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Payday Loans in Hagerstown, Maryland
Hagerstown, Maryland is a great city with a great population, but unfortunately, payday loans are prohibited here. Payday loans are short-term loans that can be used for covering unexpected expenses and are repaid when the borrower receives their next paycheck. Although payday loans can be beneficial in many situations, unfortunately, they are not allowed in Maryland.
The Maryland Law on Payday Loans
According to the Maryland Law, payday loans are considered as “check cashing” loans, which are considered as high-cost credit services. Maryland Law protects both parties in such transactions, meaning that the lender is not allowed to provide loans with the interest rate higher than 33%. Unfortunately, the majority of payday loans don’t fall under these regulations, so they are prohibited in the state of Maryland.
Alternatives to Payday Loans
Although payday loans are not available in Maryland, there are several other financing options available for those who are in a financial emergency. Here are some of the alternatives to payday loans that you can consider:
- Personal Loans – Personal loans are loans that are unsecured and usually offered by banks and other traditional lenders. These loans usually have lower interest rates than payday loans, but they are still a great way to cover unexpected expenses.
- Credit Cards – Credit cards are often the best choice for those who need some extra funds in the short term. Just make sure to make your payments on time or you will have to pay heavy interest.
- Friends and Family – You can always turn to your friends and family in times of need and ask for a small loan. Although not every family or friend can lend money, it’s worth a try.
FAQ
Are payday loans available in Hagerstown, Maryland?
No, payday loans are prohibited in Maryland.
What are the alternatives to payday loans?
Personal loans, credit cards, and borrowing from friends and family are some of the alternatives to payday loans.
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If you’re looking for an alternative to payday loans, The Guaranteed Loans can help you find a lender in your local area. We are not a lender, but we can connect you with lenders who have personal loans and other types of financing available. All you have to do is fill out the online application and we will take care of the rest.