Secretary at a glance
- Population: 469 people, the 127th-largest place among Maryland's 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 470 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 0.2% below the 2020 Census base (US Census Bureau).
- Rank among Maryland places: 127th out of 157 Census places (US Census Bureau).
- Size percentile: it is larger than about 19% of the places in Maryland (US Census Bureau).
- Coordinates: latitude 38.6082, longitude -75.9470 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Hurlock, MD (4 mi); Trappe, MD (7 mi); Preston, MD (7 mi); Cambridge, MD (8 mi); Federalsburg, MD (11 mi) (US Census Bureau).
- Smaller towns nearby: East New Market, MD (2 mi); Eldorado, MD (9 mi); Brookview, MD (9 mi) (US Census Bureau).
What a personal loan costs in Secretary
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Maryland lending rules that apply in Secretary
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 Secretary
These steps are the ones that most affect the offer you receive in Secretary:
- 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.