Trappe at a glance
- Population: 1,345, the 89th-largest community in Maryland out of 157 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 1,178 residents here (US Census Bureau).
- 2020 to 2023 change: population rose about 14.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Maryland places: 89th of the state's 157 Census places (US Census Bureau).
- Size percentile: it is larger than about 43% of the places in Maryland (US Census Bureau).
- Coordinates: mapped at 38.6635, -76.0519 by the US Census Bureau Gazetteer.
- Nearest larger cities: Cambridge, MD (8 mi); Easton, MD (8 mi); Hurlock, MD (10 mi); Federalsburg, MD (15 mi); Denton, MD (19 mi); US Census Bureau population estimates.
- Smaller places nearby: Oxford, MD (6 mi); Secretary, MD (7 mi); East New Market, MD (8 mi), per US Census Bureau estimates.
What a personal loan costs in Trappe
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Trappe
The table carries the Maryland rate and licensing rules that apply to consumer loans made in Trappe.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Trappe
The steps below are worth completing first when you borrow in Trappe:
- 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.