If you’re looking for a payday loan in Annapolis, you’ll have to look elsewhere.
If you’re in a tight spot and need a little extra cash to get by, you may be thinking about taking out a payday loan. Unfortunately, payday loans are illegal in Maryland, but you do have other options to get you through rough times.
So I can’t get a payday loan in Annapolis?
No. Undary 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, there are laws in place to limit the maximum interest you’ll have to pay. Providers of short-term loans can’t charge more than 2.75% per month or an annual interest rate above 33%.
Find an installment lender instead
Installment loans are paid back over a period of months, not weeks, making the payments much easier to handle.
What are some alternatives to payday loans?
There are other options out there. Some you may have tried, but all may be worth looking into:
- Installment loans. If you have poor or bad credit, you might want to consider applying for an installment loan in the table above. As the name suggests, you repay these loans in installments.
- Apply at a local bank or credit union. If you’ve been a member of a local bank or credit union for a while, you may be able to get approved for a loan even if you don’t have the best credit. The terms tend to be less stringent, meaning you might be able to take out a small loan with a lower interest rate than an installment loan offers.
- Find an assistance program. 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 the Emergency Assistance to Families with Children (EAFC).
Why has Maryland banned payday loans?Lawmakers in Maryland don’t allow payday loans because of their high costs. Many lenders charge interest rates in the hundreds–much higher than any other form of credit available on the market. In order to combat what many feel is a predatory system, Maryland keeps payday loans out by keeping the interest rate low. The annual percentage rate (APR) is capped at 33%.
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