Hagerstown at a glance
- Population: roughly 43,553 people; 6th of 157 places in Maryland (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 43,552 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: under a tenth of a percent either way (US Census Bureau Vintage 2023 estimate).
- Rank among Maryland places: 6th of the state's 157 Census places (US Census Bureau).
- Size percentile: about 96% of Maryland's Census places are smaller (US Census Bureau).
- Coordinates: 39.6402, -77.7227 (US Census Bureau Gazetteer).
- Nearest larger cities: Frederick, MD (22 mi); Leesburg, VA (38 mi); Gaithersburg, MD (44 mi); Rockville, MD (49 mi); York, PA (57 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Funkstown, MD (2 mi); Williamsport, MD (6 mi); Smithsburg, MD (8 mi) (Census populations).
What a personal loan costs in Hagerstown
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Hagerstown
Read the table as the compliance picture for a lender serving Hagerstown: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hagerstown
Before you commit to a personal loan in Hagerstown, 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.