Fairmount Heights at a glance
- Population: 1,489 — 87th in Maryland, which has 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,522 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 2.2% below the 2020 Census base (US Census Bureau).
- Rank among Maryland places: the 87th-largest of 157 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 45% of the Census places in Maryland (US Census Bureau).
- Coordinates: mapped at 38.9016, -76.9153 by the US Census Bureau Gazetteer.
- Nearest larger cities: Seat Pleasant, MD (1 mi); Cheverly, MD (2 mi); Capitol Heights, MD (2 mi); Colmar Manor, MD (2 mi); Bladensburg, MD (3 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Cottage City, MD (3 mi); North Brentwood, MD (4 mi); Morningside, MD (5 mi), each a US Census place.
What a personal loan costs in Fairmount Heights
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Maryland lending rules that apply in Fairmount Heights
The Maryland rate caps and licensing rules that reach Fairmount Heights are listed below, each with its source and retrieval date.
| 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 Fairmount Heights
These steps are the ones that most affect the offer you receive in Fairmount Heights:
- 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.