Payday Loans in Maryland 2024

Q: 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 .

The Best Loans in Maryland 2023: Compare Here

Written by: Joe Chappius

Last updated: January 3, 2024

Financer.com helps you compare online loan rates in Maryland. Compare different loan options in Maryland and read more about the payday loan laws in the state.

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Compare the Best Loans in Maryland for April 2024

Borrow $1,000 for a period of 6 Months.

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Amount: $1,000 | Period: 6 Months

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We found 18 loans

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recommended

Chosen 5,754 times

4.9

Read 11 reviews

recommended

Chosen 5,754 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

4.9

Read 11 reviews

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High approval rate

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All

Borrow up to

$50,000

Estimated Payback

13/10/2024

Weekend Payout

Age

11 Reviews

4.9

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Chosen 92,619 times

3.7

Read 36 reviews

Chosen 92,619 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

3.7

Read 36 reviews

Open right now

Most chosen

Get Started

Customer Type

All

Borrow up to

$10,000

Estimated Payback

13/10/2024

Weekend Payout

Age

36 Reviews

3.7

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

recommended

Chosen 33,148 times

4.9

Read 17 reviews

recommended

Chosen 33,148 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

4.9

Read 17 reviews

Open right now

Get Started

Customer Type

All

Borrow up to

$35,000

Estimated Payback

13/10/2024

Weekend Payout

Age

17 Reviews

4.9

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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How to Compare Loans in Maryland

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Best Rated Personal Loans

Find the best rated lenders for loans in Maryland

5.0

Based on 4 reviews

5.0

Based on 4 reviews

5.0

Based on 14 reviews

4.9

Based on 7 reviews

4.9

Based on 12 reviews

4.9

Based on 17 reviews

4.9

Based on 8 reviews

4.8

Based on 5 reviews

4.8

Based on 4 reviews

4.7

Based on 3 reviews

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.

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Interests Loan amount Loan term

The Advantages of Online Maryland Loans

Online Personal Loans Are Convenient

Get Funds As Soon As The Same Day

Apply Anywhere, Anytime

Less Paperwork Required

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.

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Maryland Payday Loan Regulations

Legal Status	Prohibited
Interest Rate (APR)	33%

Updated July 8 2022

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.

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Get the Loan You Need

An online personal loan can help when you need cash for large purchases or unplanned expenses.

Holiday

Wedding

Home Renovations

Bills

Shopping

Education

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.

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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.