Maryland Payday Loan

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Payday Loan Laws in Maryland

Maryland is one of the few states in America that have very strict regulations when it comes to payday lending.

Consumer loans, including personal loans, payday loans and cash advances, are legal and governed by the Maryland Office of the Commissioner of Financial Regulation. However, the state has set limits on the interest rate that lenders operating in Maryland can charge their borrowers. Loans greater than $2,000 but under $6,000 have a maximum allowed rate of 24%. Loans less than $2,000, which includes most payday loans, have a maximum allowed rate up to 33%. More about this law may be found at MD Code Annotated Commercial Law ยง12-306.

Maryland residents who believe they have been treated unlawfully by a lender or harassed by debt collectors should contact the Office of the Commissioner of Financial Regulation. Before applying for or accepting a loan offer please review our Advice for Consumers informational resource.

Maryland Payday Loan - Cities