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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