Best Loans In Maryland, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Maryland, Payday, Auto Title Laws 2019

EPF October 27, 2019
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Maryland’s Consumer Loan Law requires licensed lenders to limit loan proceeds to $25,000. Allowable interest rate charges also vary depending on the loan amount.

For loans of $2,000 or less, licensed lenders can charge:

  • 2.75% per month on the first $500
  • 2% per month on balances > $500 but ≤ $700
  • 1.25% per month on balances > $ 700 but ≤ $2,000

For loans exceeding $2,000 but less than or equal to $3,500, the maximum interest rate is 1.75% per month. For loans exceeding $3,500 but less than or equal to $5,000, the maximum interest rate is 1.5% per month. For loans exceeding $5,000, the maximum interest rate is 1.35% per month.

Loan terms are also regulated:

  • For loans ≤ $700, terms are capped at 30 months and 15 days
  • For loans > $700 but ≤ $2,000, terms are capped at 36 months and 15 days
  • For loans > $2,000, terms are capped at 72 months and 15 days

As well, if a loan remains in default after six months, licensed lenders can only charge 6% per year on the remaining balance.

Best Bad Credit Loans In Maryland

Lender:Min Credit Score:Loan Amount:APR:Licensed in Maryland:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

To learn more about how to obtain a bad credit loan, see our complete guide.

Best Personal Loans for Good Credit In Maryland 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Maryland:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

You can also click on the link to see our full list of recommended lenders. Another great option is SuperMoney.  There, you can compare several loans and decide which one is right for you.

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Payday Loans in Maryland

Traditional payday loans are prohibited in Maryland.

However, licensed lenders can operate in the state if they follow the Consumer Loan Law regulations written above.

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