Payday Loans in Baltimore
Baltimore, MD is the home to over 620,000 residents, and as of January 2011, the cost of living measure for the city stood at 106.0 which is well above the national average of 100. This means that many residents of Baltimore are finding it more difficult to make ends meet, thus contributing to the popularity of payday loans in Baltimore. Here are some important facts about Baltimore payday loans that will make you a more informed borrower.
It is important to note that payday loans are not available in every state and laws and regulations vary by state. Information for Maryland Payday Loans is provided for your convenience.
In Baltimore, payday loans start from $100 to $1000, and anyone over 18 years of age with a stable income and a bank account is eligible. The state law allows for a restrictive cap on loan interest rates which currently stand at 33% annually for all credit products, payday loans included. State law also requires that payday loans have a monthly interest rate of not more than 2.75%, so you can calculate exactly how much you need to pay back for your payday loan.
Due to these interest rate restrictions, you will find that most payday lenders in Baltimore are based online, rather than offering front office services. Be careful when choosing an online lender and avoid anyone who offers higher interest rates. Should you choose to get your payday loan from online lenders based in other states, ensure that they charge the interest rates in accordance with the law since you are a Baltimore resident.
The above restrictions have also created a competitive payday loan industry in Baltimore. Since lenders cannot exceed interest rates, they seek to attract customers by offering the most AT ALL payment plans for their payday loans. One can take out a small payday loan in Baltimore even when on minimum wage, and borrowers are not restricted to pay the full amount at the next payday as is the case in many other states. Lenders are now offering plans that can spread the payments over multiple paychecks, thus allowing you to pay back in even smaller and more manageable amounts.
A payday loan can be processed within hours of application, so you can get just the amount you need as fast as possible for any of the above reasons and more.
Most payday loan websites in Baltimore serve as a link between you and the ideal lender for your needs. You can fill out a short form indicating the amount you need, your name, email address and zip code, then the site can match you with the best lenders and redirect you to their website. This is a great way of finding a payday lender in a quick and convenient process. Do ensure that your lender is licensed to offer payday loans in Baltimore and get quick cash for your needs.