State reference · MD
Maryland lending rules
Maryland has 157 Census places covered on Paydayloaning, with a combined estimated population of 1,545,931. Payday and small-loan terms in Maryland are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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The verdict
Regulated as consumer loans: licensing and statutory interest-rate limits apply to payday-style loans (OFR)
Source: Maryland Department of Labor, Office of Financial Regulation · as of 2026-09-16
- Licensing
- Consumer Lender license required to make loans under the Maryland Consumer Loan Law
- Maryland Department of Labor, Office of Financial Regulation
Rules are quoted from the cited sources. How payday lending is regulated.
Key rules for borrowers in Maryland
Quoted from the statute, regulator or agency named in each row.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 24% per year effective simple interest for qualifying loans (Md. Code Com. Law § 12-103(c)); otherwise 8% (written agreement) or 18% Source says: "a lender may charge an effective rate of simple interest not in excess of 24 percent per year on the unpaid principal balance" |
Maryland General Assembly as of 2026-09-16 |
| Payday lending status | Regulated as consumer loans: licensing and statutory interest-rate limits apply to payday-style loans (OFR) Source says: "they are prohibited from charging or receiving an interest rate that is greater than authorized by the laws of this State" |
Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Lender license required to make loans under the Maryland Consumer Loan Law (Com. Law § 12-301 et seq.) Source says: "A Consumer Lender is a business that makes any loan or advance of money or credit under the Maryland Consumer Loan Law" |
Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| State lending regulator | Office of Financial Regulation; Commissioner of Financial Regulation (Maryland Department of Labor) Source says: "is Maryland's consumer financial protection agency and financial services regulator" |
Maryland Department of Labor as of 2026-09-16 |
| OFR consumer-loan interest-rate limits | 2.75%/month (33%/yr) on the first $1,000 of a loan ≤$2,000; 2%/month (24%/yr) thereafter and on loans over $2,000 Source says: "Maximum interest rate allowed by law is 2.75% per month or an annual interest rate of 33%" |
Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
Cities in Maryland
All Maryland citiesWe cover 157 Census places in Maryland.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.