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Rates and rules

Maryland Loan Rates and Rules

Who regulates consumer lending in Maryland, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Maryland residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Maryland

Consumer and installment lending in Maryland is overseen by the Maryland Office of Financial Regulation. The Maryland Consumer Loan Law caps interest on small consumer loans, and Commercial Law Section 12-306 limits licensed consumer lenders to specific tiered rates on loans of $6,000 or less. Lenders that make covered loans to Maryland residents must be licensed by the state. SET Financial is not a lender and does not set rates. All rates, fees, and terms are set solely by the third-party lender that approves your request.

Regulator: Maryland Office of Financial Regulation (part of the Maryland Department of Labor).

How to check a lender before you borrow

Before you sign, confirm the lender is licensed with the Maryland Office of Financial Regulation and review the exact APR, fees, and payment schedule on your loan agreement.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Maryland rates

Who regulates installment and consumer loans in Maryland?

The Maryland Office of Financial Regulation, part of the Maryland Department of Labor, oversees consumer and installment lending. Lenders making covered loans to Maryland residents must be licensed by the state.

What are the interest rate rules in Maryland?

The Maryland Consumer Loan Law caps interest on small consumer loans, and Commercial Law Section 12-306 sets tiered limits for licensed consumer lenders on loans of $6,000 or less. Your actual APR is set by the lender and shown on your agreement.

This page is general information about Maryland lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Maryland Office of Financial Regulation (part of the Maryland Department of Labor) or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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