Payday Loans in Templeville, Maryland

Payday Loans in Templeville, Maryland

Payday loans are a type of short-term loan that is typically used by people who need quick access to cash. These loans are usually due on the borrower’s next payday and can carry high-interest rates and fees. In Templeville, Maryland, payday loans are prohibited by law. This means that if you live in Templeville, you cannot legally obtain a payday loan.

Why are Payday Loans Prohibited in Maryland?

In 2002, Maryland passed a law that placed a 33% cap on interest rates for consumer loans. This law effectively outlawed payday lending in the state. Payday lenders argued that they were exempt from this law because they were chartered in other states where higher interest rates were legal. However, this argument was rejected by the Maryland Court of Appeals in 2005.

In addition to the interest rate cap, Maryland law also prohibits payday lenders from rolling over or renewing a loan more than three times. This helps to prevent borrowers from getting caught in a cycle of debt that is difficult to escape from.

What are the Alternatives to Payday Loans?

If you are in need of cash in Templeville, Maryland, there are several alternatives to payday loans that you may want to consider. Some of these options include:

• Personal Loans: Personal loans are unsecured loans that are typically offered by banks, credit unions, and online lenders. These loans often have lower interest rates than payday loans and can be used for a variety of purposes.
• Credit Cards: If you have a credit card, you can use it to make a cash advance. While this option may have higher interest rates than a personal loan, it may still be a more affordable option than a payday loan.
• Borrowing from Friends or Family: While it may be uncomfortable to ask for help, borrowing from friends or family can be a good option if you need cash quickly and don’t want to pay high interest rates.

Interesting Facts and Statistics about Payday Loans in Templeville, Maryland

• According to the Maryland Department of Labor, Licensing and Regulation, the average payday loan in Maryland is $365 and carries an interest rate of 527%.
• Between 2010 and 2014, Maryland saw a 70% decrease in payday lending complaints.
• In 2015, the Maryland Attorney General’s office issued cease and desist orders to three online payday lenders for violating state law.

Apply Now

While payday loans are not available in Templeville, Maryland, TheGuaranteedLoans can help you connect with potential lenders who may be able to offer you a personal loan. Our online application process is quick and easy, and you may receive a loan offer in just a few minutes. Please note that TheGuaranteedLoans is a connector service and not a direct lender. By completing our online application, you consent to being connected with potential lenders who may offer you a loan.

Don’t let financial emergencies stress you out. Apply now and see how TheGuaranteedLoans can help you get the cash you need, when you need it.