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Payday loans, also called cash advances, are prohibited in Maryland under MD Comm L Code § 12-103 (2016). Residents seeking short-term financial assistance may explore alternative options such as personal installment loans, credit unions, or employer salary advances.
Payday loans, also called cash advances, are prohibited in Maryland under MD Comm L Code § 12-103 (2016). The state's usury laws or specific statutes make traditional payday lending illegal or heavily restricted.
Governing law: MD Comm L Code § 12-103 (2016)
| Federal Protection | What It Means | Who It Covers |
|---|---|---|
| CFPB Payday Rule | The CFPB issued a regulation adopting a two-strikes-and-you’re-out rule for covered lenders. Under that rule, after two tries to withdraw money from a borrower’s account have failed, covered lenders can’t try again unless the borrower specifically authorizes another attempt. | All states |
| Military Lending Act (MLA) | 36% MAPR cap. The Military Lending Act (MLA) limits the amount a creditor may charge, including interest, fees, and charges imposed for credit insurance, debt cancellation and suspension, and other credit-related ancillary products sold in connection with the transaction. The total charge, as expressed through an annualized rate referred to as the Military Annual Percentage Rate (MAPR), may not exceed 36 percent. | Active-duty service members |
| Electronic Fund Transfer Act (EFTA) | A lender cannot require you to repay by automatic bank (ACH) debit as a condition of getting the loan. You may choose another way to pay. | All states |
CFPB rule source: https://www.consumerfinance.gov/payday-rule/
No. Traditional payday loans are not legally available in Maryland, which restricts them under MD Comm L Code § 12-103 (2016). State usury limits or specific statutes make high-cost payday lending illegal or unviable, so licensed storefront and online payday lenders generally do not operate here.
Because payday loans are not available in Maryland, common alternatives include credit union payday alternative loans (PALs) capped near 28% APR, small personal installment loans from licensed lenders, employer earned-wage-access programs, and nonprofit emergency assistance. Compare the APR and repayment terms before you borrow.
Explore the full US Cash Advance suite of short-term lending options: Payday Loans, Cash Advance, Bad Credit Loans, Same Day Loans, Debt Consolidation, or find a location near you in our Maryland Locations Directory.