How to Compare Loans in Maryland
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Are Maryland Payday Loans Legal?
In addition to Georgia and Massachusetts, Maryland is another state that has made payday lending illegal.
However, payday companies are still operating in the state but they are left on their own. This means they don’t have any legal power to collect their loans.
Consolidation loans are considered legal and thus some lenders have opted to offer this kind of financing.
The Advantages of Online Maryland Loans
Regulations On Loans in Maryland
The maximum interest allowed on a small loan is 2.75% per month or an annual rate of 33%. This is applicable to loans under $2,000. Loans greater than this amount but under $6,000 have a maximum allowed rate of up to 24%. Although these might be too high for the borrower, they are profitable for the lender.
Maryland Payday Loan Regulations
| Legal Status | Prohibited |
| Interest Rate (APR) | 33% |
Maryland Installment Loans and Personal Loans
These types of online loans are legal in the state and can be used for a costly one-time expense. Maryland installment loans are can be paid over a couple of months or years. Borrowers with bad credit can find friendlier terms.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
How to Be Cautious when Taking a Loan in Maryland
Although the state makes Maryland payday loans illegal, companies always find some way to operate. Be sure to do business with a legal lender.
There are 4 types of lenders in Maryland:
- In-state licensed lenders
- Out-of-state licensed lenders
- Tribal lenders
- Foreign-based lenders
In-state lenders are expected to adhere to the federal regulations according to the state’s regulator. The second and third type of lenders, as shown above, will practice their state’s laws into your state. Foreign based lenders operate by exporting their countries’ laws into your state.
Why Compare Personal Loans at Financer.com
Compare Maryland Loans at Financer.com
Financer.com helps you compare the best personal loans in Maryland and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Maryland and take the guesswork out of doing all the legwork yourself.
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Maryland Loans - FAQs
Are payday loans legal in Maryland?
No, payday loans are prohibited in Maryland. However, payday companies are still operating, but they don’t have any legal power to collect their loans. You can opt for a personal loan instead.
What are the APRs on loans on a Maryland loan?
Lenders choosing to operate in the state have to comply with the APR cap of 33%.
What do I need to apply for a Maryland loan?
Lenders typically require your personal information such as your address and contact details, as well as your employment details. Lenders have different requirements when it comes to your credit score.
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