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LoanFAP is a direct lender serving Maryland residents, including Baltimore, Hagerstown, and Frederick. Apply online in minutes for a personal installment loan, get a decision the same business day, and repay on a fixed schedule you know before you sign.
Maryland installment loans at a glance: Personal installment loans are legal in Maryland and regulated by the Maryland Consumer Loan Law under MD Commercial Law Code § 12-306 (2025). You can borrow an amount set by your lender and repay over a term of up to 6 years, with rates capped at 33% on loans ≤$500; 24% on $501-$700; 15% on $701-$2000; 21% on $2001-$3500; 18% on $3501-$5000; 16.2% above $5000. There is no prepayment penalty, so paying the loan off early reduces what you owe, and lenders must disclose the full APR and payment schedule before you sign. Payday loans and title loans are prohibited in Maryland, so an installment loan is the regulated option for borrowing here.
Rules current as of July 2026.
Maryland caps APR in tiers by loan amount — the full schedule is in the table below.
Governing law: MD Commercial Law Code § 12-306 (2025)
Personal installment loans in Maryland are tiered by loan amount: 33% on principals up to $500, 24% from $501-$700, 15% from $701-$2,000, 21% from $2,001-$3,500, 18% from $3,501-$5,000, and 16.2% above $5,000 (MD Commercial Law Code § 12-306). The maximum loan term is 72 months and 15 days for loans of $2,000 or more.
Unlike flat-rate states, Maryland law sets different maximum APRs depending on how much you borrow. Smaller loans may carry higher rates; larger loans are typically capped at a lower APR. The table below reflects the statutory maximums — lenders may charge less.
| Loan Amount Range | Max APR | Statutory Basis |
|---|---|---|
| Up to $500 | 33% max APR | MD Commercial Law Code § 12-306 (2025) |
| $501 – $700 | 24% max APR | MD Commercial Law Code § 12-306 (2025) |
| $701 – $2,000 | 15% max APR | MD Commercial Law Code § 12-306 (2025) |
| $2,001 – $3,500 | 21% max APR | MD Commercial Law Code § 12-306 (2025) |
| $3,501 – $5,000 | 18% max APR | MD Commercial Law Code § 12-306 (2025) |
| Varies | 16.2% max APR | MD Commercial Law Code § 12-306 (2025) |
APR tiers set by Maryland law. Your exact rate depends on loan amount and lender.
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 33% | $379 | $1,379 |
| $5,000 | 24 months | 18% | $1,000 | $6,000 |
| $10,000 | 24 months | 16% | $1,800 | $11,800 |
Maryland law sets tiered APR caps based on loan amounts: 33% for loans up to $500, 24% for $501-$700, 15% for $701-$2000, 21% for $2001-$3500, 18% for $3501-$5000, and 16.2% for amounts above $5000, as per MD Commercial Law Code § 12-306 (2025). The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
Maryland residents should be aware that personal installment loan rates vary by loan amount, with APRs ranging from 16.2% to 33% depending on the principal (MD Commercial Law Code § 12-306).
Maryland law prohibits prepayment penalties on personal installment loans. Lenders must be licensed under the Maryland Consumer Loan Law. Consumers can verify lender licenses through the Maryland Department of Labor's licensee lookup.
Complaint Agency: Office of Financial Regulation (File a complaint)
Verify Lender License: https://www.labor.maryland.gov/finance/industry/licsearch.shtml
Understanding your repayment flexibility is important when choosing a personal installment loan in Maryland.
Maryland residents should be aware that payday loans are not legally available in the state due to strict interest rate caps. Always verify any lender's license before proceeding with a loan.
Payday loans in Maryland are regulated by the Maryland Commissioner of Financial Regulation under MD Comm L Code § 12-103.
Maryland law requires lenders to be licensed, ensuring consumer protection. For complaints or further information, residents can refer to the Maryland Commissioner of Financial Regulation's website.
