State Of Maryland Payday Loan Laws
The state of Maryland payday loan laws are simple and to the point.
Maryland is one of three states, Georgia and Massachusetts are the other two that have made payday loans illegal.
Here is where as usual it gets a bit gray.
payday loan companies are still operating in Maryland, but they are left alone.
They are stripped of all power to legally collect their loan interest and fees but they still do operate none the less.
Another way around these laws is lenders who change the names of the loans to consolidation loans and such, thus making them legal.
They are regulated by lower interest rates they can charge, but they are still profitable for the company, and too high for the borrower.
$6000.00 loans and under can carry a 33% interest charge, and there is not time limit on the loan, so they can write them for as long as the borrower agrees to. Another way to stretch out those interest rates for sure.
Even when the states make it illegal they leave some way for these companies to operate. Be sure if you use this service in Maryland you are working with a legal lender!
Maryland payday laws are pretty cut and dried, and they do look out for the borrower.
You can still end up with a long term loan at a high interest rate in place of a payday loan. Be careful who you do business with in Maryland!
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