Payday Loans in Lisbon, Maryland

Payday Loans in Lisbon, MD: Understanding the Law and Your Options

Payday loans are a convenient way to access fast cash when you need it most. Unfortunately, they are not legal in Maryland. If you are a resident of Lisbon, MD, and are considering a payday loan, you should be aware of the laws in your state and explore alternative options.

Why Are Payday Loans Illegal in Maryland?

In 2002, the Maryland legislature passed a law that prohibited payday loans. The law capped interest rates on loans at 33 percent and prohibited lenders from assessing any additional fees. Since payday lenders typically charge higher interest rates and fees than traditional lenders, the law effectively put payday lenders out of business in Maryland.

While many people believe that payday loans are a quick and easy solution to their financial problems, the reality is that these loans can be incredibly expensive and trap borrowers in a cycle of debt. Studies have found that the average payday loan borrower in the United States takes out eight loans a year and spends nearly 200 days in debt.

What Are Your Options If You Need Cash in a Pinch?

If you need cash quickly and do not have access to traditional loans or credit cards, there are other options you can explore.

Personal Loans

If you have good credit, you may be able to qualify for a personal loan with a bank or credit union. Personal loans typically offer lower interest rates and longer terms than payday loans and can be a more affordable way to borrow money.

Credit Cards

If you have a credit card, you can use it to take out a cash advance. While cash advances are generally more expensive than traditional credit card purchases, they are often less expensive than payday loans.

Government Assistance

If you are struggling to pay your bills, there are a variety of government assistance programs that may be able to help you. Contact your local Department of Social Services to learn more about programs that may be available to you.

Interesting Facts and Statistics About Payday Loans in Lisbon, Maryland

• Payday loans are illegal in Maryland, including Lisbon.
• The Maryland legislature passed a law in 2002 that capped interest rates on loans at 33 percent and prohibited lenders from assessing any additional fees.
• Payday loans trap borrowers in a cycle of debt, with many people taking out multiple loans per year and spending nearly 200 days in debt.
• Alternative options to payday loans include personal loans, credit cards, and government assistance programs.

Apply Now

If you are in need of fast cash and are exploring alternative options, TheGuaranteedLoans can help connect you with potential lenders. Our online application is simple and secure, and you can get a decision in minutes. Remember, we are a connector service and not a direct lender, but we will work hard to facilitate your connection with potential lenders.

Don’t let a financial emergency put you in a tough spot. Explore all of your options and make an informed decision that is right for you.