Best Loans for Bad Credit in Maryland for 2024

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Updated: May 1, 2024

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Happy Money is the best personal loan lender for bad credit in Maryland with a MoneyGeek score of 94 out of 100, providing credible and transparent loan terms and process, a quick application and approval process and competitive interest rates. As the runner-up, Avant boasts a MoneyGeek score of 92. It stands out for its quick application and approval process, strong customer service and broad payment options.

MoneyGeek reviewed four personal loan lenders in Maryland that set and disclosed minimum credit score requirements between 580 and 640 to find the best personal loans for bad credit. While these lenders are highlighted for their features, other lenders may also be suitable options. Those seeking more localized services might consider the Central Credit Union of Maryland, MECU Credit Union and SECU in Maryland.

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Best Bad Credit Loans in Maryland

MoneyGeek scored personal loan lenders in Maryland that explicitly disclose their minimum credit score requirements on their websites to find the best personal loan for bad credit in the state. Only 12% of the lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

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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 who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Bad Credit Loan Lender in Maryland

  • 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 has a MoneyGeek score of 94 out of 100, making it the best personal loan lender for bad credit in Maryland. It is a fintech company working with lending partners insured by the NCUA to originate loans. Borrowers with a credit score starting at 640 can access loans ranging from $5,000 to $40,000 and receive funds as soon as the next day. Happy Money offers direct payment to creditors and flexible repayment terms, appealing to borrowers seeking debt consolidation without unnecessary fees. However, applicants should consider the origination fee and that it only allows for debt consolidation purposes.


    • Doesn't charge late, early repayment, bounced check, failed ACH, or other fees
    • Conducts soft credit pulls
    • Lower maximum APR than competitors


    • Only offers loans for debt consolidation
    • $40,000 borrowing limit
    • Charges an origination fee
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in Maryland

  • Avant

    • 92MoneyGeek Score
    • 9.95% to 35.99%APR Range
    • 580Minimum Credit Score
    • $2,000 to $35,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Avant is the runner-up for the best bad credit loan lender in Maryland with a MoneyGeek score of 92 out of 100. This lender partners with WebBank, a state-chartered, member FDIC bank, to originate personal loans. It accommodates borrowers with a minimum credit score of 580, offers loan amounts from $2,000 to $35,000, and provides funds as soon as the next day. Avant's flexible repayment terms and the option to check loan options without impacting credit score make it a competitive choice. Applicants should note that the administration fee is up to 9.99% and that late fees and dishonored payment fees are present.


    • Doesn't charge a prepayment penalty
    • Flexible repayment terms between 12 to 60 months
    • Offers next-day funding


    • Charges an administration fee up to 9.99%
    • Has late fees and dishonored payment fees
    • Low borrowing limits at $35,000

Calculate Your Monthly Loan Payment in Maryland

In Maryland, the average new account balance for personal loans is $11,192, as reported by TransUnion in their Credit Industry Snapshot. When you take out a personal loan, you agree to pay back the borrowed amount plus interest in regular monthly installments over an agreed period.

Understanding your monthly loan payments is particularly beneficial for individuals with bad credit. If you want to estimate your loan payments, using the personal loan calculator provided by MoneyGeek can offer a clear view of your potential financial commitment.

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Updated: Jul 12, 2024

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Best Bad Credit Loans by Credit Score in Maryland

In Maryland, the average credit score is 716, just one point above the national average of 715.

Even if your credit score isn't ideal, you can still secure a personal loan. Lenders in Maryland offer loans to individuals with lower scores, although expect higher interest rates and conditions that are not as advantageous. For a clear understanding of your options, consult the table below to see which personal loan lenders in Maryland align with your credit score.

AvantMinimum Credit Score580APR Range9.95% to 35.99%Loan Amount Range$2,000 to $35,000Repayment Terms12 to 60 monthsTime to Receive FundsNext DayMoneyGeek Score 92
ProsperMinimum Credit Score600APR Range8.99% to 35.99%Loan Amount Range$2,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive Funds1 business dayMoneyGeek Score 90
AchieveMinimum Credit Score620APR Range8.99% to 35.99%Loan Amount Range$5,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive FundsSame Day MoneyGeek Score 92
Happy MoneyMinimum Credit Score640APR Range11.72% to 17.99%Loan Amount Range$5,000 to $40,000Repayment Terms24 to 60 monthsTime to Receive Funds3 to 6 Business DaysMoneyGeek Score 94

What to Do if Your Loan Application Is Denied in Maryland

It's not uncommon to face a personal loan application denial in Maryland, but this doesn't halt your borrowing journey. Understanding the next steps can help you with this setback. Here are some measures to enhance your chances for approval on future applications.

Find out the reason for the denial

If a lender denies your loan application, it could be due to a poor credit score, high debt-to-income ratio, low income or errors in your application. Review the reasons provided by the lender to identify areas to improve for future applications.

Modify your loan terms

You can speak with your lender to see if adjusting the loan amount or repayment terms could lead to an approval.

Find another lender

Different lenders have varied criteria for loan approval. It's beneficial to shop around and consider factors to find a suitable lender for your needs and credit history. Consider these factors:

  • Eligibility requirements: Lenders vary in their requirements for credit score, income level, debt-to-income ratio, and employment history.
  • Interest rates: Seek lenders with competitive rates, especially beneficial for those with bad credit.
  • Additional fees: Be aware of fees such as origination, late, and prepayment, as these can vary between lenders.
  • Loan terms: Repayment terms can vary, and it's important to understand the implications of a short vs long term.
  • Customer service and reputation: Research the lender's customer service and reputation to find a reliable personal loan provider.
Look for alternatives

There are alternatives to personal loans for borrowers with bad credit. Exploring options such as secured loans, credit unions and co-signer loans can sometimes be more accommodating.

Improve your credit score

Boosting your credit score over time can lead to approval for a personal loan. Methods include paying bills on time, reducing debt and checking credit reports for errors. Learn more about improving your credit score.

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Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in Maryland

When shopping for personal loans, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Maryland?
Which lender in Maryland has the lowest APR rates for personal loans?
Which lender in Maryland has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in Maryland?
Can I pay off my personal loan early in Maryland?

Experian. "What Is the Average Credit Score in the US?." Accessed April 11, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 11, 2024.

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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.