Best Personal Loans in Baltimore, MD

Municipal Employees Credit Union of Baltimore is the best personal loan lender in Baltimore, Maryland, earning a MoneyGeek score of 99 out of 100. It offers competitive terms such as being federally insured by the NCUA and holding a BBB rating of A+. Borrowers don’t face prepayment penalties, adding flexibility to paying off their loans early and there are no origination fees, minimizing upfront costs. However, borrowers need to become members to apply, which may be a hurdle for some. Additionally, the borrowing limit is capped at $50,000, which could be restrictive for those needing a higher loan amount.

Laurel Road is the best online lender for personal loans in Baltimore, Maryland, with a MoneyGeek score of 93 out of 100. It offers personal loans ranging from $5,000 to $45,000 with repayment terms of 36 to 60 months, and you can expect to receive funds within seven days of approval. When considering Laurel Road, you should be aware that it offers a 0.25% discount on your rate with autopay and you won't incur origination fees. However, its minimum loan amount of $5,000 might not accommodate those needing smaller loans, and a late fee of 5% or $28 applies if you miss a payment, which are factors to keep in mind when applying.

Baltimore County Employees Federal Credit Union is the runner-up for the best personal loans in Baltimore, Maryland, with a MoneyGeek Score of 99 out of 100. It offers several appealing features such as an APR as low as 7.90%, which can make loans more affordable over time. Another positive aspect is that it allows co-borrowers and co-signers, offering added flexibility for borrowers who might need additional support. However, potential borrowers should be aware that Baltimore County Employees Federal Credit Union does not offer an option to pre-qualify, which can make it harder to gauge approval chances without a hard credit check. Additionally, the borrowing limit is capped at $25,000, which may not meet the needs of those requiring larger loans.

Central Credit Union of Maryland is a reliable option for personal loans in Baltimore, Maryland, with a MoneyGeek score of 93 out of 100. As a lender, it is federally insured by the NCUA, providing an added layer of security for borrowers. It also boasts an A+ rating from the Better Business Bureau, reflecting a strong reputation. However, borrowers need to be aware that membership is required to apply for a loan. Additionally, the maximum loan amount is $20,000, which may not meet the needs of those seeking higher loan amounts.

Members First of Maryland Federal Credit Union is another good choice for personal loans in Baltimore, Maryland, receiving a MoneyGeek score of 90 out of 100. As a federally insured institution by the NCUA, it ensures your deposits are protected. Additionally, it has no prepayment penalties, allowing you to repay your loan faster without extra charges. However, membership is needed to apply, which could be a hurdle for some. Moreover, it does not offer the option to prequalify, making it hard to get an initial assessment without a full application.