From Baltimore to Frederick and everywhere in between, many Marylanders sometimes need a quick financial boost. When unexpected bills or sudden repairs come knocking, our short-term loans are here to help.
Short-Term Personal Loans Rates and Fees in Maryland
Maryland law makes borrowing simple and clear, requiring one annual percentage rate (APR) that doesn’t exceed 33%. This means you won’t encounter any hidden surprises. Before you commit, take a moment to check the complete cost details, interest, fees, and the repayment period to make sure it fits your budget.
APRs
Maryland mandates that lenders include every fee in the APR. For example, if you borrow a modest sum for a short period, the 33% cap means you’ll see all your charges rolled into one clear rate. This transparency helps you plan ahead.
Loan Amounts
The state doesn’t clearly specify how much licensed short-term loan providers in Maryland can offer. Whether it’s a repair bill, an unexpected medical expense, or another urgent need, these funds are designed to bridge temporary gaps. Remember, borrowing only what you need can make repayment easier.
Terms
Short-term loans in Maryland are set up with flexible terms to match your financial situation. The state doesn’t specify the term for small consumer loans. Choose a term that fits comfortably with your income schedule, and always verify the exact duration with your lender.
Fees
According to Maryland rules, every processing or administrative fee is included in the 33% APR of 2.75% per month. This approach prevents hidden charges from creeping in later. Always review the fee breakdown so you’re clear about your total cost upfront.
Short-Term Loan Example
Let’s look at an example of how a short-term loan in Maryland might work:
- Loan Amount: $350
- APR: 33%
- Repayment Term: 3 months (installment plan)
- Monthly Payment: About $123.14 (covering both the principal and interest)
- Total Repayment: Approximately $369.42, including fees
Lending Regulations in Maryland
The Maryland Commissioner of Financial Regulation oversees consumer lending in the state, including short-term loans. Under Maryland law, all lenders must be licensed and fully disclose every fee and charge to borrowers. To learn more, please visit the Maryland Commissioner of Financial Regulation website.
| Regulation | Details |
|---|---|
| Interest Rate Cap | 33% APR |
| Maximum Loan Amount | Not disclosed |
| Term Length | Not disclosed |
| Fees | Not disclosed |
| Oversight | Maryland Commissioner of Financial Regulation |
Our Benefits
Simple Request Process
Whether you’re in a big city like Baltimore or a smaller community in Maryland, our online form is designed to be fast and simple. Say goodbye to endless paperwork and hello to a few easy steps toward getting the funds you need.Your Choice
We connect you with one trusted lender who meets Maryland lending standards. When you receive an offer, you can review the details to decide if it fits your financial situation.Data Security
Your privacy is our top priority. We use advanced security measures to protect your personal information from start to finish so you can apply with complete confidence.What Our Clients Say
Hear from fellow borrowers who have used our services to request a short-term loan.
How to Request a Short-Term Loan in Maryland
If approved, your funds could reach your account as quickly as one business day. Here’s how it works:
Provide Your Information
Fill out our quick online form with details like the amount you need, your income, and some basic personal information.We Search Lender Offers
We use your details to find a licensed lender in Maryland who can meet your request.Accept and Get Funded
Review the offer carefully. If it fits your needs, sign the agreement electronically. Then, your funds will be sent directly to your checking account.Loan Alternatives in Maryland
Emergency Loans
For urgent needs like a broken appliance or an unexpected bill, emergency loans provide fast cash with a simple qualification process.
Personal Loans
Personal loans might offer larger amounts and more flexible repayment options, which can be ideal if you’re managing several expenses at once.
Installment Loans
With installment loans, you break your repayment into several scheduled payments, making it easier to manage your monthly expenses. According to State law, the APR cannot exceed 33%.
Bad Credit Loans
Bad credit loans are for those whose credit isn't spotless. They help you secure funds now while you work on rebuilding your credit with timely payments with interest rates not exceeding 2.75 per month.
FAQ
Are Short-Term Loans Legal in Maryland?
Maryland law permits short-term installment loans as long as providers respect the 33% APR cap and are properly licensed.
What Are the Requirements to Request a Short-Term Loan?
Generally, you need to have:
- Minimum 18 years of age
- U.S. citizenship or Maryland residency
- A valid Social Security number
- A steady source of income
- An active checking account
Which Cities in Maryland Have Short-Term Lending?
Our online platform makes short-term loans available across Maryland, from Baltimore and Annapolis to Silver Spring and Frederick. Licensed storefronts may also be found in larger communities.
How Does Maryland Compare to Other States?
Maryland’s lending regulations, such as the 33% APR cap, keep borrowing costs transparent. This approach is similar to other consumer-friendly states.
Is a Payday Loan Different from a Cash Advance?
Cash advances often refer to credit card withdrawals or employer paycheck advances, whereas Maryland’s short-term loans are regulated products with clear APRs.
Are Guaranteed Short-Term Loans Available in Maryland?
No. Lenders must first review your eligibility before presenting an offer. Offers promising “guaranteed” funding without a proper check do not follow state guidelines.