Installment Loans in Parsonsburg, Maryland

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No installment loan companies in Parsonsburg, MD. Consider companies in other cities:

Company nameAddressZip codePhone number
Lendmark Financial Services 142 Eastern Blvd, Essex, MD 21221 +1 (410) 687 - 5700
Poplar Jewelry & Pawn 1709 Poplar Pl, Baltimore, MD 21222 +1 (410) 284 - 7296
Capital One Bank 1181 University Blvd E, Takoma Park, MD 20912 +1 (301) 439 - 7900
M&T Bank 9801 Main St, Damascus, MD 20872 +1 (301) 253 - 2000
MidAtlantic Farm Credit 102 Morgnec Rd, Chestertown, MD 21620 +1 (888) 339 - 3334
Securityplus Federal Credit Union 1514 Woodlawn Dr, Baltimore, MD 21207 +1 (410) 281 - 6200
PNC Bank 22610 Three Notch Rd, Lexington Park, MD 20653 +1 (301) 737 - 3814
Lendmark Financial Services LLC 3625 Offutt Rd, Randallstown, MD 21133 +1 (410) 922 - 9525
Honda of Annapolis 1736 West St, Annapolis, MD 21401 +1 (443) 569 - 3477
Congressional Bank 4445 Willard Ave Suite 1000, Chevy Chase, MD 20815 +1 (301) 299 - 8810

Installment Loan Companies in Nearby Cities

If there are no installment loan companies in Parsonsburg, MD, you can try to find different companies in big cities nearby. Check out the following pages here: Installment Loans in Waldorf, MD, Installment Loans in Annapolis, MD, Installment Loans in Baltimore, MD, Installment Loans in Bethesda, MD, Installment Loans in Bowie, MD, Installment Loans in Catonsville, MD, Installment Loans in Clinton, MD and Installment Loans in College Park, MD. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Parsonsburg, MD.

Understanding Installment Loans in Parsonsburg, Maryland

Whether it’s an unexpected expense or a long-planned project, there are times when people need access to funds quickly. In instances where one might not have the cash on hand to cover these expenses, they may turn to a loan. Car title loans, payday loans, and installment loans are popular options for those seeking short-term financial support. If you live in Parsonsburg, Maryland, installment loans might be the solution you’re looking for.

What are installment loans?

Installment loans are a type of loan where the borrower receives a lump sum of money upfront and then repays it over a set period of time with regularly scheduled payments. Typically, these payments are scheduled in equal amounts and are made monthly. Its flexible repayment schedule is the biggest advantage of an installment loan over other types of loans. The most common types of installment loans in Maryland are secured loans, which require collateral, and unsecured loans, which do not require any collateral.

How do installment loans work in Parsonsburg, Maryland?

In Parsonsburg, Maryland, installment loans work pretty much the same way they do in any state that allows them. Lenders will evaluate your credit history and financial position and will determine the amount of the loan, the repayment term, and the interest rate. The lender will provide you with a loan agreement outlining the terms and conditions of the loan. In addition to paying back the principal amount borrowed, the borrower will also pay interest on the loan, which is usually expressed as an Annual Percentage Rate (APR).

What are the advantages of installment loans?

  • Longer repayment period: Installment loans typically have a longer repayment period, which means you have more time to pay them back. This can be more convenient for people who need a higher loan amount or those who are not able to pay the debt back quickly.
  • Predictable payments: Since payments are typically set at the inception of the loan, it makes it easier for borrowers to budget for the payments.
  • Lower interest rates: Since installment loans are paid back over a longer period, lenders are able to charge lower interest rates, making it less expensive.
  • No collateral: Not all installment loans require collateral, meaning that you do not have to put up your assets as security to obtain a loan.

What are the risks associated with installment loans?

  • Higher total cost: Although installment loans generally have lower interest rates compared to other types of loans, the extended repayment term will translate to a higher overall cost of the loan.
  • Default risk: If a borrower is unable to pay back the loan, they risk defaulting on the loan and encountering various penalties. This can include late fees, high-interest rates, and even legal action by the lender.
  • Additional fees: Although installment loans can assist people to obtain the funds they need, borrowers should be careful to read the loan agreement to understand the fees they are responsible for paying.

Interesting Facts or Statistics About Installment Loans in Parsonsburg, Maryland

  • According to the Federal Reserve Bank of St. Louis, the average installment loan payment for non-real estate loans was $293 in 2020.
  • The State of Maryland imposes a maximum interest rate of 33% on loans under $6,000 and a maximum interest rate of 2% per month on loans greater than $6,000.
  • In 2019, Maryland’s largest subprime installment loan lender was fined $1.2 billion in a settlement with the Consumer Financial Protection Bureau (CFPB) for allegedly unfair and deceptive practices.

Apply Now

If you need installment loans in Parsonsburg, Maryland, TheGuaranteedLoans can help connect you with a trusted lender who can provide you with the funds you need. Our online application process is fast and secure. Once you’ve submitted your application, we’ll work to match you with lenders who fit your specific financial situation.

We are a loan connection service, not a direct lender, so we do not make any credit decisions or charge any fees. Our goal is to assist you in locating the right lender to meet your financial needs.

Apply now and get the installment loan you need to meet your financial goals.

Useful Articles

Installment Loans Available in Parsonsburg, MD By The Following ZIP Codes:

21849

Parsonsburg, MD installment loan calculator

Advise to read before applying

F.A.Q. About Installment Loans

Can I get No Credit Check Loan in Parsonsburg, MD?

Yes, you can get a no credit check loan in Parsonsburg, MD when you apply online.

How to Get a Bad Credit Loans in Parsonsburg, MD?

To apply for a bad credit loan in Parsonsburg, MD, you need to find a direct loan lender online.

Look for Installment Loans in Other Cities:

Annapolis Baltimore Bethesda Bowie Catonsville Clinton College Park Columbia Dundalk Ellicott City Essex Frederick Gaithersburg Germantown Glen Burnie Hagerstown Montgomery Village Odenton Olney Owings Mills Parkville Pikesville Potomac Randallstown Rockville Salisbury Severn Severna Park Silver Spring Towson Waldorf
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