Maryland Short-term Loan Terms and Rules in 2025

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Short-term Loans Terms in Maryland

Legal Status Illegal
Interest Rate (APR) 33% loan cap (2.75% a month)

Top Personal Loan Lenders in Maryland

Lender
User Ratings
Branches
Cities
Category
Academy Mortgage Corporation
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Financial institution
SWBC Mortgage
User Raiting:
5.00
Branches: 5
Cities: 3
Category: Financial institution
Sierra Pacific Mortgage
User Raiting:
5.00
Branches: 5
Cities: 2
Category: Financial institution
Guild Mortgage
User Raiting:
5.00
Branches: 4
Cities: 3
Category: Financial institution
Guaranteed Rate Affinity
User Raiting:
5.00
Branches: 4
Cities: 3
Category: Financial institution
Guaranteed Rate
User Raiting:
5.00
Branches: 12
Cities: 4
Category: Financial institution
Fairway
User Raiting:
5.00
Branches: 6
Cities: 5
Category: Financial institution
Cherry Creek Mortgage
User Raiting:
5.00
Branches: 5
Cities: 1
Category: Financial institution
Envoy Mortgage
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Financial institution
Cardinal Financial
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Financial institution
NFM Lending
User Raiting:
4.99
Branches: 11
Cities: 3
Category: Financial institution
Primary Residential Mortgage, Inc
User Raiting:
4.93
Branches: 17
Cities: 7
Category: Financial institution
Churchill Mortgage
User Raiting:
4.90
Branches: 3
Cities: 2
Category: Financial institution
Mutual of Omaha Mortgage
User Raiting:
4.90
Branches: 3
Cities: 1
Category: Financial institution
New American Funding
User Raiting:
4.90
Branches: 10
Cities: 3
Category: Financial institution
ACE Cash Express
User Raiting:
4.83
Branches: 7
Cities: 5
Category: Check cash
Caliber Home Loans
User Raiting:
4.77
Branches: 6
Cities: 5
Category: Loan agency
Mariner Finance
User Raiting:
4.50
Branches: 16
Cities: 14
Category: Loan agency
Fulton Bank
User Raiting:
4.50
Branches: 3
Cities: 3
Category: Financial institution
RoundPoint Mortgage
User Raiting:
4.40
Branches: 3
Cities: 3
Category: Financial institution
Movement Mortgage
User Raiting:
4.12
Branches: 11
Cities: 7
Category: Loan agency
Navy Federal Credit Union
User Raiting:
4.04
Branches: 17
Cities: 15
Category: Credit union
OneMain Financial
User Raiting:
3.89
Branches: 18
Cities: 16
Category: Financial institution
JPMorgan Chase
User Raiting:
3.46
Branches: 9
Cities: 7
Category: Bank
WesBanco
User Raiting:
3.45
Branches: 13
Cities: 10
Category: Bank
PNC
User Raiting:
3.40
Branches: 46
Cities: 37
Category: Financial institution
United Bank
User Raiting:
3.24
Branches: 6
Cities: 5
Category: Bank
Truist
User Raiting:
3.11
Branches: 38
Cities: 24
Category: Bank
Wells Fargo
User Raiting:
3.09
Branches: 14
Cities: 12
Category: Financial institution
Capital One
User Raiting:
3.09
Branches: 34
Cities: 22
Category: Bank
M&T Bank
User Raiting:
3.04
Branches: 89
Cities: 71
Category: Financial institution
First National Bank
User Raiting:
2.98
Branches: 18
Cities: 16
Category: Bank
Citizens Bank
User Raiting:
2.80
Branches: 6
Cities: 4
Category: Bank
TD Bank
User Raiting:
2.50
Branches: 7
Cities: 7
Category: Financial institution
Lendmark Financial Services
User Raiting:
2.39
Branches: 12
Cities: 11
Category: Loan agency
Bank of America
User Raiting:
2.36
Branches: 65
Cities: 42
Category: Financial institution
Flagstar
User Raiting:
1.00
Branches: 7
Cities: 4
Category: Bank

Maryland Short-term Loan Regulations

In Maryland, payday loans are regulated under the Maryland Consumer Loan Law. This law is quite strict compared to many other states and effectively prohibits payday loans as they are typically offered elsewhere. Under this law, any loan with an interest rate that exceeds 33% per annum falls under the category of a small loan, which is subject to these stringent regulations. As a result, traditional payday lending (short-term loans with high-interest rates) is not feasible within the state.

