Payday Loans in Callaway, Maryland

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No payday loan companies in Callaway, MD. Consider companies in other cities:

Company nameAddressZip codePhone number
SunTrust Bank 11704 Reisterstown Rd, Reisterstown, MD 21136 +1 (443) 273 - 9067
Marc T. Malakoff, Esquire 18310 Montgomery Village Ave 220, Gaithersburg, MD 20879 +1 (301) 590 - 0500
WesBanco Bank 1046 Baltimore Blvd, Westminster, MD 21157 +1 (410) 876 - 4630
First Cash Jewelry & Exchange 117 N Frederick Ave, Gaithersburg, MD 20877 +1 (301) 926 - 1700
AdvanceLoan 8101 Sandy Spring Rd, Laurel, MD 20707 +1 (860) 270 - 0708
Howard County Education Federal Credit Union 3454 Ellicott Center Dr #104, Ellicott City, MD 21043 +1 (410) 461 - 2257
Western Union All In One Food Mart, 15 W Bel Air Ave, Aberdeen, MD 21001 +1 (443) 327 - 8849
Point Breeze Credit Union 410 S Atwood Rd, Bel Air, MD 21014 +1 (410) 584 - 7228
PNC Bank 16 E Main St, Thurmont, MD 21788 +1 (301) 271 - 4311
SunTrust 18110 Village Mart Dr, Olney, MD 20832 +1 (301) 658 - 9200

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Callaway, MD, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Germantown, MD, Payday Loans in Glen Burnie, MD, Payday Loans in Hagerstown, MD, Payday Loans in Montgomery Village, MD, Payday Loans in Odenton, MD, Quick Loan in Olney, MD, Payday Loan for Owings Mills, MD and Bad Credit Loans in Parkville, 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 Callaway, MD.

Useful Articles

Are Payday Loans Legal In Callaway, Maryland?

Payday Lending is Prohibited in Maryland

Maryland Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Callaway, MD payday loan calculator

Advise to read before applying

Payday loans are a common financial solution for people who are in need of quick cash. These loans are often marketed as a way to get cash quickly when you need it, but they can also be very risky. If you’re considering a payday loan in Callaway, Maryland, you should know that they are actually illegal in the state.

What Are Payday Loans?

Payday loans are short-term loans typically for amounts of $500 or less that must be repaid in full, with interest and fees, on the borrower’s next payday. In Maryland, these loans are not allowed and any company offering payday loans is operating illegally.

The Risks of Payday Loans

Payday loans are often targeted at vulnerable populations, including low-income individuals and those with poor credit. These loans can be very expensive, with interest rates and fees that can add up quickly. In fact, the average interest rate on a payday loan is around 400% APR.

Because these loans are so expensive, many borrowers end up in debt traps, where they are unable to pay back the loan in full and end up taking out additional loans to cover the original debt. This can quickly lead to a cycle of debt that is difficult to escape.

The Legal Status of Payday Loans in Callaway, Maryland

In Maryland, payday lending is illegal. According to state law, companies that offer payday loans or other similar loans cannot charge more than 33% APR on loans of $2,000 or less. This means that any company offering payday loans in Callaway, Maryland is operating illegally and should be avoided.

Alternatives to Payday Loans

If you’re in need of quick cash, there are alternatives to payday loans that can help you meet your financial needs without putting you at risk of falling into debt. Some of these alternatives include:

  • Personal loans: Banks, credit unions, and online lenders offer personal loans with more reasonable interest rates and fees.
  • Credit card cash advances: While credit card cash advances can be expensive, they are typically less expensive than payday loans.
  • Financial assistance programs: Many local and national organizations offer financial assistance programs for those in need.

Interesting Facts and Statistics about Payday Loans in Callaway, Maryland

  • In 2018, the average APR for payday loans in Maryland was 527%.
  • While payday loans are illegal in Maryland, many lenders operate online and target Maryland residents.
  • In Maryland, it is illegal for a lender to threaten criminal action or take legal action against a borrower who is unable to repay a payday loan.

Apply Now

If you’re in need of cash and are considering a payday loan, it’s important to explore all of your options before making a decision. TheGuaranteedLoans is a connector service that can help you connect with potential lenders who may be able to offer you a personal loan with more reasonable terms and interest rates. Visit our website to fill out an application and get started today.

Please note that while we are not a direct lender, we are dedicated to connecting borrowers with reputable lenders who can help them meet their financial needs.

F.A.Q.

Why are payday loans illegal in Callaway, Maryland?

Payday loans are illegal in Callaway, Maryland because they often have high interest rates and fees that can trap borrowers in a cycle of debt. The state's regulations are designed to protect consumers from predatory lending practices.

What are some alternative options for getting quick access to cash in Callaway, Maryland?

in Callaway, Maryland, consumers can seek out alternative forms of financing, such as small personal loans, credit union loans, or even borrowing from friends or family.

Look for Short-Term 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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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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