Funkstown at a glance
- Population: 852 people, the 105th-largest place among Maryland's 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 850 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a gain of roughly 0.2% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Maryland places: 105th of 157 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 33% of Maryland places in population terms (US Census Bureau).
- Coordinates: 39.6067, -77.7051 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Hagerstown, MD (2 mi); Williamsport, MD (6 mi); Boonsboro, MD (7 mi); Smithsburg, MD (7 mi); Keedysville, MD (8 mi) (US Census Bureau).
- Nearest smaller towns: Sharpsburg, MD (11 mi); Clear Spring, MD (12 mi); Burkittsville, MD (15 mi) (US Census Bureau).
What a personal loan costs in Funkstown
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Maryland lending rules that apply in Funkstown
The sourced rows below are the rules a licensed lender must follow when lending in Maryland, and therefore in Funkstown.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Funkstown
Before you commit to a personal loan in Funkstown, work through these steps:
- 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.