Lonaconing at a glance
- Population: 984 — 99th in Maryland, which has 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 1,000 (US Census Bureau).
- 2020 to 2023 change: population fell about 1.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Maryland places: 99th by size among 157 communities (US Census Bureau).
- Size percentile: about 37% of Maryland's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 39.5656, -78.9788.
- Nearest larger cities (within 120 miles): Westernport, MD (6 mi); Frostburg, MD (6 mi); Keyser, WV (9 mi); Cumberland, MD (13 mi); Meyersdale, PA (17 mi) (US Census Bureau populations).
- Nearest smaller towns: Midland, MD (2 mi); Barton, MD (3 mi); Piedmont, WV (7 mi) (US Census Bureau).
What a personal loan costs in Lonaconing
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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 Lonaconing
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lonaconing
The steps below are worth completing first when you borrow in Lonaconing:
- 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.