Best Loans in Maryland, Payday, Auto Title Laws of October 2024
Maryland’s Consumer Loan Law requires licensed lenders to limit loan proceeds to $25,000. Allowable interest rate charges also vary depending on the loan amount.
For loans of $2,000 or less, licensed lenders can charge:
- 2.75% per month on the first $500.
- 2% per month on balances > $500 but ≤ $700.
- 1.25% per month on balances > $ 700 but ≤ $2,000.
For loans exceeding $2,000 but less than or equal to $3,500, the maximum interest rate is 1.75% per month. For loans exceeding $3,500 but less than or equal to $5,000, the maximum interest rate is 1.5% per month. For loans exceeding $5,000, the maximum interest rate is 1.35% per month.
Loan terms are also regulated:
- For loans ≤ $700, terms are capped at 30 months and 15 days.
- For loans > $700 but ≤ $2,000, terms are capped at 36 months and 15 days.
- For loans > $2,000, terms are capped at 72 months and 15 days.
After six months, licensed lenders can only charge 6% per year on the remaining balance if a loan remains in default.
Best Bad Credit Loans in Maryland of October 2024
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