Top Lenders & Best Picks for You

Best Personal Loans in Baltimore, MD

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Reviewed byScott Strandberg
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Reviewed byScott Strandberg
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Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Baltimore, MD

MoneyGeek analyzed more than 30 data points to evaluate Baltimore's lenders. We considered factors such as affordability, accessibility, APR ranges, terms, minimum credit scores, income requirements, origination and late fees, loan disbursement times, customer service and BBB ratings.

As a result of this research, Truist has been rated Baltimore's best lender overall. Depending on your circumstances, you may, however, be better off selecting a different lender. Baltimore residents with good credit will find SoFi to be the best option, while those with poor credit will find Upstart as the top choice. Individuals looking for debt consolidation will find Upgrade the smartest pick, whereas those looking to improve their homes should consider Best Egg.

Best Personal Loan Lender Overall in Baltimore: 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

    Truist is among the largest banks in the United States based on assets, and it also has an A+ rating from the BBB. Personal loans are a particular strength of the lender.

    As another benefit, consumers will not be charged fees for paying off their loans early or late. They also offer flexible repayment terms of 6 to 60 months. There are a few restrictions on how this lender allows you to use funds: you cannot refinance a current loan, pay for a college education or purchase stocks or bonds with the money.

    Truist has a very high 8.14% minimum APR but a low 18.99% maximum rate.


    • No origination fee, late fee or prepayment penalty
    • Next-day loan funding
    • Low maximum APR of 18.99%
    • No minimum credit score requirement
    • Broad range of term lengths


    • High minimum APR of 8.14%
    • Does not offer prequalification
    • Restrictions on usage of funds
    • Does not pay creditors directly for debt consolidation

Best Personal Loan Lender for Bad Credit in Baltimore: 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

    The BBB has awarded Upstart with an A+ rating since its founding in 2012. As there are no restrictions on how you may use funds, you can use Upstart’s personal loans in Baltimore for almost anything.

    With minimum credit scores as low as 300 and an annual income requirement of just $12,000, Upstart is our top pick for the best lender for borrowers with bad credit.

    Your credit score will not be affected by the bank's soft credit checks. The company also offers fast personal loan processing, where you typically receive the funds the next business day. Unfortunately, they only offer loans up to $50,000. You may need to check out other options if you need a larger amount.

    Keep in mind that with bad credit ratings, you can expect high interest rates from Upstart when you apply for a personal loan.


    • Accessible to borrowers with fair credit
    • Offers prequalification with a soft credit check
    • Ability to choose a custom payment date
    • Receive funds the next day
    • No prepayment penalty


    • Charges origination fee
    • Maximum loan amount is only $50,000
    • Charges a late fee of 5% of the unpaid amount or $15, whichever is higher
    • Doesn't allow co-signers

Best Personal Loan Lender for Good Credit in Baltimore: 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

    Known as Social Finance, SoFi has provided loans and other products to its customers since 2011. It was rated as the best Baltimore loan for borrowers with good credit by MoneyGeek and has an A+ rating from the Better Business Bureau.

    The bank's eligibility requirements stipulate a credit score of at least 680. If qualified, you can receive a loan of up to $100,000 within two business days. In addition, setting up automatic payments can save you 0.25%. Prepayment will not incur any penalty, and you will not have to pay an origination fee or late fee.

    Additionally, the bank performs soft credit checks, which do not impact your credit score. You may be able to save some money if you lose your job with SoFi's unemployment protection program by placing your debts on hold and lowering your monthly loan payments.

    This lender may not be suitable for applicants who require a co-signer, do not meet the $50,000 minimum annual income threshold or have a credit score below 680.


    • Maximum loanable amount of $100,000
    • Auto payment discount of 0.25%
    • Performs soft credit inquiry without impacting your credit score
    • No origination fee, late fee or prepayment penalty


    • Requires a higher credit score of 680
    • Only those with a minimum gross income of $50,000 can apply
    • Debt-to-income limit of 45%
    • Can take a couple of days to fund your loan

Best Personal Loan Lender for Debt Consolidation in Baltimore: 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 2017, Upgrade was founded by an experienced team of fintech executives. Various features make Upgrade appealing to potential borrowers. Unlike some lenders, they don't charge a fee if you prepay your loan. Furthermore, Upgrade pays third-party lenders directly if you consolidate your debts with them. In order to avoid damaging your credit score, the company also uses a soft credit check.

    In terms of how borrowers can utilize funds, the lender has several specific restrictions. They may also charge high interest rates depending on your credit score, so they may not be suitable if you're looking for a personal loan in Baltimore with a low APR.


