Fair to Bad Credit Loans in MD

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Last updated on August 20, 2018

Commentary is for informational purposes only. See legal disclaimers here.

Daily Maryland Borrower Credit Scores

Last 10 borrowers applying for a loan out of Maryland had the following credit scores. Source: WFL Lender Pool. Updated daily. FICO scores based on avg. from Transunion, Experian, and Equifax.

506 617 699 523 637 459 661 513 626 400

Maryland APR Reports (?)
Enter zip and your 3 digit credit score.

Maryland Usury and Regulations

Summary of Maryland Usury Law(s) / Quote: "Legal: 6% / Contract: 8%; any rate on commercial loans over $15,000 / Judgment: 10% / Corporate: Any rate allowed"

(WeFindLenders.com endeavors to include the most up to date legal data for Maryland, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Maryland, and/or contact the Maryland State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Maryland Usury Law Information:

Legal Maximum Interest Rates: Quote: "6% (Const. Art. III §57); up to 8% in written agreement (Com. Law §12-103)"

Usury Penalties: Quote: "Forfeit 3 times excess of interest and charges collected or $500, whichever is greater (Com. Law §12-114)"

Judgment Interest Rates: Quote: "10%; money judgment may carry contract rate until originally scheduled maturity date (Cts. & Jud. Proc. §11-106, 107, 301)"

Legal Exceptions: Quote: "Mortgage secured loans (Com. Law §12-103); unsecured loans secured by other than savings (Com. Law §12-103); installment loans not secured by real property (Com. Law §12-103); open-end retail accounts (Com. Law §12-506); installment sales contract for motor vehicles and other consumer goods (Com. Law §12-609, 610)"

Maryland Lenders By City

Baltimore MD / Frederick MD / Rockville MD / Gaithersburg MD / Bowie MD / Hagerstown MD / Annapolis MD / College Park MD

Complaints to:

Maryland Office of Commissioner of Financial Regulations / Maryland Complaint Process

Physical Address: Commissioner of Financial Regulation / Attention: Consumer Services Unit, 500 North Calvert Street, Suite 402, Baltimore, Maryland 21202 / Email to: DLFRComplaints-DLLR@maryland.gov / Fax: 410-333-3866 or Phone: 410-230-6100 or 888-784-0136

Maryland Lender Service Areas Map

Maryland Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


Baltimore County Employees FCU
23 W Susquehanna Ave Towson
MD 21204 - www.bcefcu.com
410.828.4730

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Central Credit Union
8501 Lasalle Rd #101, Baltimore
MD 21286 - www.ccumd.org
410.828.4500

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Johns Hopkins FCU
2027 E Monument St, Baltimore
MD 21287 - www.jhfcu.org
410.534.4500

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Post Office Credit Union of MD
900 E Fayette St #606, Baltimore
MD 21233 - www.pocumd.org
410.727.5469

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SECU Credit Union
418 W Baltimore St, Baltimore
MD 21201 - www.secumd.org
800.879.7328

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Securityplus FCU
4470 W Northern Pkwy, Baltimore
MD 21215 - 410.281.6200
www.securityplusfcu.org

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NASA FCU
6490 Dobbin Rd L, Columbia
MD 21045 - www.nasafcu.com
888.627.2328

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Tower FCU
9021 Snowden Square Dr, Columbia
MD 21046 - www.towerfcu.org
301.497.7000

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APL FCU
11050 Johns Hopkins Rd, Laurel
MD 20723 - www.aplfcu.org
240.228.5250

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Howard County Education FCU
3454 Ellicott Center Drive
#104 Ellicott City
MD 21043 - 410.461.2257
www.hctafcu.org

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Bad Credit Loan Form for Maryland

Fast Loan Pre-App Method
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Learn about GAP (Gift Angel Program)

 

Signature Loan Example In Maryland

Luis is an amateur photographer. He spends a lot of time and money travelling to various locations to take photos and experience things that many of us only ever see in photos and videos.

He is limited to how much he can travel of course due to his full time job working for the government. He has well paid job and can afford his expensive hobby.

Recently he was approached by a friend who is planning to take a trip into the Canadian Artic to photograph polar bears in their natural habitat.

He really would like to go, but this trip is very expensive and he will need to apply for a loan if he is going to go. He needs warmer clothing than what he currently has and he wants to purchase a special lens for his camera.

The big expense of course is the trip. They spend three days in a tracked caboose roaming the artic.

Everything they will need including sleeping and eating will be in this caboose. It is quite large and a double decker with clear 180 degree windows for maximum viewing.

The number of people it can handle is limited which also accounts for the higher price of the trip. He really would like to go with his buddy but he will need a loan if he is going to go.

There are people who are very wealthy who travel around the world on these kinds of trips to gain the maximum experience they can.

Luis is not in that category and he knows this trip will provide an opportunity for him to interact with people who have had many experiences that he can only dream about.

He needs a loan of $12500 which he plans to repay over three years.

A $12500 loan with a 3 year term and 4.65% interest rate for Luis would cost him the following per month:

• Loan Amount (principal) = $12500
• Interest Rate = 4.65%
• Term Length =3 year
• Monthly Payment = $372.68
• Total Paid Back = $13416.30
• Total Interest = $916.30

Luis should have no problem with the approval of this loan. He works for the government, has great benefits and has the standard debt for most consumers.

