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Find Payday Loan Companies in Maryland

Governing law in state:
Presently, Maryland prohibits cash advance loans.  Along with 21 other states, Maryland bars creditors from issuing payday advance loans to consumers.  This is because the state has instituted a small loan interest rate cap.  Therefore, check cash advance lenders must comply with Maryland's criminal usury or small loan laws.  The small loan rate cap is set at 2.75% monthly and 33% annually (APR). Pursuant to the state's Senate Joint Resolution 7, out-of-state cash advance companies cannot charter with local Maryland banks.  In fact, this resolution is the only Senate resolution preventing out-of-state creditors from establishing and extending their payday loan services from their own state.

Maximum loan amount:
Creditors must comply with Maryland's small loan law limit.

Loan terms:
Maryland law does not specify the payday loan term.

Extensions:
Similarly, payday loan extensions are not specified under Maryland law.

Fees and charges:
These are not specified by Maryland law.

Fee schedules and APR:
Maryland's small loan law controls governs payday loan fee schedules and APR.

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Find Payday Lenders Near Maryland

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Maryland Loan Statistics
2012 2011 2010
Average Loan630599569
Average Age373736
Pay Schedule
  Weekly13%9%9%
  Bi-Weekly70%73%71%
  Monthly8%9%9%
  Twice Per Month9%9%11%
Home Owner19%16%19%
Renter81%84%81%
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