Payday Lenders in Maryland
Payday Loan Laws
In Maryland, payday loans are explicitly prohibited under the Maryland Financial Consumer Protection Act. This legislation, enacted in 2002, prohibits payday lending by setting a maximum interest rate cap of 33% APR on small loans of $2,000 or less. Payday lenders operating in violation of this law face significant penalties and legal consequences.
Loan Terms and Conditions
prohibited
Whenever you need emergency financing, you can get loans online from a legit lending companies. Check your rates and terms before applying for cash advance online.
History of Maryland Payday Loans
How to file a complaint
- ADDRESS
- ATTN: Consumer Services Unit, 1100 N. Eutaw Street, Suite 611, Baltimore, MD 21201
- 410-230-6100
- Website
Maryland Loan Debt Relief
How to Get out of Loan Debt?
Types of Quick Loans in Maryland
Alternatives to Payday Loans in Maryland
Personal Loans
In Maryland, personal loans offer borrowers the flexibility to finance various purposes, such as debt consolidation, home improvements, or medical expenses. These unsecured loans are available through traditional banks, credit unions, and online lenders, each offering different interest rates and fees based on credit scores and individual financial circumstances. With fixed interest rates and repayment terms spanning months to years, personal loans in Maryland provide a reliable solution for achieving financial goals.
Land Loans
For those seeking to purchase or refinance land in Maryland, land loans provide a secured borrowing option. Whether it's residential lots, agricultural land, or undeveloped properties, land loans are available from banks, credit unions, and private lenders. In Maryland, land loans typically carry shorter repayment terms and higher interest rates due to perceived risks. Borrowers should be prepared to provide extensive down payments, excellent credit scores, and a clear plan for land utilization, as lenders carefully evaluate these factors to assess loan eligibility.
Home Equity Loans
Maryland homeowners can tap into their home equity with home equity loans, leveraging the value of their property as collateral. These secured loans often feature lower interest rates compared to other loan types, thanks to the added security for lenders. Depending on the borrower's creditworthiness and the lender's policies, Maryland residents can access up to 80% of their home's equity for purposes like home renovations, medical expenses, or education costs. However, borrowers should carefully consider the risks associated with using their homes as collateral before applying for a home equity loan.
Bad Credit Loans in Maryland
Designed specifically for individuals with poor credit scores or limited credit histories, bad credit loans in Maryland provide a financing option. Due to the higher perceived risk, lenders may charge higher interest rates and fees, and loan amounts may be comparatively lower. These loans can be secured, requiring collateral like a vehicle or savings account, or unsecured. Timely payments and responsible credit usage can contribute to rebuilding credit scores over time.
Maryland Small Business Loans
Small business loan options in Maryland:
- SBA loans: The SBA offers a variety of loan programs, including 7(a) loans, 504 loans, and microloans, to help small businesses access funding for things like, such as working capital, equipment purchases, and real estate investments.
- Rural Maryland Council (RMC) Loans: RMC offers loan programs targeted at businesses located in rural areas of Maryland. These loans aim to promote economic growth, job creation, and community development in rural communities.
- Community Advantage (CA) Loans: Offered by select lenders in Maryland, CA Loans are part of the SBA's loan programs and are specifically targeted at underserved communities, including low-income areas.
- Equipment Financing: Many financial institutions in Maryland offer equipment financing options, allowing businesses to purchase or lease essential equipment necessary for their operations.
- Invoice Financing: Providers offer loans based on outstanding invoices, providing businesses with immediate cash flow by advancing a percentage of their unpaid invoices.
VA loans in Maryland
Maryland veterans, service members, and surviving spouses have access to VA loans, government-backed mortgage loans with numerous benefits. These loans enable individuals to purchase primary residences, including single-family homes, townhouses, and condominiums, with the potential to finance up to 100% of the home's value without requiring a down payment. VA loans in Maryland eliminate the need for private mortgage insurance, resulting in substantial savings over the loan term. Eligibility criteria include meeting specific military service, credit score, and income requirements, as well as obtaining a Certificate of Eligibility from the VA.
Maryland Student Loans
Many options are available to Maryland students to help finance their college education. These options include:
- Federal Student Loans: Students in Maryland can apply for federal student loans by completing the Free Application for Federal Student Aid (FAFSA). These loans include Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. Federal student loans offer competitive interest rates and flexible repayment options.
- Maryland Higher Education Commission (MHEC) Loans: MHEC offers various state-funded loan programs to Maryland residents pursuing higher education. These loans include the Howard P. Rawlings Guaranteed Access Grant, the Maryland Community College Promise Scholarship, and the Graduate and Professional Scholarship Program.
- Parent PLUS Loans: Federal loans available to parents of dependent undergraduate students. These loans can help parents cover the cost of their child's education.
- Private Student Loans: Loans offered by private lenders that can be used to pay for education expenses, with interest rates and terms that can vary widely.
Maryland Income Information
The recently released 2021 U.S. Census reports show Maryland having a median household income of $91,431, significantly higher than the national median of $69,021. Maryland boasts a robust and diverse economy driven by various sectors such as biotechnology, defense, healthcare, and professional services. With its proximity to major metropolitan areas like Washington, D.C., and Baltimore, the state enjoys a strong job market. Maryland’s median household income varies widely by county, with Howard County being the highest at $124,024 and Dorchester County being the lowest at $52,799. The state’s poverty rate was 10.3% in 2021.
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 12, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Maryland. Accessed on May 12, 2023.
Maryland Payday Lender Complaints
Company Name | Count |
ENOVA INTERNATIONAL, INC. | 70 |
Big Picture Loans, LLC | 55 |
LDF Holdings, LLC | 19 |
Kashia Services | 9 |
Ontario Inc. | 8 |
Populus Financial Group, Inc. (F/K/A Ace Cash Express) | 7 |
Total Complaints | 301 |
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 12, 2023.
Most Common Issues
Complaint type | Count |
Charged Unexpected fees or interest | 139 |
Can’t contact lender | 36 |
Struggling to pay loan | 24 |
Can’t stop withdrawals from account | 22 |
Problem with payoff process | 13 |
What are the main reasons Americans apply for payday cash advance online or offline
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below
Reason | Share |
Regular Expenses (Utilities, car payment) | 53% |
Unexpected emergency/expense | 16% |
Rent/Mortgage | 10% |
Something Special | 8% |
Other | 5% |
Did not answer | 2% |
Payday Lenders by City
- Baltimore
- Columbia
- Germantown
- Silver Spring
- Waldorf
- Frederick
- Ellicott City
- Glen Burnie
- Gaithersburg
- Rockville
- Dundalk
- Bethesda
- Towson
- Bowie
- Bel Air South
- Severn
- Aspen Hill
- Wheaton
- North Bethesda
- Potomac
- Odenton
- Hagerstown
- Catonsville
- Woodlawn CDP
- Essex
- Annapolis
- Clinton
- Severna Park
- Chillum
- Olney