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Best Debt Consolidation Loans in Maryland of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Maryland

To find the top debt consolidation loan providers in Maryland, MoneyGeek looked at more than 30 different data sets. APR ranges, BBB ratings, minimum credit scores, different fees and penalties, payback periods, loan amounts, disbursement times and other information were all evaluated in this study.

Your unique financial objectives will determine which lender is ideal for you for a debt consolidation loan. Overall, Upgrade and Truist are MoneyGeek's top one and two choices for debt consolidation loan providers in Maryland. However, if you have a good credit score, SoFi may be able to offer you better terms. Additionally, Upstart is a fantastic option if you have bad credit.

Best Overall Debt Consolidation Loan in Maryland: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Our study suggests that Upgrade is the top debt consolidation lender in Maryland. Over $15 billion in loans and credit cards have been issued through Upgrade since its launch in April 2017. Customer ratings for this lender are excellent and it has an A+ score from the Better Business Bureau (BBB).

    If you seek a loan to consolidate your debts, Upgrade pays your creditors directly. Additionally, it may offer funds as soon as one day following the approval, with same-day disbursement with early approval, which makes it perfect for rushed payments to meet debt deadlines. It's also a great option for anyone searching for both small and moderately large loans because loan amounts range from $1,000 to $50,000. When you set up regular payments, Upgrade gives you a 1% discount as well.

    Pros

    • Pay the creditor directly to consolidate debt
    • Moderate credit score requirement
    • Same day fund disbursement
    • Customizable payment terms
    • No prepayment fees

    Cons

    • Up to 8% origination fee
    • $50,000 loan limit
    • Up to 35.47% APR
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Maryland: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Although its history dates back to 1872, Truist was formed after BB&T and SunTrust merged in 2019. Since then, it has become one of the largest banks in the U.S. in terms of assets.

    It provides a sizable maximum loan amount of $50,000 and has no minimum credit score requirement (although better credit means better rates). Truist is also rated A+ by the BBB and clients won't be charged fees for making early or late payments on their loans.

    However, this lender has a number of restrictions on how you may use the money, including the fact that you can't use a personal loan to pay off another loan, for educational expenses, for your business or to buy stocks or bonds.

    Pros


    Cons

    • Some restrictions on fund usage
    • Hard credit inquiry
    • Won’t pay your debtor directly
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in Maryland: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart, which was founded in 2012, is an AI lending platform with 74% of loans being fully automated. Upstart may be a suitable option if you need a personal loan in Maryland but are working on restoring your credit since it has a low minimum credit score requirement.

    Upstart performs a soft credit check which is advantageous if you have a bad credit score. Additionally, Upstart processes loans quickly, usually in only one or two days. There are no prepayment penalties as well. While there is a fee for late payments, it usually gives a 15-days grace period before fees are collected.

    However, Upstart only allows you to borrow up to $50,000, which may not be enough for some people. It also charges for origination and late fees and does not offer a mobile app.

    Pros

    • Low credit score requirement
    • A+ BBB ratings
    • Soft credit pull
    • Fast funding release
    • No prepayment penalty

    Cons

    • Potentially high interest rate
    • Up to 10% origination fees
    • $15 or 5% late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Maryland: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Stanford business school students established Social Finance, Inc. in August 2011 and started providing personal loans in 2015. For Maryland applicants with good credit, SoFi offers the best debt consolidation loans in the state.

    A minimum credit score of 680 enables borrowers to receive up to $100,000 within two days. By establishing automated payments, you can save 0.25% on personal loan interest rates. Additionally, the bank does soft credit checks, which have no impact on your credit score. You may also receive relief from your debts and lower monthly loan payments if you suddenly lose your job.

    However, some customers might find the minimum credit requirement to be too steep. Additionally, co-signers are not permitted while applying.

