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Payday Loans in Savage, Maryland: What You Need to Know
If you’re considering taking out a payday loan in Savage, Maryland, it’s important to know that these types of loans are prohibited in the state. While payday loans may seem like a quick solution to your financial problems, they often come with high interest rates and fees that can make them a risky option for borrowers.
What are Payday Loans?
Payday loans are short-term cash loans that are typically due on the borrower’s next payday. They are often used by individuals who need quick access to cash to cover unexpected expenses or bills. Payday loans usually have high interest rates and fees, making them a costly form of borrowing.
Why are Payday Loans Prohibited in Maryland?
Maryland passed legislation in 2002 that prohibited payday lending in the state. This decision was made to protect consumers from the high interest rates and fees associated with payday loans. Since then, many other states have followed suit and passed laws regulating or banning payday lending.
What are the Alternatives to Payday Loans?
If you find yourself in need of cash and cannot obtain a payday loan in Savage, Maryland, there are several alternatives to consider. These include:
- Credit Union Loans: Credit unions offer personal loans with lower interest rates and fees than payday loans. They also often have more flexible repayment terms.
- Credit Counseling: Non-profit credit counseling agencies can help you develop a budget and negotiate with creditors to lower interest rates and fees on debts.
- Friends and Family: Consider borrowing from friends or family members who may be willing to lend you the money at little or no interest.
Interesting Facts and Statistics
- As of October 2021, there are no payday lenders located in Savage, Maryland.
- As of 2019, the average payday loan borrower in Maryland had an average income of $25,000 per year, and had taken out an average of 3 loans per year.
- In 2018, Maryland residents paid an estimated $119 million in payday loan fees and interest.
Apply Now
While payday loans are prohibited in Savage, Maryland, TheGuaranteedLoans can help connect you with potential lenders who offer other types of loans. We are a connector service, not a direct lender, and our goal is to help you find a loan that meets your needs and fits your budget. To get started, fill out our online application today.
Remember, borrowing money is a serious decision that should not be taken lightly. Always review the terms and conditions of any loan before accepting it, and never borrow more than you can afford to repay.