Payday Loans in Simpsonville, Maryland

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

Company nameAddressZip codePhone number
SunTrust Mortgage 1966 Greenspring Dr Ste 505, Lutherville-Timonium, MD 21093 +1 (410) 828 - 5700
ChexTop 2620 Annapolis Rd, Severn, MD 21144 +1 (410) 551 - 0177
G & G Pawnbrokers, Inc 1325 University Blvd E, Takoma Park, MD 20912 +1 (301) 439 - 4116
Bank of America Financial Center 3488 Emmorton Rd, Abingdon, MD 21009 +1 (410) 569 - 1300
thrivent financial lutherans 10130 Dans Pl, Charlotte Hall, MD 20622 +1 (301) 934 - 1450
SunTrust 5702 Coastal Hwy, Ocean City, MD 21842 +1 (410) 213 - 5338
Bank of America Financial Center 10400 Old Georgetown Rd, Bethesda, MD 20817 +1 (301) 493 - 7120
Bruce Valliant - Raymond James 110 S Queen St, Chestertown, MD 21620 +1 (410) 810 - 0800
Enterprise Rent-A-Car 12451 Garrett Hwy, Oakland, MD 21550 +1 (301) 334 - 6400
Bank of America Financial Center 6038 Greenbelt Rd, Greenbelt, MD 20770 +1 (301) 474 - 4887

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Simpsonville, MD, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Parkville, MD, Quick Loan in Pikesville, MD, Payday Loans in Potomac, MD, Payday Loans in Randallstown, MD, Payday Loans in Rockville, MD, Payday Loans in Salisbury, MD, Payday Loan Companies in Severn, MD and Quick Loan in Severna Park, 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 Simpsonville, MD.

Are Payday Loans Legal In Simpsonville, 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

Simpsonville, MD payday loan calculator

While seeking fast cash, many people turn to payday loans, even though they can be expensive and high-risk. In Simpsonville, Maryland, payday loans are prohibited due to legislation put in place for consumer protection. The law helps people avoid falling into a high-cost cycle of borrowing and repayment. Although regulated, payday loans were abused by lenders for years, leaving many borrowers indebted and financially devastated.

Why are Payday Loans Prohibited in Simpsonville, Maryland?

In 2002, Maryland passed legislation that capped the maximum interest rate for consumer loans at 33%. This rate restriction made payday loans illegal in the state because they typically have an annual percentage rate (APR) of 400% or higher, leaving borrowers trapped in a cycle of debt. The new legislation aimed to protect borrowers from predatory lending practices that often lead to them shedding more money than they borrow.

Many states across the US have outlawed payday lending in one form or another, but Maryland stands out in its stalwart resistance to payday loans.

The Risks and Costs of Payday Loans

Payday loans may appear like a fast solution when you’re in urgent need of cash. The method is straightforward: you take out a small loan, such as a $500 payday loan, with the promise to repay it with your following paycheck, usually within two weeks. However, this apparent quick-fix can frequently lead to a spiral of debt that is hard to escape.

  • High Interest Rates: Payday lenders often charge fees and interest rates that can exceed 400% of the loan amount.
  • Hidden Fees: Some payday lenders may charge additional fees not discussed upfront.
  • Debt Cycle: High-interest rates and shorter repayment terms often make repaying payday loans difficult. As a result, many borrowers choose to roll over loans or take out fresh loans, resulting in a spiral of debt.
  • Financial Instability: Inability to pay off payday loans on time can cause financial distress. Late fees and additional charges on top of the interest can lead to debt accumulation and stressful situations.

Alternatives to Payday Loans in Simpsonville, Maryland

Although payday loans are banned in Maryland, alternative options for fast cash are available to residents. Credit unions, small loans on credit cards, and short-term loans from local banks are some options. Similarly, emergency community assistance programs, comprehensive financial counseling, and just-in-time earning options offer financial support to those in need.

Some options include:

  • Operation HOPE
  • Volunteers of America Chesapeake
  • Maryland Department of Labor
  • Assets for Independence (AFI) Individual Development Accounts (IDA)
  • Homeownership Preservation Foundation
  • United Communities Against Poverty, Inc.

Interesting Facts About Payday Loans:

  • Payday loans cause cash-strapped Americans to spend about $90 billion in interest and costs every year.
  • The normal payday loan borrower spends ten weeks out of the year owing money to a payday lender.
  • Every year, lenders collect about $8.7 billion annually in fees from payday loans.
  • Cash advance loans average approximately 300%-400% APR for two-week loans.

Apply Now for Other Loan Options

While payday loans are illegal in Simpsonville, Maryland, online lending alternatives are available for those who need quick cash. As a connection service, The Guaranteed Loans can help you connect with lenders who will provide you with competitive pricing, flexible terms, and fast approval times. The application process is simple, and funds are generally deposited into your bank account the next business day.

Note: Be aware that TheGuaranteedLoans is a connection service, not a direct lender. As a connector service, we connect borrowers with our network of trusted and reliable lenders who will provide them with loan options.

The Process:

  • Visit TheGuaranteedLoans website.
  • Fill out the application form online
  • If you’re approved, compare loan options before accepting the offer from the lender
  • After accepting the offer, get your funds deposited directly into your bank account

Getting fast cash in Simpsonville, Maryland can be a challenge, but it doesn’t have to be. Connection services like TheGuaranteedLoans are here to help you find reliable and trustworthy lenders.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in Simpsonville, Maryland?

No, taking out an illegal payday loan in Simpsonville, Maryland is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in Simpsonville, Maryland?

No, you cannot be sued for not paying back an illegal payday loan in Simpsonville, Maryland.