Maryland Payday Loans

Borrowers that are looking for a payday cash advance in the state of Maryland are out of luck. Maryland is one of 22 states that have banned cash advance loans. The reason payday lenders are not successful in the state is because Maryland has a small loan interest rate cap that is set at 2.75 percent monthly and 33 percent annually. Most payday loan APRs are 300 percent or higher. Payday loans serve a specific financial function and are helpful to people that have an immediate need and a way to pay it back in a short span of time. Because cash advance lenders, in cities like Baltimore, would simply not make enough money due to the short term nature of payday loans, there are none in the state of Maryland.

The state also outlaws cash advance businesses that are located outside of the Maryland from working with in-state banks to provide payday loans. Senate Joint Resolution 7 prevents creditors from other states from extending payday services to consumers in Maryland.

Maximum Principal

Payday loans are prohibited.

Length of Loan

Payday cash advances are prohibited.

Rollovers

Payday loans are not allowed in the state.

Fees

Maryland doesn't allow payday loans.

APR

No APR because payday loans are prohibited.

America's Cash Express - Store Locations, Baltimore
1251 West Pratt Street Suite A
Baltimore, MD 21223
America's Cash Express - Store Locations, Baltimore
407 West Street
Baltimore, MD 21201
A Cash
5119 Park Heights Av
Baltimore, MD 21240
Ace America's Cash Express
407 W St
Baltimore, MD 21201
Advance Cash Leasing
5801 Moravia Road
Baltimore, MD 21206
Park Hts Chk Cashing Llc
5461 Park Heights Ave
Baltimore, MD 21211
(410) 664-7883
Boss Cash Inc
1700 Pennsylvania Ave
Baltimore, MD 21231
(410) 225-9968
Hilltop Check Cashing
5427 Reisterstown Rd
Baltimore, MD 21218
(410) 358-6700
Check Cashing Depot
5205 Windsor Mill Rd
Baltimore, MD 21220
(410) 448-4980
Greenmont Check Cashing
2819 Greenmount Ave
Baltimore, MD 21208
(410) 889-1301

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Maryland Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$6934117%64%9%10%25%75%
2011$6233812%67%11%10%21%79%
2010$6153912%65%11%12%25%75%