Best Credit Builder Loans in Maryland
Published: 11 April 2024
Author: Noah Gomez
Finding a credit builder loan is a challenge. It's difficult to find an offer that provides reassurance and gives you a sense of control over the process. Moreover, sometimes local lenders provide superior terms to national brands, but they're hard to find.
In Maryland, we did the legwork and explored over 23 banks, credit unions, and digital lenders to find the most cost-efficient and trustworthy options on the market.
Best Overall
SECU Credit Union
Avg. Principal: [100% of Your Savings + $3,000]/2
Avg. APR: 4.5%
Avg. Length: 36 months
Although SECU is only open to employees of select organizations, its 4.50% APR offer is extremely competitive for a local institution. With an average principal of $1,500 over 12 — 60 months, eligible borrowers have more flexibility than they'll need to build payment history with SECU's credit-builder loan.
Best from Bank (Physical)
M&T Bank
Avg. Principal: $51,000
Avg. APR: 8.37%
Avg. Length: 36 months
Best from Credit Union
SECU Credit Union
Avg. Principal: [100% of Your Savings + $3,000]/2
Avg. APR: 4.5%
Avg. Length: 36 months
Best from Digital Lender
Kovo
Avg. Principal: $240
Avg. APR: %
Avg. Length: 24 months
Best Maryland-Only Credit Builder Loans
Best Multi-State Credit Builder Loans Available in Maryland
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