    • No prepayment penalty
    • No fees
    • Same-day funding available
    • Conducts soft credit check that doesn't affect credit scores
    • Directly pays third-party creditors for debt consolidation


    • Funds are restricted in use
    • Origination fee of up to 8%
    • High APR

Best Personal Loan Lender for Home Improvement in Baltimore: 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

    Since 2014, Best Egg has been providing online loans to borrowers in 47 states. Through Cross River Bank and Blue Ridge Bank, they offer unsecured and secured personal loans in Baltimore. They have an A+ rating from the Better Business Bureau.

    If you qualify, you can choose from loans between $2,000 and $50,000, and you can take advantage of services like Direct Pay to consolidate your credit card debts. To ensure your credit score will not be affected, the company uses soft credit checks. Additionally, there are no prepayment fees if you pay off your loan early.

    There is, however, an origination fee of up to 5.99%. Additionally, a credit score of at least 700 and an income of at least $100,000 are required for borrowers. Ensure you meet these requirements. If not, this lender may not be right for you.


    • Conducts soft credit checks
    • Debt consolidation loans are paid directly to third-party lenders
    • No prepayment penalty
    • Available for a wide range of uses


    • Origination fee of up to 5.99%
    • High credit score and income requirements
    • Loan amounts, terms and rates are unclear on its website
    Best Egg

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

Personal loans are often used to pay medical bills, college tuition, moving expenses or home improvements. Consider several factors, including your eligibility, interest rates, fees and more before choosing a personal loan lender. Although each lender has its own eligibility requirements, most evaluate your credit score, monthly income and debt-to-income ratio. The average personal loan debt in Maryland is $16,025.

To find a good lender in Maryland, follow these steps.

Ask Yourself the Important Questions

You should ask yourself the following questions before picking a lender and applying for a personal loan. Answering these questions can help you determine if a personal loan is the right solution for your needs:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
Do Your Research

Lenders differ in their terms and conditions, as well as their rates and fees. To determine which lender is right for you, you should compare multiple options before submitting a loan application.

It is a big commitment to take out a personal loan since you will have to pay it back over a period of two to four years, or even longer in some instances. It is important to think carefully before taking out a loan. Please keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.


Trying to compare the rates and fees for several types of loans can be overwhelming when confronted with an array of features and offers from different lenders. Taking your time before making a decision can be beneficial. Taking out a personal loan is a significant financial decision, and you must be sure it is the right one for you. You should take time to examine your options after you have done your research.

Read the Fine Print

Often, when researching personal loans in Baltimore, people overlook important details. Along with upfront fees that are clearly outlined in your lender's terms and conditions, you may also discover hidden costs after you've signed the loan application. Before finalizing a deal with a company, research their fees, including prepayment penalties, late fees and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.


After researching, reading the fine print and waiting to make a decision, you can submit your application. You should feel confident about your choice of lender at this point and have all the information you need to apply. A lender is typically required to verify a borrower's identity, address and income during the loan application process. Despite the convenience of applying online, you may call or visit the lender in person if you prefer.

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

If your loan application is rejected, you should contact the lender to find out why and determine if any changes can be made. You can make your application more appealing by shortening the loan terms or lowering the loan amount. You may also have the option of obtaining a cosigner or collateral-based loan if you have difficulty getting approved.

Alternatively, you may apply to a different lender if you need a loan urgently. However, it's best to avoid this practice until you've corrected whatever reason led to the rejection of your initial application.

Some people may seek extremely high-interest payday loans if they have been rejected for a personal loan. However, even if you pay promptly and in full, your credit score will not improve. You may also be responsible for any unpaid interest plus the remaining balance amount if you fail to pay promptly. When you pay late, you may be contacted by a collection agency, which may damage your credit.

Frequently Asked Questions About Personal Loans in Baltimore

Considering your financial needs, credit history and income level, you can determine the right Baltimore personal loan lender for you. The following are some of the most frequently asked questions about personal loans in Baltimore, Maryland.

What is the best personal loan lender in Baltimore?
Which lender in Baltimore has the lowest interest rate?
Can I use a personal loan for vacations in Baltimore?
Can I use a personal loan for home improvement in Baltimore?
What can I not use my personal loan for in Baltimore?
How much can I borrow in Baltimore?
How long does it take to get a personal loan in Baltimore?
Can I pay off my loan early in Baltimore?

Our Personal Loan Methodology

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

We reviewed several individual data points for each category that we feel have the most influence on the choice of a personal loan lender. These factors include a range of APRs, the loan amount, a minimum credit score, a minimum income amount, application fees and loan processing time.

MoneyGeek values you, the consumer, so we take into account each lender's customer service, BBB rating and any additional features that might make your experience easier and more accessible, such as prequalification, payment options and mobile apps.

With your best interests in mind, we carefully consider and calculate our picks. When choosing a lender that meets your needs, our recommendations and expert tips are meant to help you make the right decision.

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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.