Best Personal Loans in Maryland

Quick Look: The Best Personal Loans in Maryland

• Best for Comparing Rates and Offers: Credible
• Best for Unique Services: SoFi
• Best for Straightforward Service: Payoff
• Best for Quick Funding: Figure
• Best for Emergency Loans: Avant

It’s easy to find banks and credit unions that offer personal loans for debt consolidation or big purchases like cars, vacations, electronics, furniture or other items. 

Check out Benzinga’s guide to find the best personal loans from the best banks and credit unions in Maryland. 

Best Personal Loans in Maryland 

Numerous new lenders offer trustworthy, user-friendly online platforms to provide you with a unique option for your next personal loan. We’ve listed some online partners that provide personal loans. 

Credible

Credible’s inviting, user-friendly platform provides the biggest range of loan amounts on our list, from $1,000 to $200,000 per loan.

Credible offers transparency and awareness with its personal loans. You can compare rates, terms and fund amounts from top lenders.

Credible offers low APRs on terms ranging from 1 to 10 years. 

SoFi

SoFi uniquely provides simplicity and quality with access to services such as complimentary financial advice, member events and a top-notch referral program to fit your financial needs.

Though SoFi provides personal loans for the same uses as noted in the above descriptions, SoFi does not permit you to use them for purchasing real estate, business, postsecondary education or investments. 

Payoff

Simply put, Payoff is designed with getting you out of credit card debt in mind.

Payoff is a company that offers its signature Payoff Loan between $5,000 and $35,000 to reduce multiple high-interest payments into 1 low monthly payment.

A simple application process through Payoff includes checking your financial history, choosing your terms and verifying your personal information.

It doesn’t get much simpler than having fixed monthly payments designed to help you boost your credit score. 

Figure

Figure offers personal loans in an all-online format that allows Maryland residents to get started as quickly as possible. The firm offers competitive rates and quality customer service throughout the process, and they even offer gift cards to customers who refer friends and family to their personal loans department. So, if you have neighbors that need some financing, you might get a little of that cash back as a gift card.

Plus, Figure also offers:

• Financing up to $50,000
• Multiple fixed-term options
• Low fees
• Quick funding

Consider Figure when you want to take out a personal loan to address an emergent situation, unexpected expenses, medical debt, educational costs, etc. There’s less waiting around, and you can even earn a bit of that money back through referrals.

Avant

Avant is an online lender known for fast funding and low fees. When you apply with Avant, you can complete the entire process online, pay a low origination fee, never worry about a prepayment fee and manage your loan online. The website is easy to view even on a mobile device, and you can take advantage of:

• No collateral, unsecured financing
• An online loan eligibility calculator
• Loans that could be as high as $35,000
• A range of loan terms that suit your situation

With a great customer service team and available funding for any number of situations, you can turn to Avant in an emergency, get the money you need and deal with repayment after the fact. Maryland residents can use this platform to handle any expense that comes their way, from home improvements to emergencies, unexpected expenses, educational costs, debt consolidation, etc.

Personal Loan Considerations

What would fit your needs better — a secured or an unsecured loan? There’s an important distinction between them. Secured loans are backed by collateral, such as a car or savings account. If you fail to make payments on your loan, the bank or lender can seize your collateral asset. 

To avoid fraudulent lenders, it’s crucial to research specific names and institutions through the Consumer Financial Protection Bureau or the Better Business Bureau, especially when you’re researching online lenders. 

A lender can decide whether to approve you for an unsecured loan based on your credit score and income. When you apply for a personal loan, you’ll notice a hard inquiry noted on your credit report, which will usually last for about 2 years. If you’re comparing offers by applying to several lenders, make sure you do it within a period of a few weeks. Multiple hard inquiries over a few months to various lenders can leave a bad impact on your credit score, which will prevent you from taking out loans in the future. 

You may want to consider either a home equity loan or line of credit, a peer-to-peer loan from investors if you find the above considerations a bit restricting. 

A home equity loan is just like taking out a second mortgage. A home equity loan lets you use the equity you’ve built up as collateral in your home. In other words, your home is used as security to protect your lender if you’re unable to pay back the money you borrow and default on your loan. 

A home equity line of credit is also a type of second mortgage. You can borrow money against the equity you have in your house and receive the money as a line of credit. 

Peer-to-peer lending is a great option if you feel comfortable reaching out to investors. Though it's a longer process than signing on a personal loan from a traditional lender, peer-to-peer lending gives you more flexible payment terms and interest rates. All you have to do is send a couple of applications for investors to look over and consider and negotiations can start from there.

Personal Loans vs. Credit Cards

You may want to decide on a personal loan if you’re planning to make a larger purchase and prefer to pay it off over a longer period of time with low interest rates on payments. Many people use them to pay off credit card debt because of this convenience. 

Credit cards are great for regular use on smaller expenses and can help boost a lower credit score when used responsibly. However, credit card interest rates are sky high and usually have variable interest rates that can increase over time. Even fixed rates on credit cards can increase due to late payments or other penalties outlined in the contract. Always read your contract! 

In short, personal loans and credit cards both offer flexibility and that’s about where the similarities end. Credit cards involve a line of credit, whereas personal loans are fixed debt that you pay off in installments over a predetermined period of time.

Get the Right Personal Loan in Maryland

It’s important to keep yourself educated on all of the options and restrictions that come with getting a personal loan. APR, terms, origination fees and minimum credit score requirements are crucial to discuss with your lender. If you’re living in Maryland, there are plenty of options at your fingertips. 

Frequently Asked Questions