Requirements for a Maryland Installment Loan
The specific requirements may vary per lender, but you’ll generally need the following:
- Age of 18 and above
- Steady income
- Active bank account for loan deposits and repayments
- Maryland residency
Installment Loans in Maryland Briefly Defined
Maryland installment loans offer a flexible way to borrow money. After all, you repay the loan in fixed monthly installments, making budgeting and repayment predictable.
Maximum Amount You Can Get From Maryland Installment Loans
The maximum loan amount you can get with a Maryland installment loan varies depending on the lender and your creditworthiness. However, loan amounts typically range from $1,000 to $5,000.
Maryland Installment Loan Interest Rates
Installment loan interest rates in Maryland vary widely, ranging from around 5.99% to 35.99%. This is because most lenders set their rates within the limits set by Maryland law.
Can You Get an Installment Loan With Bad Credit
Yes, while bad credit can make it more challenging, some lenders in Dundalk, Maryland consider alternative factors like income stability when evaluating applications for bad credit loans.
How to Get an Installment Loan With Our Third-Party Lenders
Fill out a quick inquiry form on our website, and we’ll connect you with a network of trusted lenders who’ll check if they can accommodate your request.
When they contact you with an offer, you can accept or reject it. If you accept it, you can directly start the application process with them.
Installment Loan Laws in Maryland
Maryland protects borrowers with laws capping interest rates on loans. This prevents predatory lending practices like online payday loans with excessive fees.
Maximum rates depend on loan size — for instance, you can expect to get a rate of 33% for loans under $1,000, 24% for loans between $1,000 and $6,000, and generally 24% for larger loans.
Conclusion
Don’t let unexpected expenses derail your financial goals in Dundalk, Maryland. Installment loans can be a bridge to get you back on track quickly.
Our network of lenders offers installment loans for bad credit in Dundalk — with quick cash you can get in as fast as one to two business days. Start the process online today and see if you qualify!
FAQs
This FAQ section provides quick answers to some of the most common questions regarding online installment loans in Dundalk, Maryland.
Installment loans encompass a variety of loans repaid in fixed installments over a set term. Car loans, mortgages, and furniture loans fall under this category.
The key feature is the predictability of knowing exactly how much you’ll pay each month and when the loan will be repaid in full.
In Maryland, you can get no more than 5 installment loans annually — however, loan companies might have different limits.
Too many online personal loans can hurt your credit history and make it harder to get loans later.
Some ways to pay off installment loans are:
Having an extra (temporary) stream of income
Temporarily cutting costs
Making extra payments, if possible
Splitting your monthly payment in half and paying every two weeks
