Are you looking for personal loans in Maryland? You’re not alone. Personal loans are a financial resource used by people of all income levels. For some, a loan can put them in the car or home of their dreams. For others, a small short-term loan can fill the financial gap between two paychecks. 

If you’re wondering if you can borrow money with bad credit, we’re here to tell you that you can! But to find the perfect personal loans in Maryland, you need to know where to look and what to watch out for. Are you ready to get to the bottom of your financial problems? Then let’s talk about personal loans in Maryland! 

Maryland: The Basics 

Maryland is a state in the American Mid-Atlantic region. For centuries, the area was home to Algonquin, Iroquois, and Siouan tribes members. When Europeans settled, the land was organized into one of the original Thirteen Colonies by George Calvert, a British noble known as the 1st Baron Baltimore. After the American Revolution, the colony became the 7th state admitted to the new nation in 1788. 

Maryland is home to over 6 million people, making it the 18th most populous state in the country. It is a small state, but its proximity to the nation’s capital (Washington, D.C) and early settlement has made Maryland a densely populated state for much of its history. 

10 Largest Cities in Maryland:

  1. Baltimore
  2. Columbia  
  3. Germantown  
  4. Waldorf  
  5. Silver Spring
  6. Frederick
  7. Ellicott City
  8. Glen Burnie
  9. Gaithersburg
  10. Bethesda

What Is a Personal Loan? 

A personal loan can assist with a wide range of expenses. Many personal loans are installment loans, which you repay in a series of fixed monthly payments. These payments (or installments) are typically due once a month. 

Types of Personal Loans

In Maryland, you can get a personal loan that is secured or unsecured. The difference between these two types of loans comes down to the need for collateral. Collateral is something that a borrower gives to a lender to guarantee the loan. Collateral can include property, vehicles, or savings accounts.

What Is a Secured Loan? 

A secured loan is a loan that requires collateral. Your car or house is the collateral for secured loans like auto loans and mortgages. While secured loans can have lower rates, they increase your risk. If you default on your loan, your lender can take your property and sell it to recoup the money lost. 

What Is an Unsecured Loan?  

With unsecured loans, you don’t put up any collateral. Unsecured loans depend on your creditworthiness, which lenders use to gauge your ability to repay a loan. Examples of unsecured personal loans include student loans and credit cards. Only people with good credit scores had access to the best personal loans in the past. Now, many online lenders consider other things like payment history and income, which can establish you as a dependable borrower. 

Personal Loans and Your Credit Score

It’s no secret that your credit score plays a significant role in determining things like your personal loan options. Your credit score is a number that gives lenders a glance at how likely you are to repay a personal loan. Credit scores are based on your past financial behavior and used by lenders to predict your future behavior. 

Where Do Credit Scores Come From? 

Credit scores are a part of your credit report. Your credit report summarizes your financial behavior with your lenders and creditors. This information is compiled into reports by credit bureaus—financial agencies that monitor consumer behavior. Three major credit bureaus report on Americans: Experian, TransUnion, and Equifax. They create credit reports based on the five factors below: 

Payment History 

Payment history is a record of any late payments. When a bill is overdue, your lenders or creditors can send that information to the credit bureaus that use that information to calculate your credit score. Your payment history has the most weight in determining your credit score. It is a clear indicator of your ability to repay your debts on time. Because payment history is so important, it can help you get approved for a loan, even if you have bad credit! The best financial habit you can build is to pay your bills on time.   

Credit Utilization 

Credit utilization measures how much of your available credit you are using.  The line of credit you get with a credit card allows you to borrow up to a certain amount. Your balance determines your credit utilization. Let’s say you have a balance of $50 on a credit card with a $500 limit. That makes your credit utilization 10%. 

Credit History 

All of your credit accounts make up your credit history. Having a long history with accounts in good standing is excellent for your credit score. Potential lenders will know how long you have been managing credit to gauge the likelihood that you will continue that behavior.

New Credit 

When you apply for a loan or a line of credit, many lenders will pull up your credit report with any number of credit bureaus. Each of those instances is known as a hard inquiry into your credit. A potential lender could see multiple hard inquiries on your credit report as a signal that you are in too much financial trouble—and not a good candidate for a personal loan. 

Credit Mix 

Managing different types of credit—like a credit card and a personal installment loan—can show lenders that you are responsible enough to take on additional debt. Your credit mix can show lenders how you maintain your credit and what kind of borrower you may be. 

