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How do you know if a payday loan company is legal in Maryland?

Date: Tue, 03/21/2017 - 08:53
Submitted by Tonya on Tue, 03/21/2017 - 08:53
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Hi

I have made a huge mistake and borrowed from CashNetUSA, MoneyKey and Elastic. How can I find out if these companies are operating legally in my state. I can no longer afford to pay the ridiculous payments they are asking for and when I have contacted the companies they all say the only option is to make the payments. Its ridiculous. Any advice?


LaTonya - So sorry that you're dealing with this. If you haven't looked into payday loan consolidation, it's an option that could help you reduce your the ridiculous payments and help you get out of debt. We help consolidate your loans into one, easy-to-pay monthly payment so you can actually escape the payday loan cycle.

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Submitted by Lauren Freeman on Wed, 03/22/2017 - 12:34

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Payday loan isn't illegal in Maryland, but the payday loan company must be registered with the state Commissioner of Financial Regulation. Check whether or not if your lenders are registered with the same. If they're not, then your lenders can't come after your for payments (both principal and interest).


Submitted by paulcahill80 on Thu, 03/23/2017 - 05:43

paulcahill80

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