Maryland is one of the few states that have extremely tight regulations on payday lending. There are no loopholes left for payday lending centers to work through. We hope that you will consider us at Payday Today when you wish to apply for a loan program that will serve as an alternative for a payday loan.
If you live in Maryland, you will be highly interested in the alternative loan programs we offer at Payday Today. Some of our more popular programs are our debt consolidation, personal loan, credit card, and credit counseling. Debt consolidation is a good long term solution for those who want to lump all their debt under one loan and one interest rate. Personal loans may be just the ticket for people who need a significant amount of cash to finance some unforeseen purchase. Our credit cards are available to customers with bad credit, and our credit counseling has proven effective for those who wish to change their financial habits.
Maryland is one of three states (Georgian and Massachusetts are the others) that not only prohibit payday lending in state law, but also have laws that prohibit local banks from partnering with out of state agencies to offer their customers payday loans.
Maryland prohibits payday lending through interest rate caps. Lenders in Maryland are not permitted to charge more than 33% interest on any loan below $6,000. Thirty three percent interest may still seem a bit high in comparison with other loans, or even credit cards. However, the rate contrasts highly with states that permit payday lending. Payday lending interest rates in other states are commonly triple digit figures.
There are no payday lenders in Maryland.
According to the United States Department of Labor:
The unemployment rate in Maryland as of January 2006 was 4.1. This was a 0.6 increase since the previous January. Over the past ten years, the unemployment rate has fluctuated between 3.3 and 5.9.
In January 2006, there were 119,562 unemployed people in Maryland.