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Find the Best Personal Loans in Baltimore, MD

When Baltimore residents need quick access to money for home repairs or consolidating high-interest debt, they can turn to personal loans. The Baltimore Sun has partnered with ConsumerAffairs to create this guide by comparing customer reviews, loan amounts and local availability of more than 25 businesses and choosing six favorites from the top personal loan companies in Baltimore.

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Compare Baltimore Personal Loan Companies

Choosing a personal loan company in Baltimore

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When you take out a personal loan in Baltimore, you can use the funds for just about anything, then pay them back over time with interest. If you are considering one of these loans, it’s important that you do your research on each lender.

Minimum and maximum loan amounts

Personal loans in Baltimore usually range from $1,000 to $50,000. If you know how much money you need, make sure the amount falls within the lender’s minimum and maximum loan amounts.

Repayment term lengths

Personal loan terms normally range from one to five years but can be shorter or longer. Ask a lender about its different terms lengths and which you qualify for. Remember, longer terms generally have lower monthly payments but higher interest rates and greater total loan cost.

Credit score requirements

Credit score requirements vary from lender to lender. Having a FICO Score of at least 660 to 670 will give you access to more options and lower rates, but it’s possible to get a personal loan with a lower score. Check your credit report before applying for a personal loan to make sure the information in it is accurate.

Funding times

Some personal loan companies can get you money on the same day, while others take two to four business days to get through a process that includes application, approval and funding. Before applying, decide how fast you need the cash, and work with a lender that can get you money within that time frame.

Personal loan costs in Baltimore

When you take out a personal loan, you pay back the principal, or amount you borrow, plus interest. Personal loan interest rates range from 6% to 36%, depending in large part on your credit history: the better your credit history, the lower the interest rate you qualify for.

Some personal loan companies in Baltimore charge an origination fee, which covers the cost of processing your loan application. The origination fee ranges from 1% to 8% of the loan amount.

Other types of fees to be aware of when taking out a personal loan in Baltimore are late fees, which you owe if you fail to make a loan payment on time, and prepayment penalties, which some lenders charge if you pay off your loan early.

Baltimore personal loans FAQ

Can you get a personal loan with a credit score of 550?

You may be able to get a personal loan with a credit score of 550, but you will be paying much higher interest than borrowers with higher credit scores.

What's the minimum credit score for a personal loan?

Each company has its own credit score requirements. A FICO Score of 660 to 670 is recommended to have access to a variety of lenders and lower interest rates.

What should I look for when getting a personal loan?

Look for a lender with an easy application process, positive reviews from borrowers, the lowest interest rate, flexible terms and minimal fees.

Is it a good idea to take out a personal loan?

You can use a personal loan to borrow a large sum of money, spend it however you want and pay it back over time in predictable, monthly payments. The interest rate is often lower than it is on credit cards. But if your credit isn’t good or excellent, the loan will be expensive. Consider taking out a personal loan only if you need the money and can afford to repay the loan.

Does a personal loan hurt your credit?

The initial inquiry on your credit will lower your credit score, but your score will recover as long as you make on-time payments. Personal loans can help your credit by adding an installment loan to your credit mix and building payment history.

Should I take a personal loan to pay off credit cards?

Many Baltimore residents choose to take out a personal loan to consolidate their existing debt and lower their interest rate. A debt consolidation loan, a type of personal loan, combines all your debts into a manageable monthly payment. The longer loan term might mean you pay more in total interest, but if it means you won’t miss payments, it might be worth it.

Can you pay off a personal loan early?

It depends on the personal loan company and the terms of your loan. Check with your lender before taking out your loan if there is a prepayment penalty. If you already have a personal loan and are thinking of paying it back early, contact the lender first to learn if there is a penalty.

Does paying off a personal loan early help your credit?

Not necessarily. If you’re trying to establish or build credit, it often makes sense to keep the loan open and continue making on-time payments. Paying off a personal loan early is worth considering if you need to improve your debt-to-income ratio, are paying a high interest rate or already have a good credit mix. If you’re paying low interest, have only a few payments left or may need the cash for an emergency, consider keeping the loan open.

Baltimore personal loan company information

Personal Loan Pro

Personal Loan Pro can help you find a personal loan for just about any purpose, like consolidating debt, renovating a home or paying for a wedding. It asks a few questions, then shows you offers from one or more lenders. You can borrow from $1,000 to $50,000 at rates as low as 2.49% at the time of publishing. Personal Loan Pro is free to use, and checking offers doesn’t affect your credit score.

Personal Loan Pro

Liberty Lending Group

Liberty Lending Group is an online lender offering fixed-rate personal loans from $2,000 to $100,000. Funds are available in as little as 24 hours. Baltimore customers can check personalized rates with Liberty Lending Group with no effect on their credit score.

Liberty Lending Group

OneMain Financial

OneMain Financial provides Baltimore residents with fixed-rate personal loans from $1,500 up to $20,000 with terms ranging from 24 to 60 months. Funds are available as soon as the same day. There is no prepayment penalty. OneMain Financial has locations in Baltimore, Catonsville, Glen Burnie, Randallstown and Essex. Its Baltimore address is 7676 Belair Road, Baltimore, MD 21236.

OneMain Financial

Chesapeake Finance, LLC

Chesapeake Finance, LLC offers personal loans for Baltimore residents with less-than-perfect credit history. Customers can use funds for any purpose. Apply online using the credit application. Chesapeake Finance is located at 6759 Holabird Ave., Ste. A, Dundalk, MD 21222.

Chesapeake Finance, LLC

Atlantic Financial Federal Credit Union

Atlantic Financial Federal Credit Union personal loans have no application fee and don't require collateral. Terms last up to 60 months. Baltimore customers are able to apply online. Atlantic Financial Federal Credit Union is located at 40 Schilling Road, Hunt Valley, MD 21031.

Atlantic Financial Federal Credit Union

Mariner Finance

Mariner Finance offers secured and unsecured, fixed-rate personal loans from $1,000 to $25,000 for Baltimore residents. It takes about five minutes to complete an application, and customers typically get a response on the same day. Mariner Finance has a location at 6666 Security Blvd., Ste. 16, Baltimore, MD 21207.

Mariner Finance