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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.

Our top pick: LendYou Short-term Loans

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies
  • Requirements: You must be a US citizen or permanent resident, age 18+ and have a regular income.
  • Simple application
  • Quick decision
  • Bad credit OK

Our top pick: LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies
  • Requirements: You must be a US citizen or permanent resident, age 18+ and have a regular income.
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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.

Updated April 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$2,500
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
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.
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
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.
Apply for a short-term loan with an easy online application and dedicated customer service.

Compare up to 4 providers

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

Maryland has a number of assistance programs 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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12 Responses

  1. Default Gravatar
    LisaJanuary 16, 2019

    I need to obtain a loan to retain a lawyer’s as soon as possible. What options do I have in the state of MD?

    • finder Customer Care
      JeniJanuary 20, 2019Staff

      Hi Lisa,

      Thank you for getting in touch with finder.

      You’re currently at the right page. Kindly compare your options on the comparison table on this page. You may choose the lender that would suit your needs most by checking the max loan, requirements and turnaround time columns of the table. Once you’ve decided, you may click on the green Go to site button to start your online loan application or learn more about the lender.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    LindaDecember 9, 2018

    I live in MD. So what type of small loan could I get here next day???

    • finder Customer Care
      nikkiangcoDecember 12, 2018Staff

      Hi Linda,

      Thanks for getting in touch! You may refer to this page to check out same day payday loans in the US. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!

      Best,
      Nikki

  3. Default Gravatar
    BrittaneyNovember 20, 2018

    I took out a payday loan and i got injured on the job and im not able to pay it back right now. Can they take my taxes state or federal if i dont pay back by tax time

    • finder Customer Care
      nikkiangcoNovember 23, 2018Staff

      Hi Brittaney,

      Thanks for reaching out and I’m sorry to hear about your situation. Hope you are recovering well. It is not your fault you got into an accident so its best to communicate with your lender and see what the next steps are in paying off your loan. Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

  4. 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

  5. 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.

    • Default Gravatar
      joelmarceloFebruary 6, 2018

      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

  6. 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

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