Personal Loans in Maryland:

Maryland Payday Loan Laws and Maryland Loan Regulations

Legal Status: Prohibited

Citation: Consumer loan act applies. Md. Code Com. Law § 12-101 et seq.

Maximum Loan Amount:$300

Small Loan Rate Cap:
2.75% per month; 33% per year.

State Regulatory Agencies for Payday Loans:

Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone:(410) 230-6100
Fax:(410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy
Maryland Division of Financial Regulation
Licensee Search
Complaints and Inquiries
Online Resources:
Deferred Loans
Beware of Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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