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Everything You Need to Know About Payday Loans in Garrett Park, Maryland
Payday loans are a type of short-term loan that is typically due on your next payday. These loans are often marketed as a quick and easy way to get cash when you’re in a financial bind. However, payday loans can come with high interest rates and fees, making them a costly option for borrowers.
In Maryland, payday loans are prohibited by law. This means that lenders are not allowed to offer payday loans to consumers in the state. If you’re in need of quick cash in Garrett Park, Maryland, there are other options available to you.
Alternatives to Payday Loans in Garrett Park, Maryland
If you’re in a financial emergency and need cash fast, there are still options available to you in Garrett Park, Maryland.
- Credit Union Loans: Credit unions are not-for-profit financial institutions that offer loans to their members at lower interest rates than traditional banks. If you’re not a member of a credit union, you may be able to join one and take advantage of their loan offerings.
- Personal Loans: Personal loans are another option for borrowing money in a pinch. These loans are usually offered by banks, credit unions, and online lenders. While they may have higher interest rates than credit union loans, the terms may be more favorable than those of a payday loan.
- Credit Card Cash Advance: If you have a credit card, you may be able to get a cash advance. Keep in mind that this option comes with high interest rates and fees, so it should only be used in a true emergency.
- Government Assistance: Depending on your situation, you may be eligible for government assistance programs like Temporary Cash Assistance or Emergency Assistance. These programs can provide financial assistance to Maryland residents who are in need.
Interesting Facts and Statistics About Payday Loans in Garrett Park, Maryland
- In 2019, Maryland lawmakers passed a bill that would have allowed payday lending in the state. However, Governor Larry Hogan vetoed the bill, citing concerns about predatory lending practices.
- According to a report from the Center for Responsible Lending, the average payday loan APR in Maryland is 409%.
- In 2018, payday lenders in Maryland charged over $135 million in fees to borrowers.
- Between 2012 and 2017, Maryland residents paid over $513 million in payday loan fees.
Apply Now for Alternative Loan Options
If you’re in need of cash and don’t want to turn to a payday loan, TheGuaranteedLoans is here to help. We are a connector service that can help you connect with potential lenders who offer personal loans at better rates and terms than payday loans.
Our online application process is fast, easy, and secure. Just fill out our online application and we’ll match you with lenders who can offer you the cash you need. Keep in mind that TheGuaranteedLoans is not a direct lender, so you’ll be working with a third-party lender if you’re approved for a loan.
Don’t let a financial emergency leave you feeling helpless. Apply now for a personal loan through TheGuaranteedLoans and get on the path to financial stability.