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Learn about the laws that control payday lending in Maryland

If you’re in need of quick cash in Maryland, you may be considering a payday loan, but there are other options available.
This guide will help you determine what type of loan is best for you.

LendYou Short-term Loans

For fast cash: LendYou

Find a lender that offers cash advances between $100 and $15,000.

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Must have regular income of $1,000/month and be a US citizen or permanent resident
  • No collateral needed
  • Bad credit is OK

    Are payday loans legal in Maryland?

    No, payday loans aren’t legal in Maryland. Maryland Law § 12-101 et seq. prohibits payday lending in all forms, including online loans. The maximum interest a small loan provider can charge is 2.75% per month or 33% per year.

    If you choose to apply for another kind of loan or line of credit, it’s very important to read all the paperwork (including all the fine print) before signing. Always have a solid plan to pay back your loan so you don’t find yourself needing to borrow more money to repay debt.

    Installment loans you can apply for

    Installment loans are legal in Maryland. These are consumer loans you repay over a set schedule, normally in equal installments.

    Rates last updated October 23rd, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    LendYou Short-term Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

    Compare up to 4 providers

    What other options do I have if I need extra money in Maryland?

    Maryland has a number of assistance progams you can utilize when you’re struggling with your finances. Temporary Cash Assistance, Emergency Assistance to Families with Children (EAFC) and the Food Supplment Porgram (FSP) are all options for you to look into when you’re stuck in a crisis or facing an emergency bill.

    In addition, here are some recommendations for non-payday loan credit sources.

    • Consolidate your debt. You may want to look into consolidating your debt by taking out one large loan to cover your smaller ones. You may even get a better interest rate to keep the costs of the loan down.
    • Ask for an advance on your paycheck. When you’re in a bad financial situation, your boss may be able to give you an advance on your next paycheck. You might be able to get the money you’ve already worked now instead of waiting for bills and having interest charges pile up.
    • Consider a credit card cash advance. If you already have a credit card and it isn’t maxed out, you can take out an advance against your line of credit. This is generally cheaper than a payday loan and you can pay back what you borrow over a longer term.

    If you’re looking for other options, consider these alternatives

    What are the typical costs of a Maryland loan?

    Several factors impact the interest you have to pay on loans, such as your credit, the amount you borrow, the lender and the loan term.

    You may have to pay additional fees in different circumstances. If you don’t make a payment on time you may have to pay a late charge. If a check does not go through because of insufficient funds in your account, your lender may charge a non-sufficient funds (NSF) fee. Some lenders can also charge application fees and loan disbursement fees, and they might even charge you if you choose to repay your loan amount early.

    Bottom line

    While you may not be able to take out a payday loan in Maryland, there are other options that can get you money when you need it. Whether it’s help with your bills or another type of loan, as long as you pay back what you owe, you should be in a good position.

    Have any more questions about payday loans in Maryland?

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    6 Responses

    1. Default Gravatar
      TracyOctober 14, 2018

      I have 2 payday loans. I just found out that pay day loans are illegal in md. If I stop paying will they come after me.

      • finder Customer Care
        JoshuaOctober 18, 2018Staff

        Hi Tracy,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        First thing you need to check is to ensure that you are not getting charged with an illegally high-interest rate. In Maryland, the maximum interest a small loan provider can charge is 2.75% per month or 33% per year. If you have determined that the loan you applied for is really an illegal payday loan, then you need to report them to the proper authority.

        Moreover, you would need to contact your state’s consumer protection office to find out what you’re required to pay back. Generally, you might be required by law to only pay back the principal, but depending on the specific terms of the loan and whether it’s technically an actual payday loan or not, you may be required to pay back the interest and fees as well.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    2. Default Gravatar
      JeffJanuary 29, 2018

      I live in MD, I have an account with a payday loan company. I have been using their service for several years. Apparently their loans are illegal in MD. Is there anything I can do to recoup some money? Feeling ripped off.

      • finder Customer Care
        joelmarceloFebruary 6, 2018Staff

        Hi Jeff,

        Thanks for leaving a comment on finder.

        The first thing you can do is to contact the lender to confirm whether they issue refunds and check the process on how you could do this. In case that they won’t give you a refund and you think it’s best to file a complaint against them after you’ve reconsidered the possibilities, you may get in touch with Maryland Commissioner of Financial Regulation directly instead.

        Hope this has helped.

        Cheers,
        Joel

    3. Default Gravatar
      AngelaDecember 29, 2017

      I took out a payday online loan in Maryland. I stopped paying because the interest was too high. I attempted to settle but they did not accept. After going back and forth they offer me a settlement of 15%. Can they come back and sue me for the 85% of the remaining balance thur another collection agency?

      • Default Gravatar
        ArnoldDecember 29, 2017

        Hi Angela,

        Thanks for your inquiry

        Debt collectors act on behalf of companies to recover late payments. You may not recognize them at first because they don’t operate under the name of the company you owe money to. If you’ve missed payments or a creditor’s records make it appear as if you have, a debt collector may contact you.

        Please check out this page to know what to do when you’re in debt.

        Hope this information helps

        Cheers,
        Arnold

    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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