Payday Advance Maryland
How many times has an unexpected situation occurred that straps you for cash long before your next payday? For those living from payday to payday, such emergencies heap a great deal of stress on an already difficult life. Where do the funds come from to handle the situation before your next influx of cash?
Payday advances were designed to meet such needs. These short-term loans provide cash, rapidly, and with very little application process. They seldom require credit checks, so are ideal for those who have less than perfect credit.
What About Maryland Payday Advances?
Payday loans are useful tools that provide you with a quick amount of cash that can be used to overcome a multitude of emergency financial hardships. Such short-term loans are normally used to pay for unforeseen medical expenses, vehicle repairs, to repair or purchase new home appliances, pay bills, buy groceries, take short vacations, and much more.
Unfortunately, Maryland payday advances are considered illegal in the state because they traditionally charge a high amount of interest and apply high fees. Actually, short-term loans are permitted, but they are severely restricted by state law, which makes it very unattractive for lenders to operate within the state. If you are a Maryland resident and require quick cash, you will probably need to look to alternatives other than Maryland payday advances.
Maryland Payday Loan Restrictions
Legislation was passed in 2002 severely restricting Maryland payday loans. These laws and their strict guidelines made it very unattractive for payday lenders to continue operating in the state. Practically all Maryland payday lenders, located within the state as well as online payday lenders stopped doing business in Maryland due to the harsh requirements.
According to Senate Joint Resolution 7, loan businesses operating within the state or online lenders wanting to do business with Maryland residents had to obey state laws applying to usury (loans utilizing excessively high interest rates). The law capped interest rates that can be charged on small loans at 33 percent APR, which equates to a monthly rate of 2.75 percent. Maryland lenders exceeding this cap, either in the state or from online businesses dealing with residents, are considered in violation of the law.
Consider these Alternatives to Maryland Payday Advances
Keep in mind that online lenders can be found who do business with Maryland residents. Just inquire, thoroughly, to be sure they are following the law governing payday advance Maryland loans.
If you cannot locate an in-state or online lender that satisfies your expectations for meeting the requirements of Maryland payday loans, then you may want to seek quick cash to meet financial emergencies through other means.
Fast cash that can be used to meet unexpected emergencies before payday arrives can be obtained through other sources other than Maryland payday loans. For example, you can approach your employer and either request to work overtime or ask for a payday advance that is deducted from your next paycheck. You can also adjust the tax withholdings on your W-2 so that fewer taxes are taken out each payday. Just remember to readjust it back to proper requirements after the emergency is abated or you will end up receiving less on your yearly returns or even have to pay.
You can also use other talents and take on a side job, sell or pawn items, or seek out state or government programs designed to meet financial hardship situations. If your situation consists of an upcoming due date on a bill(s), you can contact your creditor(s) and negotiate a payment extension.
Information on Maryland Payday Loans or Financial Regulations
If you want to obtain more information on legal guidelines surrounding Maryland payday loans or other financial regulations or situations, you should contact the following office:
Department of Labor, Licensing and Regulation
Office of the Commissioner of Financial Regulation
500 North Calvert Street, Suite 402
Baltimore, MD 21202
Phone: 410-230-6100 or 888-784-0136