Maryland payday loans
Action Needed: Help Protect Maryland Families from Predatory Payday Lenders
Last year, the Maryland General Assembly passed HB1294 which legalized payday lending in Maryland for the first time in more than 50 years. Now, cash-strapped low-wage workers can use apps on their phone to take out a loan until the next payday. App-based short-term lenders charge large fees which means these loans have a 90%-300% APR, three to ten times Maryland’s approved rate of 33% for other consumer loans. And these out-of-state lenders request tips from hardworking Maryland residents for simply borrowing their own money. Take action to protect Marylanders from predatory payday loans today! While these payday loan apps are ...
Statement on MoneyLion Lawsuit
As a statewide economic justice organization based in Baltimore City, we applaud Mayor Scott’s lawsuit against payday advance company MoneyLion for trapping hard-working people across our city in a vicious cycle of debt. As wages remain stagnant, the cost of living soars, and families struggle to make ends meet, some have resorted to using apps that promise help. Instead, many city residents find themselves paying more than 330% to have borrowed against their own hard-earned paycheck. MoneyLion and similar companies have emerged to provide paycheck advances prior to payday. However these products are simply dressed up versions of payday loans, ...