What a loan can cost in Maryland
Examples at an illustrative rate, never above Maryland's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 24%
- Repayment
- 12 monthly payments
- Payment
- $283.68
- Finance charge
- $404.16
- Total of payments
- $3,404.16
Example: a $3,000 installment loan at 24% APR repaid in 12 monthly payments of $283.68 costs $3,404.16 in total, including a finance charge of $404.16. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Maryland
Free and low-cost help in Maryland, each with its official link and the date we checked it.
Lending regulator and complaints
Maryland Office of the Commissioner of Financial Regulation (OCFR) licenses lenders in Maryland.
Check a lender's license File a complaint
labor.maryland.gov, iprod.dllr.state.md.us Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211md.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
mdlab.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
More Maryland resources appear here as we check each source.
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Maryland
Each rule links to its source. How we research state rules.
Allowed in Maryland: installment and personal loans. Not allowed: title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4][5] | Allowed | 33% APR (top tier) | Up to $25,000 | Not set by statute | Consumer Loan license | Md. Code, Commercial Law Title 12, Subtitle 3; Md. Code, Financial Institutions Title 11, Subtitle 2 |
| Title loans[3][2] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | Maryland Consumer Credit Law, per a 2018 amendment banning title loans outright. |
| Payday loans[4][2] | Not allowed | Not allowed | Not set by statute | Not set by statute | No separate payday-loan license exists | Md. Code, Commercial Law Title 12, Subtitle 3 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in Maryland
Installment and personal loans
- Rate cap
- Md. Com. Law 12-306(a) (loans made after July 1, 1982): for loans with original principal of $2,000 or less, 2.75% per month (33% per year) on the unpaid principal up to $1,000 and 2% per month (24% per year) on the part above $1,000; for loans over $2,000, 2% per month (24% per year) on the entire unpaid principal. Subtitle 3 covers consumer loans of $25,000 or less.
- License
- Consumer Loan license (or Installment Loan license) issued by the Maryland Office of the Commissioner of Financial Regulation (OCFR), under Financial Institutions Article Title 11, Subtitle 2.
Title loans
- License
- None; no lender, licensed or unlicensed, may make a loan secured by a vehicle title in Maryland.
Payday loans
- Rate cap
- No payday-specific product is authorized; the general 33% APR usury/consumer-loan-rate ceiling (Commercial Law Title 12, Subtitle 3) applies to all consumer loans and is low enough that traditional fee-based payday lending is not economically viable, effectively banning the product.
- License
- No separate payday-loan license exists; any short-term lender would need the standard OCFR Consumer Loan license and comply with the same 33% APR ceiling as installment lenders.
Rent and jobs in Maryland
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Maryland borrowers
Check your options in Maryland
Maryland questions
Does Maryland law allow payday loans?
Maryland law does not allow payday loans. Source: Md. Code, Commercial Law Title 12, Subtitle 3.
What is the most a lender can charge in Maryland?
By loan type in Maryland: Installment and personal loans: 33% APR (top tier). Title loans: Not allowed. Payday loans: Not allowed.
Where can I file a complaint about a lender in Maryland?
You can file a complaint with Maryland Office of the Commissioner of Financial Regulation (OCFR), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Maryland on this page.
How do I check a lender's license in Maryland?
Maryland Office of the Commissioner of Financial Regulation (OCFR) licenses lenders in Maryland. Use the license link under Resources in Maryland on this page to check a lender before you share your information.
Is there free help paying bills in Maryland?
Yes. Resources in Maryland on this page lists free help, including 211, legal aid and nonprofit credit counseling.
Nearby states
- District of ColumbiaAllowed 24% APR
- DelawareAllowedNo rate limit in state law No rate limit
- New JerseyAllowed 30% APR
- VirginiaAllowed 36% APR
- PennsylvaniaAllowed 24% APR
Sources
- labor.maryland.gov/finance/industry/installlend.shtml. Retrieved September 23, 2026.
- labor.maryland.gov. Maryland Office of the Commissioner of Financial Regulation (OCFR). Retrieved September 23, 2026.
- Justia. Maryland Consumer Credit Law, per a 2018 amendment banning title loans outright. Retrieved September 23, 2026.
- Justia. Md. Code, Commercial Law Title 12, Subtitle 3. Retrieved September 23, 2026.
- Justia. Md. Code, Commercial Law Title 12, Subtitle 3. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Maryland. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Maryland. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in Maryland? Contact the Maryland Office of the Commissioner of Financial Regulation (OCFR) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.