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When it comes to payday loans, Deal Island residents may be out of luck. That’s because payday loans are prohibited in the state of Maryland, including Deal Island. However, that doesn’t mean residents are completely out of options when it comes to finding the funds they need.
What Are Payday Loans?
Payday loans are short-term loans that are designed to help borrowers get quick access to cash. These loans are typically for small amounts, with repayment due on the borrower’s next payday. They often come with high interest rates and fees, making them a costly option that can lead to a cycle of debt.
Why Are Payday Loans Prohibited in Maryland?
In Maryland, lawmakers have taken steps to protect consumers from the pitfalls of payday loans. Payday lending is prohibited in the state, meaning that companies cannot offer these types of loans to residents. This is in part because of the high fees associated with payday loans, which can trap borrowers in cycles of debt.
What Are the Alternatives to Payday Loans in Deal Island?
While payday loans may not be an option in Deal Island, residents still have other options when it comes to finding quick access to cash. Some alternatives to payday loans include:
- Personal loans from a bank or credit union
- Credit card cash advances
- Installment loans
- Borrowing from family or friends
It’s important to carefully consider all of these options before choosing one that is right for you. Some options, like borrowing from family or friends, may come with their own set of risks and potential pitfalls.
Interesting Facts and Statistics About Payday Loans in Deal Island, Maryland
- Payday loans are prohibited in Maryland under the state’s usury laws, which cap interest rates at 33%.
- In 2013, Maryland lawmakers passed legislation that established a cap on interest rates for installment loans, which are often used as an alternative to payday loans.
- A 2017 report by the Pew Charitable Trusts found that 12 million Americans use payday loans each year, paying an average of $520 in fees to borrow $375.
- In Maryland, the average payday loan borrower takes out eight loans per year, with an average loan amount of $375 and an average interest rate of 398%.
Apply Now for Alternative Loan Options
While payday loans may not be an option for Deal Island residents, TheGuaranteedLoans can help connect you with potential lenders who offer alternative loan options. As a connector service, we are not a direct lender, but our network of lenders can help you find the funds you need.
With easy online applications and fast, secure processing, TheGuaranteedLoans can help you find the right loan for your needs. Apply now to get started and find the funds you need.