What Is a Personal Loan?
Personal loans are a type of installment loan borrowers can access from a bank, credit union, or direct lender online. When approved for a personal loan, borrowers receive a lump sum payment which they pay back over several weeks or months.
Personal installment loans often provide flexible terms, a competitive interest rate, same-day funding, making them a popular choice for many borrowers in Baltimore.
What Are The Types of Personal Loans You Can Get in Baltimore?
Different types of personal loans available in Baltimore, MD include bad credit loans, installment loans, and short-term personal loans. There are strict laws in place regarding payday loans and similar products, protecting vulnerable borrowers from the predatory lending practices often found with these types of loans.
Bad Credit Loans
Bad credit loans can come in the form of personal loans or short-term installment loans. Baltimore residents often use bad credit loan funding to pay off debt, cover financial emergencies, or to pay for unexpected expenses.
Payday Loans
Online payday loans are high-interest, high-fee loans that usually come with extremely short repayment terms. Due to the tendency of these loans to leave borrowers in a cycle of debt, payday loans are illegal in the state of Maryland.1
No Credit Check Loans
No credit check loans are loans where the lender performs a soft credit check instead of a hard credit inquiry during the approval process. It’s important to remember that lenders will most likely always check your credit in some form before they approve you for a loan, even if they claim to offer “no credit check loans.”
Cash Advance Loans
Online cash advance loans are similar to payday loans, in that they have high interest rates, short repayment terms, and are notoriously expensive and stressful to pay off. Borrowers can also access cash advance loans via a line of credit, but note that interest rates are often higher for credit card cash advances compared to standard purchases.
Baltimore, MD Installment Loans
Baltimore residents often turn to installment loans because the come with perks like:
- Loan amounts ranging from a few hundred to a few thousand dollars.
- Fixed interest rates which keep payments predictable.
- Flexible repayment terms that work with your budget.
- No prepayment penalty fees.
- Online applications and loan management from any computer or smartphone.
Baltimore Installment Loan Rates
Let’s take a look at a few quick loan examples for Maryland residents. Below is what the monthly payment may look like for a $500 loan with a 35.99% APR paid off in 4, 8, 12, and 24 months.
| Term Length | APR as low as | Monthly Payment |
| 4 | 35.99% | $134.51/month |
| 8 | 35.99% | $71.23/month |
| 12 | 35.99% | $50.23/month |
| 24 | 35.99% | $29.52/month |
Can You Get a Bad Credit Loan In Baltimore?
Yes! Bad credit borrowers in Baltimore, MD can access fast cash via bad credit loans, installment loans, and personal loans. Basic eligibility requirements include:
- Proof of ID (Driver’s license, passport, state-issued ID, etc.
- Proof of income (Bank account info, paystubs, tax documents, etc.)
- Bank account (So you can receive funds via direct deposit)
There are even lenders who specialize in lending to borrowers with poor or no credit history, but keep in mind the maximum loan amount may be low. As you pay off debt and improve your credit history, you’ll be qualified for higher loan amounts and lower rates in the future.
What Can You Use An Installment Loan In Maryland For?
Some common reasons people in Maryland take out installment loans include:
| Home Improvement Finish home improvement projects or take care of sudden repair needs. | Credit Card Debt Consolidation Combine multiple credit card balances into one easy payment. | Medical Costs Take care of medical bills and costs without worrying. |
| Car Repairs Pay for car repairs and maintenance upfront. | Life Events Funerals, sudden travel needs, pop up expenses. | Other Emergency Expenses Accidents, unexpected expenses, and other financial emergencies. |
How Baltimore Loan Options Work
Here’s how credit approval works for most unsecured personal loan products in Baltimore.
| Apply Online Fast & Easy Apply online and get a free estimate. | Income Verification The lender will confirm your income and bank account information. | Same-Day Availability After you sign your contract, your lender will send your approved loan funds. |
Top Maryland Loan FAQs
What is an installment loan?
Installment loans are a type of funding where borrowers receive a single lump sum payment, and then repay the balance (plus interest and fees) over the course of several weeks or months, depending on the loan terms. People often use installment loans for everything from unexpected expenses, to medical bills, and even debt consolidation.
How much can I borrow with a personal loan with bad credit?
Loan amounts for bad credit loans depend on several factors like income, collateral, the lender, and the borrower’s financial history. Generally, loan amounts range from a few hundred dollars to a few thousand.
What are the eligibility requirements?
Eligibility requirements for most personal loans in Maryland include being at least 18 years old with proof of ID and having a source of recurring income. Some lenders may also require borrowers to have an active bank account and meet certain credit score criteria.
How quickly can you get funding from a personal loan?
Most personal loans are funded within a few hours, or as soon as the next business day following approval. Borrowers have the best chance of accessing same day quick loans by applying in the morning on a weekday and having their documents (ID, bank account info, etc.) ready to go.
References:
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.