    Pros

    • Loan amounts up to $100,000
    • Loss of employment protection program
    • 0.25% autopayment discount rate
    • No late fee or origination fees
    • No prepayment penalty

    Cons

    • $50,000 minimum gross income requirement
    • Good to excellent credit score requirement
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Maryland for You

Maryland residents have an average of $6,164 in credit card debt and $16,025 in personal loan debt. Your outstanding debts can be combined through debt consolidation to simplify payments and save money by securing a reduced interest rate.

If you're considering debt consolidation loans in Maryland, be aware that lenders will consider a variety of factors, including your credit score, current debts, work status, income records and more. MoneyGeek discusses how to look around for debt consolidation lenders in the state in the guide below:

1
Ask Yourself the Important Questions

The first step is to evaluate your existing financial situation and decide whether applying for a debt consolidation loan is the best course of action. Finding the ideal lender for you might be aided by answering the questions below:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

It's a good idea to compare lenders before submitting an application. Do not forget that debt consolidation loans are expensive and long-term obligations with borrowers finishing their payments in between two and four years. Furthermore, some lenders run hard credit checks, which might harm your credit score. Take note that this article was written by MoneyGeek to assist consumers in finding the best debt consolidation loan provider in Maryland. However, each customer has unique demands. That is why it’s still best to explore other options if our recommendation isn’t specifically fit for your needs.

3
Wait

Consider delaying your application for a day or two after you've chosen a lender. Since taking out a debt consolidation loan is a significant investment, you must be certain of your chosen provider. Waiting offers you the opportunity to make a more informed and impartial choice. It may help to spend some time answering the questions above again and doing additional research to ensure you’re making the right decision for you and your financial situation.

4
Read the Fine Print

The fine print is pretty easy to overlook while looking into debt consolidation loans. In addition to upfront costs that are plainly disclosed in the lender's terms and conditions, there may be hidden fees that you are not aware of until after you have completed the loan application.

Examine a company's fees, such as prepayment fines, late fees and origination fees, before choosing them. Watch out for the interest rate and any potential collateral requirements. In the long run, paying attention to small things might end up saving you a lot of money.

5
Apply

It's time to submit your application once you've done your research, combed the fine print and contemplated your decision. You’re probably sure of your chosen lender by now and have all the information you need to submit an application. During the loan application process, lenders often need verification of a borrower's identification, residence and income. Although some people might find it more convenient to apply online, there is no harm in giving the lender a call or going in person if that is what you'd prefer.

What to Do if You Can’t Get a Debt Consolidation Loan in Maryland

A lender rejecting your application doesn't have to be the end of your efforts in securing a loan for debt consolidation. A good next step is to inquire why your was application rejected. Many factors, including insufficient income, a poor credit score, a high debt-to-income ratio and a lacking job history might cause a lender to deny your application.

Knowing the specific reasons for your rejection could give you the opportunity to negotiate with your lender and asking them to reconsider after changing various terms on your application. You can perhaps shorten the payback period or decrease the amount of the loan. While nothing is guaranteed, it's not unreasonable to assume your lender might approve of your modified application.

Conversely, you might try applying with a different debt consolidation lender as another option, but be sure to address whatever led to the denial of your application in the first place. We also advise you not to take payday loans unless you have absolutely exhausted all your other options. This type of loan has debilitating terms—a short payment period and very high interest rates.

Calculate Your Monthly Payment

Typically, borrowers repay debt consolidation loans in interest-bearing monthly installments. To find out if you have enough money to afford this fee each month, use the MoneyGeek debt consolidation loan calculator below.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Maryland

Your individual circumstances, along with a number of other credit and income considerations, will determine which Maryland debt consolidation loan provider is the right one for you. These are some of the most frequently asked questions on this matter to help you in making an informed decision.

What is the best debt consolidation loan lender in Maryland?
Which lender in Maryland has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Maryland?
How much debt can I consolidate in Maryland?
How long does it take to get a debt consolidation loan in Maryland?
Can I pay off my loan early in Maryland?
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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
Shield Insurance

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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