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Christine Tait

Last updated: 8/2019

Find the Best Personal Loan for Your Needs

A personal loan has become a simple and easy way for people to get the cash they need during unexpected emergencies or to pay off high-interest debt they have accrued. With that said, personal loans can also be used for wedding preparations, home repairs, and even family vacations. With a great standing credit score, you can get the personal loan that is best suited for you.
  1. Secured Loan – A loan that requires collateral for approval. This is normally for loans above $25,000 and is used as a method to ensure payment for risky loans.
  2. Unsecured Loans – A loan that does not require collateral. However, if you are late on the loan it will still affect your credit score drastically.
  3. Credit Score – Your overall score according to the three main credit bureaus depending on your financial history.
  4. Interest Rate – The amount of money you will pay monthly alongside your minimum payment for your personal loan.
  5. Gross Income – Your income before taxes.
  6. Total Amount Repayable – The capital amount borrowed with the interest charged.

Know Your Credit Score

Once you have become acquainted with the terms used during personal loans, it is time to check your credit score.

Why is check your credit score important?

Checking your credit score gives you a bit of insight as to what the lender will see when you apply for a personal loan. It also provides an opportunity to dispute any discrepancies and better prepare yourself when looking for the best possible lender. It is always best to look for lenders that work with your credit score average. In Baltimore, there are many personal loan lenders that work with your credit score, whether they are credit unions, banks, or private lenders.

Shop Around for The Best Lender

When shopping around for the best lender, look for the following:

  • Interest rates
  • Fees
  • Terms and conditions
  • Reviews
  • Physical address

Shopping around for the best personal loan is as equally important as shopping for a mortgage. The reason being that a personal loan with high interest and many fees can harm you in the long run and leave you feeling burdened. Therefore, it is always best to look for the top lenders in your area and what they offer.

 

Are Payday and Title Loans the Same as Personal Loans?

No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it’s a longer installment option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.

Personal Loans in Baltimore

Personal Loans in Baltimore,Maryland
Map data © 2019 Google.

Mariner Finance

1157 Merritt Blvd, Dundalk, MD 21222, USA
(410) 288-2958
https://www.marinerfinance.com
4.2 / 5 Stars

OneMain Financial

403 Frederick Rd, Catonsville, MD 21228, USA
(410) 747-2111
https://www.onemainfinancial.com
4 / 5 Stars

Lendmark Financial Services LLC

1401 Merritt Blvd # B2, Dundalk, MD 21222, USA
(410) 282-4472
http://www.lendmarkfinancial.com/
4 / 5 Stars

EZ Money Lending Company

825 N Charles St, Baltimore, MD 21201, USA
(410) 727-5926
No website found
5 / 5 Stars

Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.


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