A car loan and a mortgage with some credit cards. He does not carry a balance on the credit card accounts.

He is well below the 35% level that many lenders look for when they approve a loan.

This loan monthly payment will bring him up to 30% of his monthly income which is a reasonable level.

He is really quite excited about this trip. He plans to repay the loan in two years even though he has requested a 3 year term. He hopes to be able to cash in an investment next year and use it to repay the loan.

Should his plan change, there is no problem? With the three year term, he can more than manage the monthly payments with his current salary.

His wife is also planning to return to work which will put them in an even better situation financially.

If you live in the State of Maryland and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in MD

Last 5 debt service loans approved in the State of Maryland. Source: WFL Lender Pool. Updated daily. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$5000 $60000 $45000 $15000 $10000

10.85% 8.77% 8.44% 10.19% 5.22%

Debt Consolidation Providers In MD

Maryland Debt Consolidation Loan Providers - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.

Baltimore Debt Help & Consolidation
1 South St Baltimore
MD 21202 - 410.779.3613

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Debt Settlement Group Inc
13017 Wisteria Dr, Germantown
MD 20874 - 800.395.5353
www.debtsettlementgroup.com

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A American Debt Consolidation
Capitol Heights, MD 20743
301.808.0270

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A American Debt Consolidation
8670 Georgia Ave
Silver Spring, MD 20910
301.495.3314

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Fort Meade Community Credit Union
1179 Annapolis Rd, Odenton
MD 21113 - 410.551.4478

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Navy Federal Credit Unions
825 Bestgate Rd, Annapolis
MD 21401 - 888.842.6328
www.navyfederal.org

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NIH Federal Credit
2003 Medical Pkwy #350
Annapolis, MD 21401
www.nihfcu.org
301.261.8931

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Destinations Credit Union
8767 Satyr Hill Rd, Parkville
MD 21234 - 410.663.2500
www.destinationscu.org

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Baltimore County Employees FCU
6535 N Charles St, Baltimore
MD 21204 - www.bcefcu.com
410.828.4730

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APGFCU - Administrative Office
1321 Pulaski Hwy, Edgewood
MD 21040 - www.apgfcu.com
800.225.2555

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Freedom Federal Credit Unions
5002 Hoadley Road Gunpowder
MD 21010 - 800.440.4120
www.freedomfcu.org

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MD Debt Consolidation Application Form

Maryland Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Maryland

If you are looking at a debt settlement anywhere Maryland you can check the rules and regulation of the state here. It's a good idea to fully understand how these kinds of services work. A debt settlement will hurt your credit rating because you're not paying your creditors back in full.

If you're looking for consolidation then you're simply applying for a loan to pay off all your creditors at once - leaving you with one creditor and one payment whether it be biweekly or monthly.

Consolidation Loan Example in Maryland

Allie has a choice to make. She can either go to her parents and ask them for a loan or she can apply for a debt consolidation loan and pay interest on the loan.

She probably would not have to pay any interest to her parents if she borrows from them.

She knows her dad and he might not even ask her to pay it back. She really wants to be independent and also establish a more solid credit score.

She needs the money to consolidate several credit card debts and also purchase a few more things for small apartment.

She is going to apply for a $2500 loan, however she could use more than that, but she does not want to go any further into debt.

She will wait a few months until she has more money saved and then get what she needs.

This is her first time living on her own and her first time applying for a loan. Until recently she lived at home and only had these two credit cards.

Now she has to pay rent and utilities as well as a car loan. She can afford it all with the new job she has, but she now realizes she needs to manage her cash flow a little better.

She does not like owing any debts and this loan is really bothering her.

She needs $2500 and would like a two year term to pay it off. This way the monthly payments will be close to a hundred a month which she can easily afford.

A $2500 loan with a 2 year term and 6.59% interest rate for Allie would cost her the following per month:

• Loan Amount (principal) = $2500
• Interest Rate = 6.59%
• Term Length =2 year
• Monthly Payment = $111.47
• Total Paid Back = $2675.22
• Total Interest = $175.22

Allie is very independent. She gets that from her dad. She decided to apply for the loan and also to keep it at $2500. She can buy the other things she wants later when she can afford it.

There is also a birthday coming and Christmas is not too far away. Maybe some of her gifts will be for her new place.

Although she does not have a lot of credit history, her score is in good shape and will be even better once she pays off the credit card debt and pays down the loan.

As long as she does not miss any payments, her score will improve making the next loan easier to obtain and probably a more competitive interest rate as well.

Anyone who wants to improve their credit score should have several credit cards and keep the balances low.

Always pay all of your monthly payments on time including rent, mortgage, utilities, car loans, personal loans and credit card payments.

If you already have reports against your credit score, it could take anywhere from two years to as many as seven years before they are removed.

Always keep your credit utilization as low as possible. This demonstrates that you are managing your debt well.

If you live in the State of Maryland and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In MD

Maryland Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing amendment.

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Guidewell Financial Solutions
757 Frederick Rd Catonsville
MD 21228 - www.guidewellfs.org
800.642.2227

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SafeGuard Credit Counseling Service
500 N Calvert St #402, Baltimore
MD 21202 - safeguardcredit.org
888.784.0136

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Consumer Credit Counseling Services
1635 Ridgewood St #105, Annapolis
MD 21401 - 410.626.1003
usattorneylegalservices.com

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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