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.

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Last Updated: 11/22/2022
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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

    on Truist Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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.

1

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.
2

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.

3

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.

4

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.

5

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.

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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

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.