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Payday Loans in Maryland


A little planning now may help you in the future to cope with unexpected emergencies that come your way. The first step starts by building an emergency fund, which is a focal part of every American's finance. An emergency fund is a stash of cash set aside as a financial safety for life's unexpected events. Many financial experts strongly encourage having money saved equals at least three to six months’ worth of your maintenance costs. 
But having no emergency buffer to secure yourself against unexpected surprises can make things get messy fast. However, even in this tricky situation, you may find a way out and get your finance back on track. Getting an emergency loan may be a proper solution to obtain extra money and handle the things you cannot budget. Check out Maryland payday advances and get a quick fix once you run out of cash. 


Payday Loans in Maryland


Payday loans are small-dollar credits intended to help borrowers get quick cash to make it to their next paycheck. Hence, the name paycheck loans or cash advance loans. These loans are a good option for borrowers with poor credit, as most lenders don’t pull credit reports to qualify for a loan. The amount of payday loan may vary by state's law, depending on where you live. Firstly, check your local regulation and clarify whether or not payday lending is legal in the state of your residence.


The Advantages of Taking out Cash Loans 


If you are strapped for money in Maryland, a payday advance with no credit check may seem like a good option. However, before applying, check out the most distinct advantages you may potentially benefit from. 


No Hard Credit Check 
Getting a loan from our lenders may not impact your credit since they perform no hard credit pulls to consider your credibility. However, keep in mind that your failure to pay off your loan may lead your debt to collection activities. Once your debt is sent to a collection agency, it may hurt your credit score, consequently impact your ability to borrow. 


No Rollovers
Payday loans have gained a negative reputation that traps borrowers in debt by forcing them to pick up a new loan to reimburse the old one. However, our lenders endeavor to help borrowers cope with financial emergencies rather than taking advantage of your bad financial state to make a quick buck.


Direct Deposit
Quickness and comfort are the main reasons why so many Americans rely on payday loans. Once you get approved for a payday loan in Maryland, your lender may deposit cash directly into your bank account. When things come up, apply for fast money using our website and get your funding as little as one business day. 


Quick and Easy Application
Fully online application processing grants quick access to the much needed cash after completing your credit request. 


Useful Advice 
Unlike other conventional loans (such as installment loans), payday loans require a single lump-sum payment. It means you need to return your entire debt (the amount you own and interest altogether) in a one-time payment, typically upon your next paycheck. Make sure you can afford to pay off your loan on time; otherwise, you may be trapped in a never-ending cycle of debt. 

Attention

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.


Regulations of Payday Loans in Maryland
Status     Prohibited
Annual Percentage Rate (APR)     N/A
Minimum Loan Amount     N/A
Maximum Loan Amount     N/A
Minimum Loan Term     N/A
Maximum Loan Term     N/A
Number of Rollovers Allowed     N/A
Finance Charges     N/A
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

Payday loans in Maryland are illegal according to Section 12-101 of the Maryland Code. The lenders may still provide the traditional small loans. Small loan rate cap in Maryland is 2,75% per month or 33% per year.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
Consumer Federation of America (CFA) surveyed a sample of twenty Internet payday lender websites. Read about the key findings here.


[ Updated on 16-Feb-2021, 01:47 ]

We've been in the industry for more than six years.