Leonardtown at a glance
- Population: 4,974, the 46th-largest community in Maryland out of 157 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 4,563 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 9.0% higher than at the 2020 Census (US Census Bureau).
- Rank among Maryland places: 46th in population of 157 places (US Census Bureau).
- Size percentile: larger than about 71% of the Census places in Maryland (US Census Bureau).
- Coordinates: 38.3039, -76.6397 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: La Plata, MD (24 mi); Chesapeake Beach, MD (27 mi); Cambridge, MD (35 mi); District Heights, MD (41 mi); Dumfries, VA (41 mi); US Census Bureau population estimates.
- Smaller places nearby: Montross, VA (17 mi); Eagle Harbor, MD (18 mi); Colonial Beach, VA (19 mi), per US Census Bureau estimates.
What a personal loan costs in Leonardtown
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Maryland lending rules that apply in Leonardtown
The sourced rows below are the rules a licensed lender must follow when lending in Maryland, and therefore in Leonardtown.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Leonardtown
These steps are the ones that most affect the offer you receive in Leonardtown:
- 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.