Technically payday loans are prohibited in the state of Maryland but there are many companies out there that know exactly how these loans work and can offer you a legal alternative. Typically, these companies will simply offer something called a “signature” loan or title loans which work in a similar way as a traditional payday loan but are more easily accessible.
Due to normal payday loans being illegal, this shifts responsibility from the state to the consumer when it comes to finding acceptable rate and terms. Lenders compete with one another for your business so you can often find extremely low rates if you take the time to do a little comparison shopping.
Maryland Pay Day Loan Laws
Maximum Loan Amount: Variable
Maximum Finance Rate: Variable
Annual Percentage Rate For 14 Day $100 Loan: Variable
Minimum Payoff Time: Variable
Extensions Allowed: Variable
Top 5 Maryland Payday Loan Companies
7553 Ritchie Highway
Glen Burnie, MD
(410) 768-2670
cash-n-gogb.com
This company, while is shares the name, isn’t part of the Cash N Go chain you’d find in many different states. This is a locally owned and operated payroll advance company that has been doing business in Baltimore, Maryland for over five years as of 2011. This company offers payroll advances, check cashing, money orders, prepaid cellular phones and cards and more. The official website doesn’t list their rates and fees so you’ll have to contact them for more specific payroll advance information.
2012 West St, Unit C
Annapolis, MD
(410) 266-3127
acecashexpress.com
Ace Cash Express is probably a business you’ve seen more than once simply by driving around. No matter where you are in the US, there’s an Ace nearby to meet your short-term loan needs. This company primarily does normal payday loans but in Maryland, they offer different types to skirt around the regulations and still be able to provide services to you.
3470 Olney Laytonsville Road
Olney, MD
(240) 561-9259
want1000.com
Want1000.com is a primarily web based personal loans service whose office is located in Olney, Maryland. They offer short-term loans with a variety of rates and limits that change depending on how much you make, how long you’ve been employed and whether or not you’ve used their service in the past. It’s possible to get medium-term loans from this company in amounts up to a couple thousand dollars if you qualify.
1509 W Patrick St # E
Frederick, MD
(301) 360-0535
cashngocash.com
Cash & Go, while having the same name as a nearby company, is actually completely different and has varied rates and fees. This company primarily determines your loan eligibility by how much you make per month. Once approved, you’ll be given some options regarding how long you need to pay it back and what the monthly payments will be.
4412 Powder Mill Rd # 200
Beltsville, MD
(240) 965-6039
checkngo.com
Check & Go is a one stop check-cashing and payday loan shop where you can also pay bills, get money orders, and use Western Union. This company is fairly popular all across America and serves thousands of customers each and every month. Third-party reviews speak favorably of this company’s rates and customer service.