Best Debt Consolidation Loans in Maryland 2024

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Updated: October 3, 2024

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Debt consolidation loans are unsecured personal loans that you can use to pay off multiple debts, including student loans, at a lower interest rate.

MoneyGeek analyzed 26 lenders and found Truist to be the top choice for debt consolidation loans in Maryland, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Central Credit Union of Maryland and MECU Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Maryland

Overall Best Debt Consolidation Loan Lender in Maryland

Company logo for Truist
Truist
MoneyGeek Score:
96/ of 100

APR Range8.87% to 17.82%
Loan Amount RangeFrom $3,500
Repayment Terms24 to 60 months
Time to Receive FundsSame Day
Overview

Truist offers the best debt consolidation loan in Maryland with a MoneyGeek score of 96 out of 100. Its competitive rates, loan terms, quick fund disbursement and reputation make it an ideal lender.

Truist's APR range of 8.87% to 17.82% offers competitive rates that can help borrowers save on interest. The loan amount range starting from $3,500 provides flexibility for various financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt efficiently.

Runner-Up for Best Debt Consolidation Loan in Maryland

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100

APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is another solid option for a debt consolidation loan in Maryland, with a MoneyGeek score of 96 out of 100. Its competitive rates can lower your overall debt costs, making it easier to manage your finances. And its flexible loan terms allow you to choose a repayment plan that fits your budget, giving you more control over your financial situation.

Additionally, its quick approval process means you can consolidate your debts faster, reducing the time you spend managing multiple payments.

Best Debt Consolidation Loan in Maryland for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100

APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Maryland for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%.

It stands out for having no origination fees, which means you won't have to pay extra costs upfront. It also offers rate discounts that can lower your overall interest rate, saving you money over the life of the loan.

Best Debt Consolidation Loan in Maryland for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100

APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Maryland for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000 and repayment terms of 6 to 60 months.

PNC's flexible repayment terms can help a borrower who needs more time to pay off their consolidated debt, reducing monthly payments and making it easier to manage their finances. Additionally, the quick fund disbursement within 3 business days ensures that borrowers can promptly address their debt consolidation needs.

Best Debt Consolidation Loan in Maryland for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100

APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Maryland for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds the same day, making it an ideal choice for urgent financial needs.

Rocket Loans also has flexible loan terms, which can help a borrower choose a repayment plan that fits their financial situation, ensuring they can manage their consolidated debt more effectively.

Should You Get a Loan to Consolidate Debt in Maryland?

Using a debt consolidation loan in Maryland can simplify your finances by merging multiple payments into one, but it's not always the best option. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms for a debt consolidation loan in Maryland, affecting interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Maryland can lower your overall interest rates. For example, reduce from 20% to 10%.

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    Multiple Payments

    Combining several monthly payments into one with a debt consolidation loan in Maryland simplifies financial management. One payment is easier than juggling five.

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    Lower Monthly Payments

    A debt consolidation loan in Maryland can lower your monthly payments. For example, reduce from $500 to $300 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you on interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Maryland is a better strategy.

How to Get a Debt Consolidation Loan in Maryland

The average amount of personal debt in Maryland is $131,948, while the overall average debt for Americans across all states is $104,215. In Maryland, the average monthly debt translates to around $10,996.

Using a personal loan to consolidate debt in Maryland can simplify your payments and potentially lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

1
Review your debts and credit score

Account for your existing debts to see which ones to consolidate, like credit card debt. Wrong choices can increase interest costs. Check your credit scores. To improve your credit score, pay bills on time and reduce debt.

2
Compare loan terms from lenders

Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

3
Check for extra benefits

Some lenders offer added features that could benefit you. For example, in Maryland, Santander and Laurel Road offer rate discounts.

4
Watch out for fees and penalties

Some lender features could be drawbacks. In Maryland, Universal Credit charges an origination fee and Prosper charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified

Prequalification, which involves soft credit check, helps borrowers understand their loan eligibility without affecting their credit scores.

6
Complete your loan application

Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application faster.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN MARYLAND

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Maryland, check your credit report for errors and work on reducing your existing debts.

You can also consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This type of card allows you to transfer your existing balances and pay no interest for a specified period, which can help you pay off your debt faster.

Local Lenders for Debt Consolidation Loans in Maryland

One reason to consolidate debt is to benefit from lower interest rates, which can save you money over time. The average APRs you can qualify for vary between cities. For example, the first lender in Baltimore offers an average APR of 10.5%.

Another option to find the best debt consolidation loan in Maryland is to consider other local lenders. Below is a table of local lenders that might offer competitive rates.

Municipal Employees Credit Union of BaltimoreCityBaltimoreAPRFrom 10.24%Repayment TermsUp to 60 monthsLoan Amount RangeUp to $50,000MoneyGeek Score99
Baltimore County Employees Federal Credit UnionCityBaltimoreAPR7.90 % to 14.90%Repayment TermsUp to 84 monthsLoan Amount RangeUp to $25,000MoneyGeek Score99
Central Credit Union of MarylandCityBaltimoreAPRFrom 12.90%Repayment TermsUp to 72 months Loan Amount RangeUp to $20,000MoneyGeek Score92
Members First of Maryland Federal Credit UnionCityBaltimoreAPRFrom 11.74%Repayment TermsUndisclosedLoan Amount RangeUndisclosedMoneyGeek Score90
Post Office Credit Union of MarylandCityBaltimoreAPRFrom 9.55%Repayment TermsUndisclosedLoan Amount RangeUndisclosedMoneyGeek Score90

FAQ: Debt Consolidation Loans in Maryland

MoneyGeek addresses common questions borrowers have about debt consolidation loans in Maryland to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Maryland?
What's the best debt consolidation loan lender in Maryland?
Can I get a debt consolidation loan in Maryland if I have bad credit?
Can a credit counseling agency in Maryland help manage debt?
When should I get a debt consolidation loan in Maryland?

MoneyGeek analyzed 26 national lenders licensed to do business in Maryland, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

26Lenders Analyzed

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.


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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.