Best Personal Loans in Maryland for 2024

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Updated: November 21, 2024

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First Tech and PenFed are MoneyGeek's top choices for personal loans in Maryland, scoring 98 and 96, respectively. These lenders offer exceptional customer service, competitive interest rates and clear application processes.

We selected these personal loan lenders after considering important factors, such as their reputations, loan term flexibility and required credit scores. When searching for a loan, your credit score and income play big roles in your eligibility and the terms you'll get. The average credit score in Maryland is 716, per Experian data from 2023, which typically offers good rate and term options. But keep in mind a lower score may mean a tougher time getting great rates.

MoneyGeek Logo IconBest Personal Loan LendersMaryland
2024

Best Personal Loan Lenders in Maryland

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Truist

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in critical categories.

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Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Maryland. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Maryland

  • First Tech
    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Maryland with a score of 98 out of 100. Offering an annual percentage rate (APR) range between 8.94% to 18.00%, First Tech's rates are lower than many competitors, making financing more affordable. The lender stands out for its flexibility, offering repayment terms that extend up to 84 months, which is longer than many other lenders. Excellence in customer service and education, paired with top ratings in rates and fees, ensures borrowers receive valuable support and competitive financial offerings.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty
    • Provides granular APR data for a variety of loan terms

    Cons

    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Maryland

  • PenFed
    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is ranked by MoneyGeek as the runner up for the best personal loan lender in Maryland with a score of 96 out of 100. Offering competitive APRs ranging from 7.99% to 17.99%, its rates are favorable compared to industry averages. PenFed particularly excels in terms of loan terms and flexibility, allowing for repayment periods up to 60 months, as well as reputation and transparency which ensures borrowers have clear and comprehensive information upfront.

    Pros

    • Offers some of the lowest APRs available
    • Insured by the National Credit Union Administration (NCUA)
    • Explicitly mentions that debt consolidation is available

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    PenFed
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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards, and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

According to our analysis, lenders in Maryland offer personal loan products averaging about 56 months, but this can vary based on the financial instution and the borrower's credit profile. Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions.

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Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

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    Best Personal Loan Lender in Maryland for Bad Credit

  • Happy Money
    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick for the best personal loan provider for borrowers with low credit in Maryland, with a MoneyGeek score of 94 out of 100. Happy Money partners with multiple federally insured financial institutions to offer loans, ensuring competitive rates. Its APR range of 11.72% to 17.99% stands out against others, considering the average rates. With a minimum credit score requirement of 640, the company excels in providing up-front information and in its application process, making it straightforward for customers to obtain loans.

    Pros

    • Works with 10 federally insured lenders to originate installment loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • The lenders they work with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    Best Personal Loan Lender in Maryland for Debt Consolidation

  • Truist
    • 96MoneyGeek Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider for debt consolidation in Maryland is Truist, with a MoneyGeek score of 96 out of 100. While not a traditional lender itself, Truist recommends multiple credit options that can suit a variety of needs for potential borrowers. The company stands out for its competitive APR range of 8.74% to 17.39%, which, when compared to other rates analyzed, starts lower on average, offering more affordable borrowing costs. Truist excels particularly in interest rates and fees, alongside the application and approval process, signifying its commitment to providing value and a smooth customer experience without the prerequisite of a minimum credit score disclosure.

    Pros

    • FDIC insured
    • No origination fees

    Cons

    • High minimum loan requirement compared to competitors
    • Difficult to qualify for the lowest rates
    Truist

How does MoneyGeek score lenders for debt consolidation?

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Maryland

If you are thinking of getting a personal loan in Maryland, be mindful of your credit score, credit history, income and debt-to-income ratio. These factors determine your creditworthiness and loan terms. MoneyGeek's evaluation of Maryland's best personal loan lenders involves studying their reputation and transparency, APR ranges, minimum required credit scores and the flexibility of loan terms offered.

A higher credit score typically results in more favorable loan terms, such as lower APRs; therefore, enhancing your credit score before applying may be beneficial. Use the table below to see how your credit score might influence your monthly loan repayments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Maryland

Personal loans offer significant advantages, such as potentially lower interest rates than credit cards and the ability to consolidate debt into one manageable payment, giving borrowers financial flexibility and a way to manage finances. It's important to be aware of possible downsides, including origination fees and the risk of collateral damage in the event of default on a secured personal loan. For a better understanding, consider the pros and cons of personal loans.

The good and bad of personal loans

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  • Competitive interest rates compared to credit cards
  • Consolidation of multiple high-interest debts into one payment
  • Rapid funding following approval for immediate financial needs
  • Potential for more favorable loan terms with the addition of a qualified co-signer
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  • Potential for additional costs resulting from origination fees
  • Risk of penalties for early loan repayment
  • Possibility of asset loss with secured personal loans
  • Risk of accumulating unnecessary debt
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MORE ON MARYLAND LOANS

FAQ About Personal Loans in Maryland

MoneyGeek has answers to questions you may have about personal loans, to help you make an informed decision before applying.

Who is the best lender in Maryland for personal loans?
Where is the best place to get a personal loan in Maryland?
Who has the best personal loan interest rates in Maryland?
What can I use a personal loan for in Maryland?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

Read Full Bio »
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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 our editorial policies and expert editorial team.

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