In 2017, Maryland proudly ranked as the state with the lowest amount of poverty and the highest median income in the nation. Even though the economy is going through a major recovery, financial crunches are still a fact of life. Unexpected bills, emergencies like car accidents or hospital stays, other major purchases – these all cost money that you might not be prepared to spend.
Fortunately, there are a number of ways in Maryland to secure personal loans, to provide you with the cash you need to get out of your current bind. And you can request a personal loan even with bad credit.
Whatever you need your personal loan for, you’re not alone. Debt consolidation is one use for personal loans. Residents of Maryland have an average of $7,043 spread out over more than three credit cards. The state has also passed a slew of consumer debt collection reforms in the past few years to protect consumers from illegal debt collection practices. Debt consolidation is a way to help get debt under control so it never goes to collections, to begin with.
Whatever your need, this page provides a comprehensive overview of everything you need to know about personal loans in Maryland.
Where can I get a personal loan in Maryland?
Experts cite local banks and credit unions as common sources to procure personal loans. However, considering the effort of having to go to a local branch and fill out forms, online installment loans may be a more convenient alternative. If you have a low credit score, banks and credit unions might not even work with you on a loan. Online lenders, however, may have different requirements.
What should I watch out for when requesting a personal loan in Maryland?
Recent laws in Maryland cap fast personal loans at $1,500, which could be more than enough to get out of a financial bind. Be mindful of loan terms and read carefully before you agree to take out a loan.
Good loans are generally:
- Only approved after a credit check.
- Preceded by forms with questions about your income, your monthly expenses, and how much you possess in assets.
- Given by lenders and lender-networks who use current technology.
With online personal loans being one of the fastest growing products in the finance industry, they are a potentially convenient way to get the cash you need for unexpected expenses.
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.