Quick Look: The Best Personal Loans in Maryland
- Best for Comparing Rates and Offers: Credible
- Best for Unique Services: SoFi
- Best for Straightforward Service: Payoff
- Best for Quick Funding: Figure
- Best for Emergency Loans: Avant
It’s easy to find banks and credit unions that offer personal loans for debt consolidation or big purchases like cars, vacations, electronics, furniture or other items.
Check out Benzinga’s guide to find the best personal loans from the best banks and credit unions in Maryland.
Best Personal Loans in Maryland
Numerous new lenders offer trustworthy, user-friendly online platforms to provide you with a unique option for your next personal loan. We’ve listed some online partners that provide personal loans.
Credible
Credible’s inviting, user-friendly platform provides the biggest range of loan amounts on our list, from $1,000 to $200,000 per loan.
Credible offers transparency and awareness with its personal loans. You can compare rates, terms and fund amounts from top lenders.
Credible offers low APRs on terms ranging from 1 to 10 years.
NMLS# DISCLOSURE
Credible Operations, Inc. NMLS# 1681276
Credible. Not available in all states. www.nmlsconsumeraccess.org.
110 Corcoran Street, 5th Floor, Suite 151 Durham, NC 27701
Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states.
All bonus payments are by gift card. See terms
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Won’t impact your credit score DISCLOSURE: (May be in the footer, a tooltip, or a popup the user has to click on or scroll to see)
Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
“We accept advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.
We receive compensation from the companies below if you click on a link or purchase a product. Amount of compensation may impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
SoFi
SoFi uniquely provides simplicity and quality with access to services such as complimentary financial advice, member events and a top-notch referral program to fit your financial needs.
Though SoFi provides personal loans for the same uses as noted in the above descriptions, SoFi does not permit you to use them for purchasing real estate, business, postsecondary education or investments.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Payoff
Simply put, Payoff is designed with getting you out of credit card debt in mind.
Payoff is a company that offers its signature Payoff Loan between $5,000 and $35,000 to reduce multiple high-interest payments into 1 low monthly payment.
A simple application process through Payoff includes checking your financial history, choosing your terms and verifying your personal information.
It doesn’t get much simpler than having fixed monthly payments designed to help you boost your credit score.
Figure
Figure offers personal loans in an all-online format that allows Maryland residents to get started as quickly as possible. The firm offers competitive rates and quality customer service throughout the process, and they even offer gift cards to customers who refer friends and family to their personal loans department. So, if you have neighbors that need some financing, you might get a little of that cash back as a gift card.
Plus, Figure also offers:
- Financing up to $50,000
- Multiple fixed-term options
- Low fees
- Quick funding
Consider Figure when you want to take out a personal loan to address an emergent situation, unexpected expenses, medical debt, educational costs, etc. There’s less waiting around, and you can even earn a bit of that money back through referrals.
Avant
Avant is an online lender known for fast funding and low fees. When you apply with Avant, you can complete the entire process online, pay a low origination fee, never worry about a prepayment fee and manage your loan online. The website is easy to view even on a mobile device, and you can take advantage of:
- No collateral, unsecured financing
- An online loan eligibility calculator
- Loans that could be as high as $35,000
- A range of loan terms that suit your situation
With a great customer service team and available funding for any number of situations, you can turn to Avant in an emergency, get the money you need and deal with repayment after the fact. Maryland residents can use this platform to handle any expense that comes their way, from home improvements to emergencies, unexpected expenses, educational costs, debt consolidation, etc.
Personal Loan Considerations
What would fit your needs better — a secured or an unsecured loan? There’s an important distinction between them. Secured loans are backed by collateral, such as a car or savings account. If you fail to make payments on your loan, the bank or lender can seize your collateral asset.
To avoid fraudulent lenders, it’s crucial to research specific names and institutions through the Consumer Financial Protection Bureau or the Better Business Bureau, especially when you’re researching online lenders.
A lender can decide whether to approve you for an unsecured loan based on your credit score and income. When you apply for a personal loan, you’ll notice a hard inquiry noted on your credit report, which will usually last for about 2 years. If you’re comparing offers by applying to several lenders, make sure you do it within a period of a few weeks. Multiple hard inquiries over a few months to various lenders can leave a bad impact on your credit score, which will prevent you from taking out loans in the future.
You may want to consider either a home equity loan or line of credit, a peer-to-peer loan from investors if you find the above considerations a bit restricting.
A home equity loan is just like taking out a second mortgage. A home equity loan lets you use the equity you’ve built up as collateral in your home. In other words, your home is used as security to protect your lender if you’re unable to pay back the money you borrow and default on your loan.
A home equity line of credit is also a type of second mortgage. You can borrow money against the equity you have in your house and receive the money as a line of credit.
Peer-to-peer lending is a great option if you feel comfortable reaching out to investors. Though it's a longer process than signing on a personal loan from a traditional lender, peer-to-peer lending gives you more flexible payment terms and interest rates. All you have to do is send a couple of applications for investors to look over and consider and negotiations can start from there.
Personal Loans vs. Credit Cards
You may want to decide on a personal loan if you’re planning to make a larger purchase and prefer to pay it off over a longer period of time with low interest rates on payments. Many people use them to pay off credit card debt because of this convenience.
Credit cards are great for regular use on smaller expenses and can help boost a lower credit score when used responsibly. However, credit card interest rates are sky high and usually have variable interest rates that can increase over time. Even fixed rates on credit cards can increase due to late payments or other penalties outlined in the contract. Always read your contract!
In short, personal loans and credit cards both offer flexibility and that’s about where the similarities end. Credit cards involve a line of credit, whereas personal loans are fixed debt that you pay off in installments over a predetermined period of time.
Get the Right Personal Loan in Maryland
It’s important to keep yourself educated on all of the options and restrictions that come with getting a personal loan. APR, terms, origination fees and minimum credit score requirements are crucial to discuss with your lender. If you’re living in Maryland, there are plenty of options at your fingertips.
Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
It’s crucial to reach out and talk with your lender about your inability to make payments before they are due. Discussing the issue with your lender ahead of time may help you avoid mounting fees and a bad impact on your credit.
What is the difference between an interest rate and APR for personal loans?
An interest rate is the additional fixed charge you must pay your lender when you take out a loan. APR includes all anticipated fees for a loan. It’s important to compare APRs before you get a loan. Make sure you don’t compare interest rates to APRs.