Takoma Park at a glance
- Population: 17,464 people, the 16th-largest place among Maryland's 157 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 17,636 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down roughly 1.0% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Maryland places: 16th of 157 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 90% of places in Maryland rank below it by population (US Census Bureau).
- Coordinates: 38.9803 / -77.0023, per the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Hyattsville, MD (3 mi); College Park, MD (4 mi); Washington, DC (5 mi); Greenbelt, MD (6 mi); Rockville, MD (11 mi) (US Census Bureau).
- Smaller towns nearby: University Park, MD (3 mi); Mount Rainier, MD (3 mi); Brentwood, MD (4 mi) (US Census Bureau).
What a personal loan costs in Takoma Park
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Maryland lending rules that apply in Takoma Park
The table carries the Maryland rate and licensing rules that apply to consumer loans made in Takoma Park.
| 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 Takoma Park
Run through this list before signing anything in Takoma Park:
- 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.