Personal loans in Hagerstown, MD

Hagerstown, MD is a small city in Maryland with a Census-estimated population of 43,553, making it the 6th-largest of 157 places in the state. Its population was essentially flat between the 2020 Census base and the 2023 estimate. Borrowers in Hagerstown compare personal loans the same way borrowers do anywhere in Maryland: the lender prices the loan from your credit history, income and debt load, not from your city.

By the Loansloth Editorial Team · Last updated 2026-09-16

What is specific to borrowing in Hagerstown

Population: 43,553 (US Census Bureau, Vintage 2023 subcounty estimate) — the 6th-largest place of 157 in Maryland.
Population trend: Its population was essentially flat between the 2020 Census base and the 2023 estimate.
Size percentile: larger than about 96% of the Census places in Maryland.
Location: 39.6402, -77.7227 (US Census Bureau Gazetteer).
Nearest larger cities: Frederick (22 mi); Leesburg (38 mi); Gaithersburg (44 mi); Rockville (49 mi); York (57 mi). Larger metros often have more walk-in branches, but online lenders serve Hagerstown on the same terms.
Nearest smaller towns: Funkstown (2 mi); Williamsport (6 mi); Smithsburg (8 mi).

Maryland lending rules that apply in Hagerstown

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 a personal loan works in Hagerstown

A personal loan in Hagerstown 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. Because the payment is fixed, the total cost is predictable up front — which is the main advantage over a credit card, where the balance revolves and the payoff date is open-ended. The two numbers that matter are the APR (which includes fees, not just interest) and the term. A longer term lowers the monthly payment but raises the total interest you pay.

Before you apply in Hagerstown

Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
Run the numbers with our personal loan calculator so you know the payment before a lender tells you.
Pre-qualify with at least three lenders and compare the APR, not the interest rate.
Check the lender is licensed in Maryland using the regulator listed above.
Read the disclosure for origination fees and any prepayment penalty before you sign.

Compare personal loan offers Run the numbers first

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Frequently asked questions

Can I get a personal loan with bad credit in Hagerstown?

Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Hagerstown are the same as elsewhere in Maryland.

How much can I borrow with a personal loan in Hagerstown?

Most personal loans range from about $1,000 to $50,000, but the amount you are approved for depends on the lender and your income and credit. Use our personal loan calculator to model the payment before you apply.

Does a personal loan in Hagerstown require collateral?

Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.

Will shopping for a loan in Hagerstown hurt my credit?

Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Funkstown, MD — population 852
Williamsport, MD — population 2,086
Boonsboro, MD — population 3,823
Smithsburg, MD — population 3,149
Greencastle, PA — population 4,244
Keedysville, MD — population 1,217
Waynesboro, PA — population 11,067
Sharpsburg, MD — population 564