Elkton at a glance
- Population: about 15,968, 18th by size in Maryland of 157 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 15,822 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population rose about 0.9% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Maryland places: the 18th-largest of 157 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 89% of the places in Maryland (US Census Bureau).
- Coordinates: it sits at 39.6058, -75.8217 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Newark, DE (6 mi); Middletown, DE (13 mi); Wilmington, DE (18 mi); Aberdeen, MD (20 mi); West Chester, PA (27 mi) (US Census Bureau).
- Smaller places close by: Chesapeake City, MD (5 mi); North East, MD (6 mi); Charlestown, MD (9 mi) (US Census Bureau).
What a personal loan costs in Elkton
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Maryland lending rules that apply in Elkton
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Elkton
Here is a short checklist for comparing personal loans in Elkton:
- 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.