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Business Loan Maryland is one of the few states in the US with a law against payday loans. However, these loans are still offered in Maryland. This article talks about how these loans work and what problems they can cause for borrowers if they cannot pay them back.
Payday loans are illegal in Maryland because it is considered an extension of credit to take out a loan with an upfront fee and then repay the loan through an installment plan that pays less than thirty dollars per month at high-interest rates.
Are Payday Loans Legal In Maryland?
Payday loans are not legal in Maryland because they are considered an extension of credit to take out a loan with an upfront fee and then repay the loan through an installment plan that pays less than thirty dollars per month at high-interest rates.
What Other Options Do I Have If I Need Extra Money In Maryland?
Option 1: Check your bank account regularly. If you don’t have enough money, it’s always a good idea to have enough to cover unexpected expenses. If you lose a job or an unexpected expense appears, be prepared to take out a loan as soon as possible as banks usually will not give loans immediately. In most cases, you can get a loan from your bank, but don’t expect the same type of interest rate as what you have been paying for payday loans. This could be beneficial since it will result in lower monthly payments but also a higher interest rate.
Option 2: Ask relatives or friends for a loan. This can be a better alternative to payday loans since it will result in lower interests. In addition, the loans from relatives and friends will typically have lower interest rates than what you have been paying for payday loans.
Option 3: Look for small jobs that pay on a regular basis. This way you can make a little bit of money by doing things you enjoy, such as walking dogs or cleaning houses. You can also spend time searching for part-time jobs while you keep your regular job while looking for something full-time.
What Are The Typical Costs Of A Loan In Maryland?
Loan costs of a typical payday loan in Maryland range from $10 to $30 for each $100 that is borrowed, while the term of the loan is from two weeks to one month. This translates to annual percentage rates (APR) ranging from 400% to 763%. The typical lender will charge you a fee of $2 for each $100 borrowed, and your monthly rate will be an average of $18.78.
For example, if you take out a payday loan with a term of four weeks and you borrow $350 and pay a fee of $15, then the total amount that you will pay over the life span of the loan is about $341.
Who Should I Contact To File A Complaint About A Payday Lender In Maryland?
Maryland has a webpage where you can report complaints about payday lenders. You can contact them to file a complaint about this type of loan in Maryland. You can also file a complaint with the Consumer Financial Protection Bureau if you are having problems paying your payday loans.