What is the best personal loan lender in Maryland?

MoneyGeek found that the overall best lender for personal loans in Maryland is Truist. However, the best lender for you depends on your unique situation. For example, if you’re looking to consolidate debt, our top pick is Upgrade .

Which lender in Maryland has the lowest interest rate?

In Maryland, we found that Upstart offers the lowest rate at 3.22%.

Can I use a personal loan for vacations in Maryland?

Yes. However, several lenders have restrictions on the usage of funds. Before getting a loan, talk to your chosen lender and ask about possible restrictions.

Can I use a personal loan for home improvement in Maryland?

Yes, it’s possible. In Maryland, Best Egg is the best lender when you’re looking to fund home improvements.

What can I not use my personal loan for in Maryland?

Restrictions on how to use your loan vary by company. Some lenders don’t allow you to use funds for investments, gambling, post-secondary education expenses or illegal activities. Check with your lender for details.

How much can I borrow in Maryland?

It depends on factors such as your minimum gross income, employment and credit score. Based on these, your lender decides how much you can borrow. Some lenders have a maximum loan amount of $50,000, while others go up to $100,000.

How long does it take to get a personal loan in Maryland?

It varies by the lender. For example, if you get a personal loan from SoFi, it can take up to a week. Meanwhile, Truist offers same-day funding.

Can I pay off my loan early in Maryland?

Yes, it’s usually possible to pay your personal loan early. But, before doing so, it’s best to check if your lender has prepayment penalties.

Top Lenders & Best Picks for You

Best Personal Loans in Maryland

Based on MoneyGeek’s analysis, Truist stands out as having the best personal loans in Maryland. The company features low-interest rates, fast processing times and no fees.

However, the top company for you may change depending on your needs or profile. Upgrade offers the best personal loans for consolidating debts. Upstart is our pick for individuals with bad credit, SoFi features the best loans for good credit borrowers and Best Egg is the top lender for home improvement projects.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Maryland
The Best Personal Loan Lender for Bad Credit in Maryland
The Best Personal Loan Lender for Good Credit in Maryland
The Best Personal Loan Lender for Debt Consolidation in Maryland
The Best Personal Loan Lender for Home Improvements in Maryland
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Maryland
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Maryland

MoneyGeek’s Picks: Truist - Best Personal Loan Lender in Maryland

MoneyGeek analyzed over 30 different factors when determining which lenders offer the best deals for personal loans in Maryland. We looked at factors like BBB ratings, loan amount, repayment terms, minimum credit score and more.

Keep in mind that the best personal loan lender for you may vary based on your unique needs. It’s smart to shop around and compare lenders to find the one that can offer you the best rates and terms for your circumstances.

Best Personal Loan Lender Overall 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
Ranking as the 10th-largest bank with $509 billion in assets, Truist offers a wide range of financial services like insurance, mortgages, asset management and more.
With Truist, there is no minimum credit requirement to get a personal loan. You can borrow between $3,500 and $50,000, depending on how much you need. Consider Truist if you’re looking for a lender that has a generous range of repayment terms, ranging from 6–60 months.
Unlike some other lenders, Truist doesn’t ask for employment requirements when you apply for a personal loan. It offers competitive rates and has a mobile app for your convenience.
Pros
No prepayment penalty
APR range maxes out at 18.99%
0.5% autopay discount
No late fees
BBB rating of A+

Cons
Does hard credit checks
Restrictions on funding usage
Doesn’t allow co-signers
High minimum APR of 8.14%
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

Best Personal Loan Lender 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
Since 2012, Upstart has originated more than 620,000 personal loans. It currently serves 48 states, including Maryland.
Since Upstart requires a low minimum credit score of 300, it’s ideal for those with a poor credit score who need a personal loan in Maryland. That said, Upstart isn’t your best option if you need a higher loan amount. It also doesn’t accept applications from those who have a debt-to-income ratio above 45%.
However, while Upstart has a very high 35.99% maximum APR, well-qualified borrowers can get a rate as low as 3.22%, which is the lowest interest rate we’ve seen in this state.
Pros
A+ BBB rating
Low minimum credit score
Offers joint loans
Does soft credit inquiry first
Allows a 15-day grace period before charging late fees

Cons
$12,000 minimum gross income requirement
No mobile app
Origination fee of up to 8%
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

Best Personal Loan Lender 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
SoFi was established in 2011 and provides financial products and services, such as personal loans. SoFi serves 49 states, including Maryland.
If you have good credit, SoFi may be the best option for you. You can borrow up to $100,000 and need a minimum credit score of 680. However, to qualify for a personal loan with SoFi, you also need to have at least a $50,000 gross income.
Individuals that are constantly on the go can apply for a personal loan online. SoFi offers a mobile app so that you can conveniently manage your account and check your credit score.
However, loan funding with SoFi can take up to a week, although it usually takes around two business days. If you’re looking for immediate funding, SoFi might not be your best option.
Pros
A+ BBB rating
Conducts soft credit inquiries
Discount of 0.25% for autopay
No prepayment penalty
No late fees

