Payday Loans in Crapo, Maryland

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

Company nameAddressZip codePhone number
Hebron Savings Bank 108 E Cedar Ln, Fruitland, MD 21826 +1 (410) 860 - 4884
Loans 2 Go 7500 Marlboro Pike, District Heights, MD 20747 +1 (301) 420 - 5626
NASA Federal Credit Union Goddard Space Flight Center Building, 21, Greenbelt, MD 20771 +1 (888) 627 - 2328
SunTrust Bank 5750 Crain Hwy, Upper Marlboro, MD 20772 +1 (301) 298 - 9511
United Capital Inc 114 E Diamond Ave, Gaithersburg, MD 20877 +1 (301) 740 - 1717
Cedar Point Federal Credit Union 30330 Three Notch Rd, Charlotte Hall, MD 20622 +1 (301) 884 - 4074
Sonabank 14804 Pratt St, Upper Marlboro, MD 20772 +1 (301) 627 - 3504
Mariner Finance 7400 Ritchie Hwy Ste. B, Glen Burnie, MD 21061 +1 (410) 761 - 1258
NASA Federal Credit Union 895-C Rockville Pike, Rockville, MD 20852 +1 (301) 249 - 1800
Community Bank of the Chesapeake 30165 Three Notch Rd, Charlotte Hall, MD 20622 +1 (301) 884 - 5724

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Crapo, MD, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in College Park, MD, Payday Loans in Columbia, MD, Payday Loans in Dundalk, MD, No Credit Check Loans in Ellicott City, MD, Payday Loans in Essex, MD, Payday Loans in Frederick, MD, Payday Loans in Gaithersburg, MD and Payday Loans in Germantown, 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 Crapo, MD.

Are Payday Loans Legal In Crapo, 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

Crapo, MD payday loan calculator

Payday Loans in Crapo, Maryland: Why They’re Prohibited and What You Need to Know

When it comes to payday loans, many people are looking for a quick and easy solution to their financial problems. Unfortunately, payday loans are not legal in Crapo, Maryland. In fact, they’re not legal in the state of Maryland at all. So, why exactly are payday loans prohibited in this state and what should you know if you’re looking for alternative options?

The Prohibition of Payday Loans in Maryland

Payday loans are short-term loans with high interest rates that are meant to be paid back on the borrower’s next payday. They’re often marketed as a quick and easy solution to financial emergencies, but they can quickly become a cycle of debt for those who use them.

In 2002, Maryland passed legislation that prohibited payday lenders from operating in the state. The law limited the interest rate that lenders could charge on small loans to 33%, effectively making payday loans illegal in the state. Since then, payday lenders have been unable to legally operate in Maryland.

While the prohibition of payday loans in Maryland may seem like a disadvantage to those who rely on them in other states, it’s actually a consumer protection measure to help prevent individuals from falling into a cycle of debt.

Alternative Options to Payday Loans in Crapo, Maryland

While payday loans are not an option in Maryland, there are still alternative options available to individuals who need quick and easy access to funds. Here are a few options to consider:

  • Personal Loans: Personal loans are a type of loan that can be used for a variety of purposes, including unexpected expenses. They typically have lower interest rates than payday loans and longer repayment terms. However, they can be more difficult to qualify for, especially if you have poor credit.
  • Credit Cards: Credit cards are another option for those in need of quick funds. While they often have higher interest rates than personal loans, they can be a good option if you only need a small amount of money and can pay it back quickly.
  • Credit Counseling: If you’re struggling with debt, credit counseling may be a helpful option. A credit counselor can work with you to create a budget and develop a plan to pay off your debts.

Interesting Facts and Statistics about Payday Loans in Crapo, Maryland

  • The average interest rate on a payday loan is 391%.
  • In 2016, Maryland’s payday lending companies charged an estimated $122 million in fees and interest on loans that averaged less than $500 in value.
  • A study by the Consumer Financial Protection Bureau found that 80% of payday loans are rolled over or renewed within two weeks, meaning the borrower takes out a new loan to pay off the old one.

Apply Now

While payday loans may not be an option in Maryland, TheGuaranteedLoans can still help you connect with trusted lenders who can offer alternative loan options. Our online application process is quick and easy, and you can get connected to lenders in just a few minutes. Remember, TheGuaranteedLoans is a connector service, not a direct lender, and we will facilitate your connection with potential lenders. So, why wait? Apply now and get the funds you need to take control of your finances.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Crapo, Maryland?

No, because payday loans are illegal in Crapo, Maryland, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Crapo, Maryland?

Yes, the state of Maryland has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.