Are “Payday Loans” in Maryland Legal?

Are “Payday Loans” in Maryland Legal?

The answer is No. Payday loans are not legal in Maryland. Maryland Law § 12-101 et seq. prohibits payday lending in all forms, including online loans. The maximum interest a small loan provider can charge is 2.75% per month or 33% per year for the first $1,000 of a $2,000 loan. On the next $1,000, a lender can charge no more than 2% per month or 24% per year.

But there are alternatives if you need to access money such as short term loans,  and more……