predatory 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 ...
Help Stop Predatory Payday Loans in Maryland (Again!)
From the National Consumer Law Center: The Maryland State Senate is nearing passage of a bill that could legalize 300% APR payday advance loans in Maryland. The bill, HB 1294, exempts “earned wage access” loans from Maryland’s 33% interest rate cap, allowing fees and so-called “tips” that could add up to $100 or more per month. The bill has already passed the Maryland General Assembly and the Senate Finance Committee. Call your Maryland Senator and tell them not to legalize 300% APR payday advance loans in Maryland. You can also call Governor Moore's office at (410) 974-3901 or send his ...