Payday loans in Maryland are legal, but heavily regulated. Maryland Office of the Commissioner of Financial Regulation regulates payday loans in Maryland.
Payday loans in Maryland are required to comply with Maryland’s general loan interest rate caps, essentially outlawing payday loans. Because payday loans are typically small, short-term, high-cost loans, Maryland’s cap on the interest charged of small loans prohibits payday lenders from making a profit.
Maryland lenders can charge a maximum of 33 percent interest per year or 2.75 percent per month on small loans. These low interest rates make payday loans an unprofitable business.
That’s why you will find few, if any, payday loans in Maryland willing to offer you a loan within the bounds of the law.
There are loan options for people in Maryland that find themselves in an emergency situation. No one likes to borrow money, but sometimes it’s inevitable. You may need quick cash for a car repair, utility bill, basic essentials or to see a doctor.
3 options for loans in Maryland for people with bad credit
Option #1: OppLoans
OppLoans is an online lender that offers loans up to $5,000. OppLoans welcomes people with all credit scores. OppLoans Personal Loans is offered by Opportunity Financial, LLC, a direct lender founded in 2009 and based in Chicago, IL.
Terms for OppLoans can be as short as 9 months up to 36 months. The minimum income of $18,000 a year is required. Poor credit is accepted with a credit score as low as 350 considered for a loan.
Here are more loans details offered by OppLoans
- Loan Amount: $500 to $5000
- Loan Terms: 9 to 36 months
- Interest Rate: 59% to 199%
- Credit Score Needed: Any credit score welcome to apply
- Funds Available: Once approved, as soon as the next business day.
- No Prepayment fee: You can pay-off the loan debt before its official due date with no penalty fee.
- Safe and secure: The company uses data encryption technology to make sure your information is protected.
- Required: Must be an American citizen, or a permanent resident of the US and at least 18 years of age.
- Must have: A Social Security number.
- Bank account: Have a checking account in your name.
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Option #2: BadCreditLoans.com
BadCreditLoans.com is an online service that’s been connecting bad credit borrowers with short-term loans since 1998. BadCreditLoans welcomes people with all credit scores. After applying you can review the short-term loan offer presented without any fees or obligation to take the loan offer.
People with bad credit don’t have many options to go to when fast cash is needed. Payday loans in Maryland are not available besides, they can spiral into a never-ending borrowing situation. Emergencies happen. But banks have a tradition of lending money only to those who don’t need it. BadCreditLoans.com is an online lender that understands a perfect credit history is not possible for every American. But imperfect credit does not mean you’re incapable of paying bills on-time.
An installlment loan can help get your finances back on track when no other solutions exist. Short-term loans are somewhat expensive when compared with other loan products. They should only be taken out for emergency financial needs. Here is an example of the average BadCreditLoan loan offer: Borrow $2000 for 12 months at 19.9%. The monthly repayment amount will be $183.63 with a total repayment will be $2203.56. Here are more loans details offered by BadCreditLoans.com
- Loan Amount: $500 to $5000
- Loan Terms: 3 to 36 months
- Interest Rate: 5.99% to 35.99%
- Credit Score Needed: Any credit score welcome to apply
- Funds Available: Once approved, as soon as the next business day.
- No Prepayment fee: You can pay-off the loan debt before its official due date with no penalty fee.
- Safe and secure: The company uses data encryption technology to make sure your information is protected.
- Required: Must be an American citizen, or a permanent resident of the US and at least 18 years of age.
- Must have: A Social Security number.
- Source of Income: Have a source of regular income from full or part-time employment, self-employment, benefits such as SSI, retirement, disability or unemployment benefits.
- Bank account: Have a checking account in your name.
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Option #3: Blue Trust Loans
Blue Trust Loans is an online lender that provides personal loans for people who have really bad credit. The company is an alternative to payday lenders with maximum loan amounts available up to $2000.
Compared to the above lenders, Blue Trust Loans offers significantly higher interest rates but with the option to borrow more money at longer repayment term lengths. Blue Trust Loans is higher because they’re loans to people with horrible credit that other lenders may reject. Blue Trust Loans’ application process is quick and you can get a response within minutes. If approved your loan will be deposited as soon as the next business day.
While Blue Trust Loans in charges high interest, unlike a payday lender, they report your good payment history to the three credit bureaus. This will help build your credit score. The best way to manage a high interest loan is to repay it as soon as possible. By repaying early you will not have to pay the full interest. There is no penalty or fee for early prepayment. Even though we do not recommend this loan unless you can immediately repay it, here are more loans details offered by Blue Trust Loans.
- Loan Amount: $100 to $2000
- Loan Terms: 6 months
- Interest Rate: 471.78% to 841.45%
- Credit Score Needed: No minimum credit score required. But you must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- Funds Available: Once approved, as soon as the next business day.
- No Prepayment fee: You can pay-off the loan debt before its official due date with no penalty fee.
- Safe and secure: The company uses data encryption technology to make sure your information is protected.
- Required: Must be an American citizen, or a permanent resident of the US and at least 18 years of age.
- Must have: A Social Security number.
- Source of Income: Have a source of regular income from full or part-time employment, self-employment, benefits such as SSI, retirement, disability or unemployment benefits.
- Bank account: Have a checking account in your name.
Not available in AR, CT, GA, MA, MN, NY, PA, VA, VT, WA, WI or WV.
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