Find the Best Personal Loans in Baltimore, MD

How to choose a personal loan company in Baltimore

Baltimore borrowers most commonly take out personal loans to pay down credit cards, consolidate debt or remodel homes. But personal loans can be used for pretty much anything, including moving, medical bills, a wedding or vacation.

Personal loans have other benefits. If you have good enough credit, it’s possible to borrow thousands of dollars, and many loans are unsecured, or don’t require the borrower to put up collateral like a car or home.

There are different types of personal loans in Baltimore. A personal loan is either secured or unsecured and has either a fixed or variable interest rate. Loan terms, or the amount of time you have to repay the loan, usually run from one to five years.

Personal loans in Baltimore are available from online lenders, banks and credit unions.

With any type of lender, the higher your credit score, the better chance of getting the loan terms you desire. One of the first things to do is check your credit report to make sure it is accurate. Your credit score is based in part on your credit report.

The application process may vary slightly from lender to lender. Make sure you have ready your ID, Social Security number, proof of income (like a pay stub) and proof of address (like a utility bill).

Compare different offers for the total cost of the loan, including interest and any charges like an application fee, origination fee or penalties for late payments or prepayment.

Before you sign, review the terms carefully. Federal law requires lenders to clearly show a borrower all fees due over the life of the loan. After the loan is finalized, expect funds to be available for use within 48 hours.