Top Lenders & Best Picks for You
Best Personal Loans in Baltimore, MD
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Baltimore
- The Best Personal Loan Lender for Bad Credit in Baltimore
- The Best Personal Loan Lender for Good Credit in Baltimore
- The Best Personal Loan Lender for Debt Consolidation in Baltimore
- The Best Personal Loan Lender for Home Improvements in Baltimore
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Baltimore
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
Best Personal Loan Lender for Bad Credit in Baltimore: Upstart
Best Personal Loan Lender for Good Credit in Baltimore: SoFi
Best Personal Loan Lender for Debt Consolidation in Baltimore: Upgrade
Best Personal Loan Lender for Home Improvement in Baltimore: 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:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- 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.
Wait
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.
Apply
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.
The best overall personal loan lender in Baltimore, Maryland, is Truist. However, for those with good credit, the best lender is SoFi and for those with bad credit, the best is Upstart. For debt consolidation, the top option is Upgrade, whereas, for home improvement loans, our first choice is Best Egg.
The lowest interest rate personal loans in Baltimore can be found at Upstart. Well-qualified borrowers with Upstart can obtain a personal loan with an APR of as low as 3.22%.
Among the common reasons for taking out a personal loan are vacation expenses. However, not all lenders allow their loans to be used for any purpose. Find out if your personal loan has any restrictions on how you may use it.
Home renovations can usually be funded with personal loans. To make sure there are no restrictions in place, ask the lender.
You can use a personal loan for almost anything. There may be limitations on what you can use the loan for, depending on the lender. A lender may prohibit using their loans for refinancing mortgages or other loans, paying for educational expenses, making business purchases, buying bonds or securities or engaging in illegal or gambling activities.
For personal loans in Baltimore, each lender has a different maximum amount that may be borrowed. Depending on the lender, you may qualify for a loan between $1,000 and $100,000.
The total time it takes for your Baltimore personal loan to be funded varies according to your lender. Processing a personal loan can take anywhere from a day to a week, depending on the lender.
Prepayment penalties may apply if you pay off a personal loan before the end of its term. Many lenders, however, do not charge a penalty for early payments. You can find more information by contacting the lender or reading the loan agreement.
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.
sources
- Best Egg. "Personal Loans." Accessed June 15, 2022.
- SoFi. "Disclosures & Disclaimers." Accessed June 15, 2022.
- Truist. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "Personal Loans." Accessed June 15, 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
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