5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Maryland

We have found 112 personal loans in Maryland. Compare and choose the best loan for your purpose.

By Myfin Team
Updated March 29, 2024
Showing 112 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$6,100 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 112 personal loans
Amount
$
Credit Score
City, state or Zip
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Maryland

Showing 5 banks
Sort by: Branches
Branches 225 bank branches
Total Assets (US$M)532,080,000
Waldorf Branch
3070 Leonardtown Rd, Waldorf, MD, 20601
Leonardtown Road Branch
3425 Leonardtown Road, Waldorf, MD, 20601
Waldorf North Branch
2140 Old Washington Road, Waldorf, MD, 20601
Show all departments
Branches 168 bank branches
Total Assets (US$M)534,346,587
Berry Road
3135 Crain Hwy, Waldorf, MD, 20603
Friday: 9:00 AM - 6:00 PM
Charles Center Plaza @ Giant
3297 Crain Hwy, Waldorf, MD, 20603
Friday: 11:00 AM - 7:00 PM
First Colony @ Giant
45101 First Colony Way, California, MD, 20619-2416
Friday: 11:00 AM - 7:00 PM
Show all departments
Branches 166 bank branches
Total Assets (US$M)203,656,265
Waldorf Branch
11175 Mall Circle, Waldorf, MD, 20603
Charlotte Hall Branch
37660 Mohawk Drive, Charlotte Hall, MD, 20622
Lexington Park Branch
46075 Signature Lane, Lexington Park, MD, 20653
Show all departments
Branches 130 bank branches
Total Assets (US$M)2,440,022,000
Charles County Plaza
3255 Crain Hwy, Waldorf, MD, 20603
Friday: 9:00 AM - 4:00 PM
La Plata
705 E Charles St, La Plata, MD, 20646
Friday: Closed
Lexington Park
21800 N Shangri La Dr Unit 22, Lexington Park, MD, 20653
Friday: 9:00 AM - 4:00 PM
Show all departments
Branches 127 bank branches
Total Assets (US$M)
Leonardtown Rd
3425 Leonardtown Rd, Waldorf, MD, 20601-3644
Friday: 9:00 AM - 6:00 PM
Waldorf - North
2140 Old Washington Rd, Waldorf, MD, 20601-3179
Friday: 9:00 AM - 6:00 PM
Wildewood
23415 Three Notch Rd, California, MD, 20619-4017
Friday: 9:00 AM - 6:00 PM
Show all departments

How to choose the best personal loan in Maryland?

Personal loans can be a valuable resource for bridging budget gaps and improving overall financial well-being. To ensure you choose the right personal loan in Maryland, it is important to consider various factors. Here are some strategies for comparing and selecting the best personal loan:

Annual Percentage Rates

The APR is a crucial factor to consider when comparing loans as it provides a more accurate representation of the total cost, including interest rates and fees. Comparing APRs helps determine the long-term affordability of each loan option. In Maryland, APRs typically range from 4.49% to 36%.

Loan Amount

Research loan amount options and select a lender that offers an amount suitable for your needs. In Maryland, loans are available ranging from $100 to $500,000. Some lenders allow incremental withdrawals, enabling you to pay interest only on the utilized amount. This flexibility is advantageous for projects with varying funding needs, such as home renovations or car repairs.

Monthly Payments

Ensure that the monthly payment amount fits comfortably within your budget. It is essential to meet your regular financial obligations while repaying the loan and covering the interest.

Credit Requirements

Most lenders prefer borrowers with good to excellent credit scores (typically 670 or higher). However, some lenders may consider individuals with poor to fair credit. While a high credit score does not guarantee lower interest rates, it increases your chances of loan approval. The minimum acceptable credit score in Maryland is Poor (300 - 579). Tailor your search to lenders offering favorable terms based on your credit score.

Collateral

While most personal loans are unsecured and do not require collateral, some loans may have collateral requirements. Secured loans typically offer lower interest rates since the lender assumes less risk with collateral involved. On the other hand, unsecured loans usually have higher interest rates. If you have concerns about high interest rates, which can reach 36% in Maryland, a secured personal loan might be a viable option.

Origination Fee

Many lenders charge origination fees, typically a percentage of the total loan amount, to cover processing costs. Choosing a personal loan with low processing fees can lead to long-term savings.

Comparing and selecting the best personal loan in Maryland

To make an informed decision and select the best personal loan in Maryland, it is important to compare the available loan options side by side.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

5 simple tips for increasing your personal loan approval odds in Maryland

  1. Improve Your Credit Score. Improving your credit score is the most effective way to increase your loan approval odds. Focus on making timely debt payments, maintaining a low credit utilization ratio, avoiding excessive new credit applications, and disputing any errors in your credit report.
  2. Increase Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Increasing your income, such as through a raise at your current job or taking on a part-time job, improves this ratio and enhances your approval chances.
  3. Minimize Debt. Avoid taking on new debt while applying for a personal loan. Lenders perceive existing debt as a risk factor, so reducing your current debt and avoiding new obligations strengthens your application.
  4. Set Realistic Loan Amounts. Lenders are typically cautious about approving large loan amounts due to increased risk. In Maryland, the maximum loan amount available is $500,000, but securing this amount can be challenging. Applying for smaller loan amounts improves your chances of approval. Determine your precise funding needs and request the minimum amount required. The minimum loan amount offered by lenders in Maryland is $100.
  5. Consider a Joint Applicant. Exploring the option of a joint applicant or co-signer can enhance your loan approval odds. Lenders assess the credit scores and incomes of both applicants, potentially strengthening your application. Ensure that you choose a reliable joint applicant or co-signer, as your financial obligations will be interconnected.

Conclusion

When considering a personal loan in Maryland, it is crucial to be prepared and proactive. Taking the necessary steps today can greatly enhance your chances of loan approval. By following the strategies and tips mentioned earlier, you can maximize your likelihood of securing a personal loan that is suitable for your financial needs. It is essential to borrow responsibly, selecting a loan that aligns with your budget and ensures manageable repayment capabilities. By being well-prepared and making informed decisions, you can navigate the personal loan process with confidence.

FAQ

What is the highest interest rate on a personal loan in Maryland?

The highest interest rate on personal loan in Maryland is 36%.

What is the biggest loan amount in Maryland?

The biggest personal loan amount in Maryland is $500,000.

What credit score do I need to have to get a personal loan in Maryland?

To get approved for a personal loan in Maryland you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

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