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Maryland may not allow payday loans, but there are other options available when you need money for an emergency or help out of a tough financial situation.
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 for the first $1,000 of a $2,000 loan. On the next $1,000, a lender can charge no more than 2% per month or 24% per year.
Maryland has a number of assistance programs you can utilize when you’re struggling with your finances, including:
Other resources offered by the state can be found on Maryland’s page dedicated to public assistance programs for residents.
While you’re getting your finances in order, you may want to consider some of these options or browse a list of payday loan alternatives to see other ways to get emergency funds without taking out a payday loan.
Maryland doesn’t technically ban small-dollar loans, but it does put a strict limit on the interest a lender can charge. For a personal loan of $2,000 or more, the maximum interest rate is 2% per month or 24% per year. However, there are several factors that impact the interest you pay, like your credit score, the amount you borrow, the lender and the loan term.
You may have to pay additional fees in different circumstances. Like interest rate, these will vary by lender. Check your loan agreement to learn the full details of what you might have to pay before you borrow.
While you may not be able to take out a payday loan in Maryland, there are other options that can help you make ends meet. And if you’re still looking for a short-term loan, there are some installment loans options you may want to consider if you’re facing an emergency expense.
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