Personal Loans in Maryland – Read This Before Applying

Personal Loans in Maryland – Read This Before Applying
Luke Loftin
on April 23, 2019
Read in 1 min

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.

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.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Luke Loftin Finance Journalist

Luke is a writer and editor based out of Los Angeles.

He specializes in finance, as well as health and wellness.

In his free time, he enjoys watching Astros baseball.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.