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Compare your loan options in Maryland

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.

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 November 20th, 2017
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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
9 to 36 months
1 business day
Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
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.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
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.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
6 months
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.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
Varies by lender
As soon as one 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.
MoneyKey-arranged or MoneyKey Installment Loan
*Apply for money when you need it and receive your funds in as quickly as one business day.
$1,000 (unless otherwise stated)
Varies by state
1 business day*
You must be a permanent US resident or citizen, at least 18 years old, and have regular income.

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?

No, they’re not. Maryland payday loan laws apply to out-of-state lenders that operate online.

You should contact the Maryland Commissioner of Financial Regulation.

No, they aren’t. This is because of the high interest rates and frequency of borrowers defaulting on their loans.

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US Payday Loans Offers

Learn about our information service
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.