Laurel at a glance
- Population: 29,400 (US Census Bureau, Vintage 2023 subcounty estimate), the 10th-largest of 157 places in Maryland.
- 2020 Census base: 30,068 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 2.2% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Maryland places: 10th of the state's 157 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 94% of Maryland's Census places by population (US Census Bureau).
- Coordinates: 39.0951, -76.8612 (US Census Bureau Gazetteer).
- Nearest larger cities: College Park, MD (8 mi); Bowie, MD (12 mi); Washington, DC (16 mi); Rockville, MD (16 mi); Gaithersburg, MD (18 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Greenbelt, MD (7 mi); Berwyn Heights, MD (8 mi); New Carrollton, MD (9 mi), each a US Census place.
What a personal loan costs in Laurel
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 APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Maryland lending rules that apply in Laurel
Each row below is a Maryland rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Laurel
These steps are the ones that most affect the offer you receive in Laurel:
- 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.