nearest larger cities: Biddeford, ME (6 mi); South Portland, ME (10 mi); Portland, ME (14 mi); Sanford, ME (18 mi); Rochester, NH (32 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller places: Westbrook, ME (13 mi); Somersworth, NH (30 mi); Bath, ME (40 mi) (US Census Bureau estimates).
What a personal loan costs in Saco
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Maine lending rules that apply in Saco
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Minimum finance charge for supervised lenders | $5 (loans ≤$75), $15 ($75–<$250), $25 (≥$250) — 9-A M.R.S. § 2-401(7) Source says: "the lender may contract for and receive a minimum charge of not more than ... Twenty-five dollars when the amount financed is $250 or more" | Maine Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 30% per year on unpaid balances up to $2,000; 24% on $2,000–$4,000; 18% above $4,000 (9-A M.R.S. § 2-401(2)) Source says: "30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less" | Maine Legislature as of 2026-09-16 |
| Payday lending status | Payday lenders are licensed as supervised lenders by the BCCP and subject to the 9-A § 2-401 finance-charge caps Source says: "Supervised Lenders Including Mortgage Lenders and Servicers, Non-Mortgage Supervised Lenders, Payday Lenders, and Insurance Premium Finance Companies" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
| Small-loan / installment lender licensing | Supervised lender license required when the finance charge exceeds 12 1/4% per year (or the loan is secured by real estate); applications via NMLS Source says: "Anyone who makes, takes assignment of, or services consumer loans in which the rate of the finance charge ... exceeds 12 1/4% per year" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
| State lending regulator | Maine Bureau of Consumer Credit Protection (Department of Professional and Financial Regulation) Source says: "The Bureau of Consumer Credit Protection licenses and registers the following business entities" | Maine Bureau of Consumer Credit Protection as of 2026-09-16 |
How to compare offers in Saco
Run through this list before signing anything in Saco:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Maine using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.