Payday Loans in Lineboro, Maryland

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

Company nameAddressZip codePhone number
Cornerstone Home Lending, Inc 23076 Three Notch Rd 101, California, MD 20619 +1 (301) 476 - 4100
ACE Cash Express 6301 Livingston Rd Ste A, Oxon Hill, MD 20745 +1 (301) 567 - 4190
BB&T Mortgage 23415 Three Notch Rd, California, MD 20619 +1 (301) 737 - 3678
First Command Financial Planning 14 W Patrick St STE 200, Frederick, MD 21701 +1 (301) 694 - 8219
BB&T 257 N Somerset Ave, Crisfield, MD 21817 +1 (410) 968 - 2380
Rob Mercer First Home Mortgage 7910 Woodmont Ave Suite 1330, Bethesda, MD 20814 +1 (240) 479 - 2302
Credit Direct 9210 Corporate Blvd Suite 130, Rockville, MD 20850 +1 (855) 372 - 4729
BB&T 5 Church Cir, Annapolis, MD 21401 +1 (410) 626 - 2251
Haker Auto Sales 5820 Washington Blvd A, Elkridge, MD 21075 +1 (410) 796 - 6000
Bank of America Financial Center 7399 Assateague Dr, Jessup, MD 20794 +1 (410) 799 - 1744

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lineboro, MD, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Rockville, MD, 24-Hour Loan in Salisbury, MD, Payday Loans in Severn, MD, Payday Loans in Severna Park, MD, Quick Loan in Silver Spring, MD, Payday Loans in Towson, MD, Payday Loans in Waldorf, MD and Payday Loan for Annapolis, 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 Lineboro, MD.

Are Payday Loans Legal In Lineboro, 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

Lineboro, MD payday loan calculator

Payday loans have been around for a long time, and they remain a popular option for many people in need of quick emergency cash. However, as a resident of Lineboro, Maryland, it’s essential to understand that payday loans are prohibited in our state.

What are payday loans?

A payday loan is a small-dollar loan, often between $100 and $1000, that comes with a short repayment term, typically two to four weeks. The loan is designed to help you cover unexpected expenses or bridge the gap between paychecks. It’s a convenient option for those who need cash quickly, but it comes at a high cost. Payday loans typically have high-interest rates and fees, making them hard to repay and can lead to a cycle of debt for some borrowers.

Payday Loans in Lineboro, Maryland

As mentioned earlier, payday loans are prohibited in Lineboro, Maryland. The Maryland financial regulator is very strict against lenders who try to offer payday loans to consumers in the state. Lenders who are caught can face fines and other penalties, so you won’t find a payday loan storefront in Lineboro or any other city in the state.

Why payday loans are banned in Maryland?

Payday loans have been banned in Maryland since 2002 due to the high-interest rates and fees charged by lenders. The state regulatory body was concerned about the predatory lending practices that targeted low-income residents who couldn’t pay back the loans on time. The high-interest rates and fees (as high as 33% per month and 600% APR) made it difficult for borrowers to repay the loans, resulting in a cycle of debt that was hard to break.

Alternatives to Payday Loans in Lineboro, Maryland

If you need emergency cash in Lineboro, Maryland, and can’t rely on payday loans, there are other options available to you. Some of these options include:

  • Credit union loans: Some credit unions offer small-dollar loans with lower interest rates and fees compared to payday loans. You may need to be a member of the credit union to access these loans.
  • Credit counseling: You can get free credit counseling services to help you budget, manage your debt, and find alternatives to payday loans.
  • Emergency cash assistance: You may qualify for emergency cash assistance programs offered by the state government or charitable organizations.
  • Credit card cash advance: You can get cash from your credit card by doing a cash advance, although this is an expensive option that attracts high-interest rates and fees from your credit card issuer.

Interesting facts about Payday loans in Lineboro, Maryland:

  • The Maryland Financial Regulation prohibits payday loans with interest rates above 33% per year or $15 per $100 loaned, whichever is less.
  • States that prohibit payday lending have saved their citizens more than $2 billion a year in fees.
  • The Pew Charitable Trusts estimates that only one in ten borrowers can afford to repay their payday loans in full.
  • Payday loans are marketed to consumers with poor credit scores and low-income as a quick financial fix, but the high-interest rates trap them in a vicious cycle of debt.

Apply Now with TheGuaranteedLoans

TheGuaranteedLoans is a connector service that specializes in matching borrowers with potential lenders. While we are not a direct lender, we work with a network of trusted lenders who are willing to offer loans to borrowers with different credit profiles. Our online application is fast and straightforward. All you need to do is fill out a secure form on our website and submit it. Our team will review your application and connect you with lenders who are willing to provide you with a loan that suits your needs.

Conclusion

Payday loans are prohibited in Lineboro, Maryland, and for excellent reasons. The high-interest rates and fees charged by lenders can make it hard for borrowers to repay the loans and lead to a cycle of debt. However, if you need emergency cash in Lineboro, you still have options. Consider seeking help from credit counseling, credit unions, or emergency cash assistance programs. And if you need a loan, you can apply for our service and let us connect you with potential lenders who offer loans to borrowers with different credit profiles.

F.A.Q.

Are there any other options for fast cash in Lineboro, Maryland?

Consumers in Lineboro, Maryland may be able to access funds through a credit union or bank loan, or by using a credit card or personal loan. It is also possible to sell assets or ask friends or family for financial assistance.

Are payday loans legal in Lineboro, Maryland?

No, payday loans are prohibited in the state of Maryland.