Credit Score Range 

After reviewing all the data on the determining factors, credit bureaus create their reports and calculate your credit score. Most scores range from 300-850: 

300-579: Poor
580-669: Fair
670-739: Good
740-799: Very Good
800-850: Excellent

If you have good-to-excellent credit, the chances are high that you will find a loan with low interest. But what if your credit score is less than perfect? For a borrower with poor-to-fair credit, your search for the best personal loan may steer you away from banks or credit unions. 

Maryland Personal Loans: Where To Find Them


A bank offers personal loans that can link to checking accounts for electronic payment.  In addition to loans, banks can also offer lines of credit in the form of credit cards or home equity loans. 

Credit Unions

A credit union is a private financial group that offers services to its members. People who go to a credit union can get all of a bank’s services, which includes personal loans. Credit union members can sometimes find personal loans at lower rates than other financial institutions. Because credit unions are nonprofit organizations, they are less concerned with profits.

Online Lenders

You can find a large variety of online personal loans. These private lenders can provide quick cash loans to people who need money as soon as possible. Online lenders provide loans for people with bad credit who can’t get approved for a loan at a traditional bank.

The Cost of a Personal Loan 

A personal loan can be a lifesaver, but it isn’t free money.  Not only do you have to repay the loan, but you are also responsible for the fees that come with the privilege of borrowing money. Every loan will have some combination of these standard loan fees:  


Interest is the most well-known loan fee. The interest on a loan is a percentage of the principal the lender charges you for their service. If you borrow $100 at 10% interest, you owe the lender $110. When you repay the loan plus interest, the lender makes a $10 profit. When you get an installment loan, you pay interest as part of each monthly payment. 

Annual Percentage Rate (APR) 

The annual percentage rate is the interest on a loan generated in a year. It considers the amount of interest you pay with every monthly payment and rolls it up in a number that provides a cost overview of the loan. APRs are generally fixed for secured loans but can fluctuate with unsecured loans. 

Loan Origination Fee 

Many loans come with an origination fee to cover things like paperwork preparation, credit checks, other administrative costs associated with establishing and distributing your loan. Not every lender charges an origination fee. Mortgages are the most common types of loans that come with origination fees. 

What Are the Best Personal Loans for You?

There are many personal loans out there, but which one should you choose? The best personal loan for anyone is an affordable loan with manageable monthly payments. To discover that loan, you just need a little research and planning. 

Do your homework and find out what your loan options are. Many online resources are available to help you find potential loans based on your need. Of course, searching online is a great place to start, but close friends and family who struggled financially in the past can also refer you to a lender that worked for them.  

If you’ve got your sights set on a particular personal loan, find out if there are any restrictions on how you can use the money. For example, some loans—like a debt consolidation loan—are available for borrowers for a specific purpose. If you want to buy a car, you should look for an auto loan. If you want a loan to make home repairs, you may consider a home equity loan.  

Figure out your actual personal loan costs by calculating loan interest yourself, and get the bottom line on the additional fees that come with personal loans. You may need to read all the fine print, but knowing the ins and outs of a personal loan can help you save money in the long run. 

Need a Personal Loan in Maryland? Choose CreditNinja! 

Are you looking for the best personal loans for you in Maryland? Do you need to make a big purchase now—or get help paying for one you’ve already made? Whatever the reasons for your personal loan, CreditNinja has the options for Maryland residents to tackle just about any financial issue.   

A 100% Online Lending Journey 

You don’t have time to make an appointment at a bank or sit on the phone with a personal loan advisor. With just some basic personal information, a bank account, and a few minutes, you can get on your way to finding a CreditNinja loan that works for you. 

Clear Loan Terms 

When you get a CreditNinja Loan, you know what you’re getting into. Your loan agreement is important. And with CreditNinja, you’ll know exactly what you need to repay and when it’s due. 

Customer Service … That Serves Customers! 

Your CreditNinja loan isn’t a business transaction—it’s a partnership. That means that our Customer Care Team is here to give you the answers, support, and assistance you need. From the beginning of your loan to the final payment, we’ve got you covered. 

Personal Loans Designed With You in Mind 

CreditNinja has personal loans in Maryland available right now. If you’ve got a need, we’ve got a solution ready for you. Apply now, or contact us for more information. 

What our borrowers are saying

  1. How to Apply for a Personal Loan | Investopedia
  2. 10 Tips for Finding Your Best Personal Loan | Experian
  3. Maryland Census 2020 |

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.