Additionally, payday lenders in Maryland must comply with federal regulations such as the Truth in Lending Act, which requires lenders to disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, regulating how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws work in conjunction with state regulations to protect consumers from predatory lending practices.

What Are the Alternatives for Short-term Loans in Maryland?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In Maryland, guaranteed installment loans offer structured repayment plans, ideal for those needing predictable monthly payments. Unlike payday loans, these require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for Maryland residents looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in Maryland provide immediate funding using a vehicle as collateral. Different from short-term loans, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For Maryland residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from payday loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in Maryland is designed to combine multiple debts into a single loan. Unlike cash advances, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for Marylanders looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in Maryland, often with same-day approval. Unlike traditional payday lending options, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In Maryland, cash loans with no credit cater to individuals without a strong credit history. Unlike payday loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in Maryland offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from cash advance, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in Maryland connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from payday loans by offering potentially lower interest rates and more flexible terms, appealing to those in Maryland seeking alternative lending options outside of conventional banking systems.

Basic Information about Maryland State

Metrics
Value
State Capital
Annapolis
Population
Approximately 6.1 million (as of 2021)
Location
Maryland is located in the Mid-Atlantic region of the United States, known for its Chesapeake Bay, seafood, and historical sites.
Largest City by Population
Baltimore
Biggest National Parks
Catoctin Mountain Park, Antietam National Battlefield, Assateague Island National Seashore

Submit a Complaint Against a Lender in Maryland

If you need to submit a complaint against a payday lender in Maryland, the primary regulatory body is the Maryland Commissioner of Financial Regulation. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Maryland Commissioner of Financial Regulation, 500 North Calvert Street, Suite 402, Baltimore, MD 21202
  • (410) 230-6100 or (888) 784-0136
Submit a Complaint

FAQ

Are Payday Loans Legal?

No, payday loans are not legal in Maryland. The state has strict regulations in place that effectively ban payday lending to protect consumers from high-interest rates and predatory lending practices. These regulations are designed to safeguard the financial well-being of Maryland residents.

Why are Payday Loans Prohibited in Maryland?

Payday loans are prohibited in Maryland due to a recognition of the potential harm they can cause to borrowers. The high-cost structure of payday loans can lead individuals into cycles of debt, making it challenging to achieve financial stability. The state government has implemented these laws to prevent payday lenders from exploiting vulnerable consumers.

What Alternatives Are Available for Short-Term Financial Needs?

Maryland offers various alternatives for individuals facing short-term financial needs. These alternatives are designed to provide safer and more affordable options. Residents can explore traditional bank loans, credit unions, personal installment loans, and assistance programs provided by nonprofit organizations and government agencies. These alternatives prioritize responsible lending practices and borrower protection.

Can Out-of-State Lenders Offer Payday Loans in Maryland?

No, out-of-state payday lenders are not allowed to offer payday loans to residents in Maryland. The state's regulations extend beyond its borders to ensure that borrowers are protected from predatory lending practices, regardless of the lender's location.

What Should I Do If I Have an Existing Payday Loan?

If you have an existing payday loan, it's important to know that it is not legally enforceable in Maryland. The state's laws render such loans void. If you're facing challenges related to an existing payday loan, you can seek guidance from the Maryland Commissioner of Financial Regulation. They can provide assistance and resources to help resolve any issues associated with the loan.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders, it's essential to report these issues. You can report them to the Maryland Office of the Commissioner of Financial Regulation. Your report can contribute to investigations and efforts to curb predatory lending practices in the state, protecting other consumers from similar experiences. Your actions can make a difference in promoting fair and responsible lending practices in Maryland.

