Charlestown at a glance
- Population: 1,520, the 86th-largest community in Maryland out of 157 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 1,493 residents here (US Census Bureau).
- 2020 to 2023 change: about 1.8% more residents than the 2020 Census base (US Census Bureau).
- Rank among Maryland places: 86th in population of 157 places (US Census Bureau).
- Size percentile: it is larger than about 45% of the places in Maryland (US Census Bureau).
- Coordinates: latitude 39.5821, longitude -75.9867 (US Census Bureau Gazetteer).
- Nearest larger cities: North East, MD (3 mi); Perryville, MD (4 mi); Havre de Grace, MD (7 mi); Elkton, MD (9 mi); Rising Sun, MD (9 mi); US Census Bureau population estimates.
- Smaller places nearby: Port Deposit, MD (6 mi); Chesapeake City, MD (10 mi); Cecilton, MD (14 mi), per US Census Bureau estimates.
What a personal loan costs in Charlestown
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Maryland lending rules that apply in Charlestown
The sourced rows below are the rules a licensed lender must follow when lending in Maryland, and therefore in Charlestown.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Charlestown
Run through this list before signing anything in Charlestown:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Maryland using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.