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Payday Loans in Rockville, Maryland
Payday loans are a type of short-term loan designed to help you manage financial emergencies. However, payday loans are not available to residents in the state of Maryland, as the state has effectively banned this type of loan.
What is a Payday Loan?
Payday loans are small-dollar, short-term loans that are typically offered for amounts of up to $1,000. Most lenders offer them for two weeks to 30 days in terms of repayment, but some lenders may offer longer terms.
Payday loans are typically due on the borrower’s next payday, hence the name. Most lenders will require you to have a valid checking account and to provide proof of both current employment and income.
Why are Payday Loans Not Allowed in Maryland?
The state of Maryland has banned payday loans due to their high-cost and short repayment periods, which can easily trap borrowers in a cycle of debt. Payday loans are generally charged with high interest rates and high fees, making them difficult to pay off in a short amount of time.
In 2017, the state of Maryland passed a law banning payday loans. The new law also protects borrowers from future loans by requiring lenders to wait one business day after a borrower has paid off a loan before extending another loan.
What are the Alternatives to Payday Loans in Rockville, Maryland?
While payday loans are not available in the state of Maryland, there are still options for borrowers who are looking for short-term borrowing options. Some of the most popular alternatives include:
Personal Loans
Personal loans are unsecured loans that are typically offered by banks, credit unions, and other financial institutions. These loans can typically be used for any purpose and can range from $500 up to $50,000 depending on the lender. Personal loans typically come with lower interest rates and longer repayment terms than payday loans.
Credit Cards
Credit cards are a great alternative to payday loans as they are an easy way to pay for things over time. Credit cards come with varying terms, including interest rates and fees, however, some may offer 0% introductory rates or other rewards.
Pay Advance Apps
There are also online lenders that offer pay advance apps that allow you to borrow money for a short period of time. These apps usually charge a fee for the loan and require that you pay it back in full by your next payday.
Frequently Asked Questions
Are payday loans legal in Rockville, Maryland?
No, payday loans are not legal in the state of Maryland.
What are my options if I need cash quickly in Rockville, Maryland?
You may want to consider getting a personal loan, using a credit card, or using a pay advance application.
Is it possible to get a payday loan online in Rockville, Maryland?
No, payday loans are not available online in the state of Maryland.
Apply Now
If you’re in need of a short-term loan in Rockville, Maryland, consider applying through TheGuaranteedLoans. Our network of lenders provides access to personal loans, credit cards, and pay advance applications. We are not a lender, but our partner lenders may be able to help you find the right loan for your short-term needs. Apply now to get started.