Maryland Short-term Loans Near Me

Aberdeen Aberdeen Proving Ground Abingdon Accident Accokeek Adamstown Adelphi Air Annapolis Annapolis Junction Arlington Arnold Ashton Aspen Hill Avondale Baltimore Barton Beallsville Bel Air Belcamp Beltsville Berlin Berwyn Heights Bethesda Big Pool Bladensburg Bloomington Boonsboro Bowie Boyds Brandywine Brentwood Brooklyn Brooklyn Park Broomes Island Bryans Road Bryantown Burtonsville Cabin John California Calverton Cambridge Camp Springs Capitol Heights Catonsville Cecilton Centreville Chance Charlotte Hall Chase Chesapeake Beach Chesapeake City Chester Chestertown Chevy Chase Church Hill Churchton City Clarksburg Clarksville Clear Spring Clinton Cockeysville Colesville College Park Colora Columbia Crisfield Crofton Crownsville Cumberland Damascus Darlington Davidsonville Deal Island Historic District Deale Denton Derwood District Heights Dundalk Dunkirk East New Market Easton Edgewater Edgewood Eldersburg Elkridge Elkton Ellerslie Ellicott Ellicott City Emmitsburg Essex Fallston Federalsburg Finksburg Forest Heights Forest Hill Forestville Fort Howard Fort Meade Fort Washington Frederick Friendsville Frostburg Fruitland Fulton Gaithersburg Galesville Gambrills Germantown Gibson Island Glen Arm Glen Burnie Glen Echo Glenarden Glenn Dale Glyndon Grace Grantsville Grasonville Great Mills Greater Landover Greenbelt Gunpowder Gwynn Oak Hagerstown Halethorpe Hall Hampstead Hancock Hanover Havre De Grace Heights Highland Highlandtown Hill Hillcrest Heights Hollywood Hughesville Hunt Valley Huntingtown Hurlock Hyattsville Ijamsville Indian Head Jarrettsville Jessup Joint Base Andrews Joppatowne Keedysville Kensington Kingsville Knoxville La Plata La Vale Landover Landover Hills Lanham Largo Laurel Laytonsville Leonardtown Lexington Park Linthicum Heights Lonaconing Lusby Lutherville Manchester Marlboro Marlow Heights Marriottsville Marydel Maugansville Mchenry Mechanicsville Middle River Middletown Millersville Mitchellville Monkton Monrovia Montgomery Village Morningside Mt Airy Mt Rainier Mt Washington Myersville National Harbor New Carrollton New Market New Windsor North Beach North East North Englewood Nottingham Oakland Ocean City Ocean Pines Odenton Olney Owings Owings Mills Oxon Hill Park Parkton Parkville Parsonsburg Pasadena Perry Hall Perry Point Perryville Phoenix Pikesville Pittsville Plata Pocomoke City Point Poolesville Port Tobacco Potomac Preston Prince Frederick Princess Anne Pylesville Queenstown Randallstown Reisterstown Ridgely Rising Sun Riverdale Riverdale Park Rockville Rosedale Ruxton Salisbury Sandy Spring Seabrook Seat Pleasant Secretary Severn Severna Park Sharpsburg Sharptown Silver Spring Smithsburg Snow Hill Solomons Sparks Sparks Glencoe Sparrows Point Spring St Charles St Inigoes St Leonard St Michaels Stevensville Street Sudlersville Suitland Suitland silver Hill Sunderland Sykesville Takoma Park Taneytown Temple Hills Thurmont Timonium Towson Union Bridge Upper Marlboro Upperco Valley Waldorf Walker Mill Walkersville West Friendship West River Westernport Westminster Wheaton Wheaton glenmont White Marsh White Plains Whiteford Willards Williamsport Windsor Mill Woodbine Woodlawn Woodsboro Wye Mills