Payday Loans in Maryland and Baltimore - Apply Now

Is A Maryland Payday Loan The Right Product For Me?

At Capital Bean, we cater to a diverse range of borrowers who require quick access to cash due to unforeseen financial emergencies, such as car breakdowns, unexpected medical expenses, or home repairs. Our panel of lenders can approve your application and transfer funds into your account in less than 60 minutes.

We understand that each borrower has unique circumstances, so we offer flexible repayment options and instant decisions to help you find the best payday loan option that suits your needs. Additionally, our lenders provide opportunities for borrowers with poor credit, and our online loan request form makes the application process quick and convenient.

However, it’s important to note that payday loans are unsuitable for everyone. If you’re seeking additional spending money for non-essential items like clothing or socializing with friends, there are better solutions than a payday loan. Similarly, it’s not advisable for long-term financial problems, as better options are available.

Before taking out a payday loan, it’s essential to examine the terms and conditions provided by the lender carefully. Consider whether the loan repayment schedule fits your budget and whether you can afford to repay it without defaulting. Missing payments or defaulting on your loan can result in additional penalties, such as extra interest, and could negatively affect your credit score. Therefore, it’s crucial to consider your financial circumstances carefully before taking out a payday loan.

Am I Eligible For A Payday Loan In Maryland?

To apply for a payday loan, you must meet specific requirements:

1. Residency: You must be a resident of the United States. This means that you must have a valid U.S. address and be able to provide proof of your residency.
2. Age: You must be at least 18 years of age. This is a legal requirement for any loan application, and you must provide a valid form of identification to prove your age.
3. A steady paycheck and employment: You must have a constant source of income, such as a job or regular government benefits. This is to ensure that you can repay the loan on time.
4. Monthly income: You must earn at least $800 per month. This ensures you can afford the loan repayments without struggling financially.
5. Working cell phone: You must have a working cell phone that can receive calls and text messages. The lender may need to contact you or discuss your loan repayment during the application process.
6. Active checking account: You must have an active checking account that can be used to receive the loan funds. This is where the lender will deposit the loan funds and withdraw the loan repayments from.

It’s important to note that while the requirements listed above are common to most payday lenders, there may be additional requirements depending on the lender.

Are Payday Loans Legal In Maryland?

No – payday loans have been banned since 2002. If you want to get a loan in the state, you must have a cap of 36% APR (3% per month). Get more information from the Maryland Office of Financial Regulation.

Where Does Capital Bean Offer Payday Loans in Maryland?

Capital Bean is a loans broker service that operates across the whole of the US. We work in cities big and small across Maryland including: