Payday Loans in Patuxent River, Maryland

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

Company nameAddressZip codePhone number
Cash Depot Brooklyn 8 16th Ave, Brooklyn, MD 21225 +1 (410) 636 - 1411
Taylor Bank 108 W Market St, Snow Hill, MD 21863 +1 (410) 632 - 1700
SunTrust Bank 12605 Wisteria Dr, Germantown, MD 20874 +1 (301) 556 - 2400
APGFCU - North East Branch 2011 W Pulaski Hwy, Elkton, MD 21921 +1 (800) 225 - 2555
Signal Financial Federal Credit Union 3015 University Blvd W, Kensington, MD 20895 +1 (301) 933 - 9100
M&T Bank 19616 Fisher Ave Suite M, Poolesville, MD 20837 +1 (301) 349 - 3828
Securityplus Federal Credit Union 1514 Woodlawn Dr, Baltimore, MD 21207 +1 (410) 281 - 6200
TD Bank 2 Lee Airpark Dr, Edgewater, MD 21037 +1 (410) 956 - 7410
ACE Cash Express 2332 Iverson St, Temple Hills, MD 20748 +1 (301) 702 - 3501
Farmers & Merchants Bank 25 Westminster Pike, Reisterstown, MD 21136 +1 (410) 517 - 3060

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Patuxent River, MD, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Hagerstown, MD, Payday Loan Companies in Montgomery Village, MD, No Credit Check Loans in Odenton, MD, Payday Loans in Olney, MD, Online Loans in Owings Mills, MD, 24-Hour Loan in Parkville, MD, 24-Hour Loan in Pikesville, MD and Payday Loans in Potomac, 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 Patuxent River, MD.

Beautiful sights of Patuxent River, MD

Are Payday Loans Legal In Patuxent River, 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

Patuxent River, MD payday loan calculator

Payday Loans in Patuxent River, Maryland: What You Need to Know

Payday loans are a quick and simple solution for those facing financial emergencies. However, some states have prohibited payday loans altogether, including the state of Maryland. This includes residents of Patuxent River, who are not permitted to receive payday loans from any lending institution.

So, What is a Payday Loan?

A payday loan is a small, short-term loan that is used to cover expenses until the borrower’s next paycheck. These loans generally have high-interest rates and fees and are meant to be paid back in full on the borrower’s next payday.

Why are Payday Loans Prohibited in Maryland?

The state of Maryland has prohibited payday loans in an effort to protect its citizens from predatory lending practices. These practices can trap low-income individuals in a cycle of debt that they are unable to escape.

In addition, payday loans are known for their high-interest rates and fees, which can leave borrowers in a worse financial situation than they were in before receiving the loan. This is particularly true for those who are unable to pay back the loan in full on their next payday.

What Alternatives are Available to Patuxent River Residents?

Although payday loans are prohibited in Patuxent River and throughout the state of Maryland, there are still alternatives available to those facing financial emergencies.

Personal Loans

Personal loans are a popular alternative to payday loans. These loans are typically offered by banks, credit unions, and online lenders. They have lower interest rates than payday loans and are meant to be paid back over a longer period of time.

Credit Cards

If you have good credit, a credit card may be a better option than taking out a payday loan. Credit cards offer a revolving line of credit that you can use as needed. They also have lower interest rates than payday loans.

Payment Plans

In some cases, you may be able to set up a payment plan with the company you owe money to. This can be particularly useful for those facing medical bills or other large expenses.

Interesting Facts and Statistics

  • Maryland has some of the strictest laws in the country when it comes to payday loans.
  • In 2019, Maryland passed a law capping interest rates on loans at 33%.
  • The average payday loan in Maryland is $300.
  • Approximately 12 million Americans take out payday loans each year.
  • The payday loan industry makes approximately $9 billion in fees each year.

Apply Now

If you are a Patuxent River resident in need of financial assistance, TheGuaranteedLoans can help. While payday loans are prohibited in Maryland, we offer a variety of alternative loan options to suit your needs.

As a connector service, we work with a network of trusted lenders to find the best loan options available to you. Simply fill out our online application to get started on your path towards financial security.

Please note that TheGuaranteedLoans is not a direct lender. We are simply a connector service, here to facilitate your connection with potential lenders.

F.A.Q.

Are there any alternatives to payday loans in Patuxent River, Maryland?

Yes, there are several alternatives to payday loans in Patuxent River, Maryland, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Patuxent River, Maryland but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of Maryland, regardless of where the lender is located.