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.
Payday loans are prohibited.
Length of Loan
Payday cash advances are prohibited.
Payday loans are not allowed in the state.
Maryland doesn't allow payday loans.
No APR because payday loans are prohibited.
Baltimore, MD 21223
Baltimore, MD 21201
Baltimore, MD 21240
Baltimore, MD 21201
Baltimore, MD 21206
Baltimore, MD 21211
Baltimore, MD 21231
Baltimore, MD 21218
Baltimore, MD 21220
Baltimore, MD 21208
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Maryland Loan Statistics
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