Cons
Won’t accept co-signers
Good to excellent credit score is required
Minimum of $50,000 gross income 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

Best Personal Loan Lender for Debt Consolidation 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
In terms of debt consolidation, Upgrade is MoneyGeek’s pick for the best personal loan company in Maryland. Founded in 2017, Upgrade is a neobank that has originated more than $10 billion in credit. It is also available in all 50 states.
Since Upgrade requires a credit score of 560, individuals with fair credit may qualify for a personal loan. Most Upgrade loans are funded the same day you’re approved. If you’re looking for a lender that doesn’t have a minimum gross income requirement, Upgrade might be a good option.
When considering a personal loan, check if your preferred lender has any restrictions on using the loan. With Upgrade, you’re not allowed to use your loan for investments or post-secondary education expenses.
Pros
A+ BBB rating
1% auto payment discount
No minimum gross income requirement
Fair minimum credit score
No prepayment penalty

Cons
Restrictions on fund usage
Maximum loan amount of $50,000
High top-end 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

Best Personal Loan Lender for Home Improvement in Maryland: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
If you need to borrow money for home improvement, Best Egg is your top option in Maryland. Since 2014, Best Egg has funded more than 1 million loans. It also received an A+ rating from the Better Business Bureau.
If you use Best Egg’s automatic payment process, you can get a 0.5% discount. Best Egg offers interest rates that start at 4.99% and generally funds loans the next day after approval.
The best personal loan in Maryland for you will depend on your individual needs. To qualify for a personal loan with Best Egg, you need a minimum of $50,000 in gross income and a credit score of 700 or above.
Pros
A+ BBB rating
Receive your loan quickly
0.5% auto payment discount
No prepayment penalty

Cons
High minimum credit score
Charges late fees
Gross income requirement of $50,000
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in Maryland for You

In Maryland, the average personal loan debt is $16,025. Personal loans typically allow you to fund expenses for emergencies or post-secondary education.

When applying for a personal loan, consider various factors like your gross income, employment history, credit score, current debts and more. MoneyGeek broke down steps to follow when taking out a personal loan in Maryland.

Ask Yourself the Important Questions

Before anything else, assess your personal needs and preferences to make a well-informed financial decision. Ask yourself the following questions:

How much funding do you need? - Make sure you don’t apply for too little or too much funding. Know exactly what you need before you apply.
What is your credit score? - Certain lenders have specific credit score requirements. Make sure you fulfill those requirements before applying.
Can you afford the monthly payment? - Evaluate your budget to make sure you can afford to pay your debt each month. This way, you won’t end up in a worse financial situation.
How much debt do you already have? - Make sure your current debt-to-income ratio isn’t too high.

Do Your Research

Since loans require a financial commitment, it’s wise to shop around and research different lenders and loan packages. While duration varies, monthly payment terms usually last two to four years.

For example, lenders may conduct a hard credit check, which impacts your credit score. Other lenders may have a minimum gross income, employment requirement and more.

To help you through this process, MoneyGeek gathered key information about personal loans. While our recommendations may not be perfect for you, there are other options available in Maryland. Doing your research can help you find the right option for you.

Wait

Getting a personal loan is a huge commitment. Therefore, it’s perfectly fine to take a few days and go over your options before finalizing your decision. Revisiting your choices might give you the clarity to make a more objective decision. Make sure that you can fulfill all the lender’s requirements and keep up with financial responsibilities.

Read the Fine Print

Avoid missing small but important details about your desired loan package or provider. Reading the fine print will benefit you in the long run. After you’ve found your chosen lender, closely examine their prepayment penalties, late fees, origination fees and more. This will ensure you don’t get caught off guard by unexpected costs.

Apply

Once you’re happy with your chosen lender and have outlined all the application requirements, you can apply for your loan. When you apply, the standard process for lenders is to ask for your identification, address verification and proof of income. You can apply online, call or visit their office if available. Applying in person can be helpful if you have additional questions.

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

Sometimes, loans can be denied. Lenders might not approve loans for reasons like low credit scores or not enough income.

MoneyGeek advises you to reach out to your lender so you can ask for the exact reason why your loan was denied. There may be a possibility for you to modify your application, including decreasing the amount of the loan or shortening the loan terms.

If you still aren’t approved, you can try applying for a loan with another lender. However, we don’t recommend doing this unless you’ve improved the factor that initially caused your loan to be denied.

Be cautious when it comes to payday loans. While they seem appealing when you immediately need funds, they have several downsides. Usually, payday loans have quick repayment periods and significantly higher interest rates.

Frequently Asked Questions About Personal Loans in Maryland

The best personal loan lender in Maryland for you depends on your needs, credit score and other important factors. MoneyGeek answered the most commonly asked questions to give you a headstart on your personal loan journey.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Best Egg. "About Best Egg." Accessed March 5, 2022.
Truist. "Truist reports third quarter 2021 results." Accessed March 5, 2022.
Upgrade. "Who We Are." Accessed March 5, 2022.
Upstart. "Overview." Accessed March 5, 2022.

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.