Find the Best Personal Loan for Your Needs
Maryland is a small state located in the Mid-Atlantic region of the United States. For its small size, Maryland is considered to be one of the wealthiest regions in the country because of its high median household income at $70,004. The state also enjoys low poverty rate at 7.8% but its unemployment rate at 6.6% is nothing to smile about.
Its largest city of Baltimore is beset with violence. You can see this in the show The Wire. Some people consider Baltimore a lost city.
One of the most important contributing factors to Maryland’s economy is its tertiary service sector of transportation. Other sectors include aerospace industries and bio-research labs located in Baltimore. Even the food production industry of Maryland is an important contributor to the state’s GDP. Other industries include fishing, manufacturing, tourism, and mining but this state is struggling and many jobs and businesses are leaving.
Despite being one of the richest states in US, Maryland has residents that have lower incomes and require financial assistance because of high taxes and leftist policies. The average credit score in Maryland is 687, ranking 30 out of other 50 states. Thanks to its decent credit rating, personal loan financing is a thriving market in Maryland. The top loan companies are advancing cash to people in need at rapid pace.
Personal Loans for Down Payment
Personal loans can be used for any number of reasons. It can be used as down payment for a new car, a new home or even business expansion. No matter what your reason is, quick and hassle free loan processing these days assure people of financial assistance when they need it the most.
Many people prefer to take out personal loans in addition to their home/car loans to make necessary down payments. The fixed repayment tenure and affordable APR make personal loans a valid option for borrowers.
Some residents in Maryland may even prefer to take out these unsecured loans to fulfill their immediate business needs. With so many industries thriving in the state, it is common for people to start new businesses or expand their existing ones. In an unpredictable business environment the need for cash can arise at any moment. These immediate cash flow needs can be satisfied comfortably by a personal loan.
Depending upon your requirement, you can take personal loan to pay off small debts, put a down payment for your house or car, clear the out of pocket medical bills, and repay the loan in convenient installments.
Best Banks for Personal Loans in Maryland
For your personal funding needs, the banks listed below offer great rates and service:
With Hamilton Bank, you can borrow anywhere from $5,000 to $25,000 with as long as a 60 months payment terms. There's also no prepayment penalty so you can pay amounts larger than your fixed monthly payment anytime.
TI Financial Services
Whether you have a high or low credit score, TI Financial Services will offer you reasonable rates for your personal loan as its goal is to assist their customers through their financial hurdles.
Mariner Finance has over 450 branches in Maryland and the rest of the United States. With tens of thousands of satisfied customers nationwide, you know you can never go wrong with getting a personal loan with them.
MECU of Baltimore
On its website, MECU has listed its existing rates for several types of loan products. Currently, their APR for personal loans is 9.49 percent.
Sandy Spring Bank
Sandy Spring Bank has been serving Maryland residents for over 150 years. With them, you can get a 0.25 interest discount if you opt autopay to pay back your personal loan.
While founded in Pennsylvania, People’s Bank also serves Maryland. It has been around since 1864, more than 150 years of dedication to its roots and to neighboring states.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you're absolutely sure you can pay it off quickly.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.