Baltimore at a glance
- Population: 565,239 people, the 1st-largest place among Maryland's 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 585,690 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 3.5% below the 2020 Census base (US Census Bureau).
- Rank among Maryland places: 1st out of 157 Census places (US Census Bureau).
- Size percentile: larger than about 99% of the Census places in Maryland (US Census Bureau).
- Coordinates: 39.3000, -76.6105 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Washington, DC (35 mi); Philadelphia, PA (93 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Laurel, MD (20 mi); Sykesville, MD (20 mi); Bel Air, MD (21 mi), each a US Census place.
What a personal loan costs in Baltimore
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Maryland lending rules that apply in Baltimore
The table lists the Maryland rules that apply to a loan made in Baltimore, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Office of Financial Regulation; Commissioner of Financial Regulation (Maryland Department of Labor) Source says: "is Maryland's consumer financial protection agency and financial services regulator" | Maryland Department of Labor as of 2026-09-16 |
| OFR consumer-loan interest-rate limits | 2.75%/month (33%/yr) on the first $1,000 of a loan ≤$2,000; 2%/month (24%/yr) thereafter and on loans over $2,000 Source says: "Maximum interest rate allowed by law is 2.75% per month or an annual interest rate of 33%" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 24% per year effective simple interest for qualifying loans (Md. Code Com. Law § 12-103(c)); otherwise 8% (written agreement) or 18% Source says: "a lender may charge an effective rate of simple interest not in excess of 24 percent per year on the unpaid principal balance" | Maryland General Assembly as of 2026-09-16 |
| Payday lending status | Regulated as consumer loans: licensing and statutory interest-rate limits apply to payday-style loans (OFR) Source says: "they are prohibited from charging or receiving an interest rate that is greater than authorized by the laws of this State" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Lender license required to make loans under the Maryland Consumer Loan Law (Com. Law § 12-301 et seq.) Source says: "A Consumer Lender is a business that makes any loan or advance of money or credit under the Maryland Consumer Loan Law" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
How to compare offers in Baltimore
The order below is a sensible way to approach a loan in Baltimore:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Maryland using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.