soph_lurk_2018 t1_jd2fdg4 wrote
Pay day loans are illegal in Maryland so there really isn’t anywhere to go for a legitimate pay day loan.
jabbadarth t1_jd2ihc2 wrote
That's not technically true.
MD just restricts the amount of interest a payday loan company can apply. For a loan up to $1000 the max is 24% or 2%/month. It changes as the loan amount increases.
guest0112 t1_jd2vpb8 wrote
Insert tribal loans. Which, if I had to guess, is what OP found. Tribal loan company with an “official” sounding name “Great American Financials” or “American River Loans” (hypothetical examples)
jabbadarth t1_jd2y9ky wrote
Yeah online seems to be exempt as they are located outside of the state.
guest0112 t1_jd30328 wrote
Looks like we found the first easy bill Wes Moore could accomplish that should make both Dems and republicans happy
soph_lurk_2018 t1_jd37rug wrote
Yes but the reality is most pay day loans have usurious interest rates so it makes their business scheme illegal.
Viewing a single comment thread. View all comments