Payday Loans in Owings, Maryland

Payday Loans in Owings, Maryland

Payday loans are short-term loans that typically have high interest rates and fees. In Owings, Maryland, payday loans are prohibited by law, but residents still have several options for obtaining short-term financial assistance.

Why Are Payday Loans Prohibited in Maryland?

In 2002, Maryland became the first state in the country to ban payday loans. The Consumer Loan Company Licensing and Regulation Act made it illegal for lenders to provide payday loans to residents of Maryland. The law was enacted to protect consumers from the high interest rates and fees charged by payday lenders. In Maryland, the maximum interest rate for consumer loans is 33%.

What Are the Alternatives to Payday Loans in Owings, Maryland?

Credit Unions

Credit unions offer low-interest loans to their members. Unlike payday lenders, credit unions are not-for-profit organizations that are owned by their members. They typically offer more favorable interest rates and terms than payday lenders. In Owings, Maryland, members of the Educational Systems Federal Credit Union, located at 70 Central Square Drive, can apply for personal loans up to $50,000.

Small Loans from Banks

Some banks offer small loans to borrowers with less-than-perfect credit. If you have a good relationship with your bank, you may be able to obtain a loan at a lower rate than you would from a payday lender. In Owings, Maryland, some of the banks that offer personal loans to residents include PNC Bank, located at 10240 Southern Maryland Blvd, and M&T Bank, located at 7875 Cerny Rd.

Local Assistance Programs

Residents of Owings, Maryland, may be eligible for financial assistance programs offered by local and state organizations. For example, the Maryland Department of Human Services provides short-term assistance for families to pay for basic needs like rent, utilities, and medical care. The Southern Maryland Tri-County Community Action Committee also offers emergency assistance programs for residents of Calvert, Charles, and St. Mary’s Counties.

Interesting Facts and Statistics about Payday Loans in Owings, Maryland

• The average payday loan in Maryland is $346.
• The average interest rate on a payday loan in Maryland is 420%.
• More than 200 payday lending stores have closed in Maryland since the ban on payday lending was enacted.
• In 2019, the Maryland General Assembly considered a bill that would have allowed payday lenders to operate in the state again. The bill died in committee.

Apply Now

While TheGuaranteedLoans does not directly provide payday loans, we do facilitate connections between borrowers and potential lenders. If you are looking for short-term financial assistance, we encourage you to fill out an application on our website. Our online application process is simple and secure, and you can receive an answer in minutes. Remember to only borrow what you can afford to repay, and to carefully review the terms and fees of any loan before accepting it.

Thank you for considering TheGuaranteedLoans for your short-term financial needs.