Maryland Office of the Attorney General (file a complaint)
Check whether a lender is licensed in Maryland
Maryland law does permit other forms of consumer credit, including personal installment loans (governed by MD Commercial Law Code § 12-306 (2025)). Those are separate products with their own licensing and rate rules, and nothing on this page is an offer of a payday loan in Maryland.
Governing law: MD Comm L Code § 12-103 (2016)
Maryland residents should be aware that title loans are not available in the state due to strict interest rate caps and licensing requirements. For more details, refer to MD Commercial Law Code § 12-103.
Title loans in Maryland are regulated by the Maryland Commercial Law Code, which effectively prohibits them.
Maryland law restricts repossession practices, requiring a 10-day notice before repossession and allowing repossession only through legal process or self-help without force, as outlined in MD Commercial Law Code § 12-115. Consumers have a right to cure within 10 days.
Maryland law does permit other forms of consumer credit, including personal installment loans (governed by MD Commercial Law Code § 12-306 (2025)). Those are separate products with their own licensing and rate rules, and nothing on this page is an offer of a car title loan in Maryland.
Governing law: MD Commercial Law Code § 12-103, § 12-115, § 12-302
In addition to state law, six federal laws protect consumer loan borrowers in every state. These apply regardless of where you borrow or which type of loan you take.
| Federal Law | What It Means for You | Who It Covers |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | Applies to consumer credit including mortgages, credit cards, and installment loans. |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | Covers active duty service members and their dependents. |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | Applies to third-party debt collectors collecting consumer debts. |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | Applies to consumer reporting agencies and users of consumer reports. |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | Applies to all creditors in any aspect of a credit transaction. |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | Applies to all consumer financial products and services. |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Yes. Personal installment loans are legal in Maryland and regulated under MD Commercial Law Code § 12-306 (2025). Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
Maryland sets its installment loan rate ceiling by loan size rather than with one flat cap: 33% on loans ≤$500; 24% on $501-$700; 15% on $701-$2000; 21% on $2001-$3500; 18% on $3501-$5000; 16.2% above $5000 under MD Commercial Law Code § 12-306 (2025). Which tier applies depends on how much you borrow, and a lender may charge less than the maximum. The exact APR has to appear in your loan agreement before you sign.
Maryland allows personal installment loan terms of up to 6 years (2,190 days) under MD Commercial Law Code § 12-306 (2025). You repay in fixed scheduled installments rather than one lump sum, so a longer term lowers the monthly payment but increases the total interest you pay.
Yes, and without a penalty. Maryland law does not allow a lender to charge a prepayment penalty on a personal installment loan under MD Commercial Law Code § 12-306 (2025). Paying ahead of schedule cuts the interest you owe, because interest accrues on the balance you still carry.
Maryland sets specific rules for refinancing a personal installment loan under MD Commercial Law Code § 12-306 (2025): If the lender refinances a loan in the ordinary course of business, he may not add to the principal balance or deduct from the proceeds of the new loan more than 60 days’ interest then due. Refinancing restarts the interest on a new balance, so confirm the new total cost before agreeing to one.
Maryland requires consumer installment lenders to hold a state license under MD Commercial Law Code § 12-306 (2025), and publishes a licensee lookup at https://www.labor.maryland.gov/finance/industry/licsearch.shtml. Check the lender there before you share bank or Social Security details. An unlicensed lender operating in the state is not bound by these rate and fee limits.
No. Payday loans are prohibited in Maryland, and no licensed lender may offer one to a resident of Maryland. See the "Payday Loans Are Not Legal in Maryland" section on this page for what the law says and where to report a lender. Governing law: MD Comm L Code § 12-103 (2016).
No. Title loans are prohibited in Maryland, and no licensed lender may offer one to a resident of Maryland. See the "Car Title Loans Are Not Legal in Maryland" section on this page for what the law says and where to report a lender. Governing law: MD Commercial Law Code § 12-103, § 12-115, § 12-302.
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