Payday Loans in Knoxville, Maryland

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

Company nameAddressZip codePhone number
Broadridge Financial Solutions 10945 Boulevard Cir Ba110, Owings Mills, MD 21117 +1 (443) 352 - 7200
Wells Fargo Home Mortgage 3901 National Dr Suite 250, Burtonsville, MD 20866 +1 (301) 388 - 2314
Greystone Servicing 2406 Hal Cir, Baltimore, MD 21209 +1 (410) 653 - 9740
MidAtlantic Farm Credit 1035 Ocean Hwy, Pocomoke City, MD 21851 +1 (888) 339 - 3334
Walmart Vision & Glasses 2775 Dorchester Square, Cambridge, MD 21613 +1 (410) 221 - 0284
Taylor Bank 14200 Coastal Hwy, Ocean City, MD 21842 +1 (410) 250 - 1405
Bank of America with Drive-thru ATM 28250 Three Notch Rd, Mechanicsville, MD 20659 +1 (301) 884 - 3181
Western Union Walgreens, 355 Market Square Dr, Prince Frederick, MD 20678 +1 (410) 535 - 5313
Bank of America with Drive-thru ATM 8901 Woodyard Rd, Clinton, MD 20735 +1 (301) 868 - 5544
Noticeline, Inc. 11600 Little Patuxent Pkwy 203, Columbia, MD 21044 +1 (410) 733 - 3371

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Knoxville, MD, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Potomac, MD, Payday Loans in Randallstown, MD, Payday Loan Without a Credit Check in Rockville, MD, Payday Loans in Salisbury, MD, Payday Loans in Severn, MD, Payday Loans in Severna Park, MD, Payday Loans in Silver Spring, MD and Payday Loans in Towson, 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 Knoxville, MD.

Beautiful sights of Knoxville, MD

Payday Loans Available in Knoxville, MD By The Following ZIP Codes:

21758

Are Payday Loans Legal In Knoxville, 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

Knoxville, MD payday loan calculator

Payday Loans in Knoxville, Maryland: What You Need to Know

Payday loans are a tempting solution for those who find themselves short on cash and in need of quick funds. However, in the state of Maryland, payday loans are prohibited. While many people may be frustrated by this, there are several reasons why Maryland has made this decision, and it’s essential for residents of Knoxville, Maryland, to understand the laws surrounding these loans.

What Are Payday Loans?

For those unfamiliar with payday loans, they are loans that people take out to help cover their expenses until their next payday. Often, these loans are for small amounts, typically around $500 or less, and must be paid off in full within a few weeks. To secure a payday loan, the borrower must provide the lender with a post-dated check or give the lender access to their checking account to withdraw the full amount, plus fees, on the due date.

While payday loans may seem like a quick solution, they come with significant risks, including high-interest rates that can trap borrowers in debt cycles that are difficult to break.

Why Are Payday Loans Prohibited in Maryland?

In 2002, the Maryland General Assembly passed legislation that prohibits predatory lending practices. Included in this law is a ban on payday loans. The decision was based on the belief that payday lenders charge excessive interest rates and fees that can lead to financial ruin for those who use them.

According to a report by the Maryland Consumer Rights Coalition, the average interest rate for payday loans in Maryland is 584%. That means a person who borrows $500 from a payday lender may owe as much as $825 within just a few weeks.

The high-interest rates on payday loans can quickly spiral out of control, trapping people in a never-ending cycle of debt. By prohibiting these loans, lawmakers hope to protect Maryland residents from falling victim to predatory lending practices.

What Are the Alternatives to Payday Loans?

While payday loans are not an option in Maryland, there are alternative solutions for those in need of quick funds. One possibility is a title loan, where a borrower can use their vehicle as collateral to secure a loan. However, it’s important to note that these loans can come with high-interest rates and fees similar to payday loans, and they also come with the risk of losing one’s car if they can’t repay the loan.

Another option is to seek assistance from local charities or government programs. In Knoxville, Maryland, local organizations, such as the Knoxville Volunteer Fire Department, may offer emergency assistance to those struggling to make ends meet.

Interesting Facts and Statistics

  • In 2018, Maryland lawmakers passed the Financial Consumer Protection Act of 2018, further strengthening state laws regarding predatory lending.
  • In 2016, the average payday loan borrower in Maryland took out approximately eight loans, totaling $2,164 in principal and fees.
  • Over 80% of payday loans in Maryland are renewals, meaning the borrower takes out additional loans to cover the previous ones.

Apply Now

While payday loans are not an option in Maryland, TheGuaranteedLoans can still help you find the funds you need to cover your expenses. As a connector service, we will work with potential lenders to find the best loan option for you. To apply, simply fill out our online application with your personal information, and we’ll take care of the rest. Remember, we work with a network of lenders who may be able to assist you, but we are not a direct lender. Be sure to read through the terms of any loan offer carefully before agreeing to it.

In Conclusion

While payday loans may be tempting, it’s essential to understand the risks and why they’re prohibited in Maryland. By finding alternative solutions and seeking help from local organizations or government programs, you can avoid falling victim to predatory lending practices and take control of your finances.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Knoxville, Maryland?

Lenders offering illegal payday loans in Knoxville, Maryland may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Knoxville, Maryland?

If you have taken out an illegal payday loan in Knoxville, Maryland, you can contact the Maryland State Department of Financial Services to report the lender and seek assistance in resolving the issue.