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Payday Loans in Maryland: Rates Capped at 24%. Here Are the Legal Options

We list no payday loan stores in Maryland, and Maryland law caps what lenders can charge. Below is what the law says, and the licensed ways to borrow in Maryland that we track.

What Maryland law says

Under the general interest subtitle a lender may charge at most 24 percent a year simple interest on loans made after July 1, 1982 that are unsecured or secured by other than a savings account.

Source: Md. Code, Com. Law § 12-103(a)(3) · verified Oct 9, 2026

A loan to someone in Maryland has to stay within this limit unless the lender is licensed or otherwise authorized by Maryland law to charge more. We list no payday loan stores in Maryland; the licensed options we track are below.

Licensed lenders in Maryland

These types of lenders operate legally in Maryland, each under its own rules and costs. Compare the total cost before you borrow.

If someone offers you a payday loan in Maryland

Some lenders based in other states or online still advertise payday loans to Maryland residents. A loan from a lender that is not licensed in Maryland may not come with the protections that licensed lenders must give, such as cost limits and complaint rights. Before you borrow, check that the lender is licensed in Maryland.

To report a lender or ask a question, contact the Maryland Office of the Commissioner of Financial Regulation (OFR), Department of Labor.

Questions people ask

Are payday loans legal in Maryland?

We list no payday loan stores in Maryland. Under the general interest subtitle a lender may charge at most 24 percent a year simple interest on loans made after July 1, 1982 that are unsecured or secured by other than a savings account (Md. Code, Com. Law § 12-103(a)(3)).

Answers are generated from the listings and verified rules on this page; see Sources below.

Sources

Where the facts on this page come from, and when we last checked them.

  1. Md. Code, Com. Law § 12-103(a)(3) · Interest rate cap Last verified Oct 9, 2026 · high confidence
  2. Maryland Office of the Commissioner of Financial Regulation (OFR), Department of Labor · Licensing and complaints Date not recorded

We re-check sources regularly and show the date each was last verified. Spotted a mistake? Tell us and we'll check it against the source.

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