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Compare your loan options in Annapolis, Maryland

Payday loans may be prohibited, but don't let that limit you.


Maryland has capped interest rates on small loans to keep payday loan providers out of the state. But when you need a loan, there are still multiple ways to borrow — even if you don’t have great credit.

What are some alternatives to payday loans?

Although payday loans may not be available in Annapolis, you may still be able to find another option that works for your budget.

  • Installment loans. Installment loans are paid back over a period of months, not weeks, which makes payments much easier to handle. Just be sure your lender abides by Maryland’s cap on interest when you borrow.
  • Personal loans. Although they usually require fair credit at a minimum, there are some personal loans that accept borrowers with bad credit. Interest rates tend to be lower, and you may have multiple years to pay off what you borrow.
  • Personal loans from a local bank or credit union. Many small banks and credit unions accept borrowers of all credit backgrounds. In fact, some federal credit unions even offer payday alternative loans.
  • State assistance programs. One way to conquer a constant fight with your finances is to seek help from state services. Maryland has a number of programs that can help you, including the Temporary Cash Assistance program, the Food Supplement Program (FSP) and Emergency Assistance to Families with Children (EAFC).
  • Pay advance apps. If you’re just a little short on cash, a pay advance app can lend you the money you need — without the high fees. Just check to make sure Maryland is on the provider’s list of serviced states.

Compare installment loans available in Annapolis

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
OppLoans Installment Loans
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
 Check Into Cash Installment Loans
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
Fast5kLoans Short-term Loans Connection Service
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.

Compare up to 4 providers

So I can’t get a payday loan in Annapolis?

No. Under Maryland Commercial Law 12-101 et. seq., payday loans are prohibited in all forms, including in store and online.

If you’re looking for a short-term loan in Annapolis, Maryland’s current laws limit the maximum interest lenders are permitted to charge. You won’t have to pay a rate higher than 2.75% per month or an APR of more than 33%.

Why has Maryland banned payday loans?

Payday loans are prohibited because of their high cost to borrowers, with interest rates often reaching 300% or more. In order to combat what many feel is a predatory system, Maryland keeps payday lenders out by capping the interest rate lenders can charge.

Cash advance locations in Annapolis, Maryland

Cash advance store locations in Annapolis

  • Chextop. 2324 Davidsonville Rd, Gambrills, MD 21054
  • ACE Cash Express. 2012 West St Unit C, Annapolis, MD 21401, USA

Bottom line

Maryland law is there to protect you from high interest rates, which is why you won’t be able to take out a payday loan in Annapolis. Instead, compare payday alternatives, including bad-credit personal loans, state assistance programs and installment loans.

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