Updated: November 20, 2024
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Debt consolidation loans are unsecured personal loans that you can use to pay off multiple debts, including student loans, at a lower interest rate.
MoneyGeek analyzed 26 lenders and found Truist to be the top choice for debt consolidation loans in Maryland, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Central Credit Union of Maryland and MECU Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationMarylandBest Debt Consolidation Loans in Maryland
Truist offers the best debt consolidation loan in Maryland with a MoneyGeek score of 96 out of 100. Its competitive rates, loan terms, quick fund disbursement and reputation make it an ideal lender.
Truist's APR range of 8.87% to 17.82% offers competitive rates that can help borrowers save on interest. The loan amount range starting from $3,500 provides flexibility for various financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt efficiently.
PenFed is another solid option for a debt consolidation loan in Maryland, with a MoneyGeek score of 96 out of 100. Its competitive rates can lower your overall debt costs, making it easier to manage your finances. And its flexible loan terms allow you to choose a repayment plan that fits your budget, giving you more control over your financial situation.
Additionally, its quick approval process means you can consolidate your debts faster, reducing the time you spend managing multiple payments.
Wells Fargo offers the best debt consolidation loan in Maryland for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%.
It stands out for having no origination fees, which means you won't have to pay extra costs upfront. It also offers rate discounts that can lower your overall interest rate, saving you money over the life of the loan.
PNC offers the best debt consolidation loan in Maryland for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000 and repayment terms of 6 to 60 months.
PNC's flexible repayment terms can help a borrower who needs more time to pay off their consolidated debt, reducing monthly payments and making it easier to manage their finances. Additionally, the quick fund disbursement within 3 business days ensures that borrowers can promptly address their debt consolidation needs.
Rocket Loans offers the best debt consolidation loan in Maryland for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds the same day, making it an ideal choice for urgent financial needs.
Rocket Loans also has flexible loan terms, which can help a borrower choose a repayment plan that fits their financial situation, ensuring they can manage their consolidated debt more effectively.
Using a debt consolidation loan in Maryland can simplify your finances by merging multiple payments into one, but it's not always the best option. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.
Good Credit
Having good credit can secure better terms for a debt consolidation loan in Maryland, affecting interest rates and monthly payments.
High-Interest Debt
Consolidating high-interest debt with a debt consolidation loan in Maryland can lower your overall interest rates. For example, reduce from 20% to 10%.
Multiple Payments
Combining several monthly payments into one with a debt consolidation loan in Maryland simplifies financial management. One payment is easier than juggling five.
Lower Monthly Payments
A debt consolidation loan in Maryland can lower your monthly payments. For example, reduce from $500 to $300 per month.
The average amount of personal debt in Maryland is $131,948, while the overall average debt for Americans across all states is $104,215. In Maryland, the average monthly debt translates to around $10,996.
Using a personal loan to consolidate debt in Maryland can simplify your payments and potentially lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.
Account for your existing debts to see which ones to consolidate, like credit card debt. Wrong choices can increase interest costs. Check your credit scores. To improve your credit score, pay bills on time and reduce debt.
Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.
Some lenders offer added features that could benefit you. For example, in Maryland, Santander and Laurel Road offer rate discounts.
Some lender features could be drawbacks. In Maryland, Universal Credit charges an origination fee and Prosper charges a late fee. These fees can impact your short- and long-term finances.
Prequalification, which involves soft credit check, helps borrowers understand their loan eligibility without affecting their credit scores.
Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application faster.
Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Maryland, check your credit report for errors and work on reducing your existing debts.
You can also consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This type of card allows you to transfer your existing balances and pay no interest for a specified period, which can help you pay off your debt faster.
One reason to consolidate debt is to benefit from lower interest rates, which can save you money over time. The average APRs you can qualify for vary between cities. For example, the first lender in Baltimore offers an average APR of 10.5%.
Another option to find the best debt consolidation loan in Maryland is to consider other local lenders. Below is a table of local lenders that might offer competitive rates.
| Municipal Employees Credit Union of Baltimore | Baltimore | From 10.24% | Up to 60 months | Up to $50,000 | 99 |
| Baltimore County Employees Federal Credit Union | Baltimore | 7.90 % to 14.90% | Up to 84 months | Up to $25,000 | 99 |
| Central Credit Union of Maryland | Baltimore | From 12.90% | Up to 72 months | Up to $20,000 | 92 |
| Members First of Maryland Federal Credit Union | Baltimore | From 11.74% | Undisclosed | Undisclosed | 90 |
| Post Office Credit Union of Maryland | Baltimore | From 9.55% | Undisclosed | Undisclosed | 90 |
MoneyGeek addresses common questions borrowers have about debt consolidation loans in Maryland to help you understand how debt consolidation can simplify your finances.
A debt consolidation loan in Maryland is an unsecured personal loan used to pay off high-interest debt. Borrowers choose this option to simplify their finances, lower monthly payments, and potentially reduce overall interest costs.
The best debt consolidation loan lender in Maryland is Truist. However, the best lender for you might vary depending on your priorities, such as loan terms or customer service.
Yes, you can get a debt consolidation loan in Maryland even if you have bad credit. However, the terms may not be as favorable.
Yes, a credit counseling agency in Maryland can help manage debt by providing advice and creating a debt management plan.
Consider getting a debt consolidation loan in Maryland if your household budget can handle the new monthly payment or if you have a sizable amount of high-interest debt.
MoneyGeek analyzed 26 national lenders licensed to do business in Maryland, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.
We score lenders differently when recommending the best for affordability, loan amounts and fast funding.
We conducted our analysis in September 2024.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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