CashAdvance.com Informs Consumers about the Different Payday Loan Options in Maryland
Baltimore, MD -- (ReleaseWire) -- 01/27/2011 -- Consumers seeking information about cash advances in Maryland should be well aware of the important information provided by CashAdvance.com. Currently, there are no laws in Maryland governing the cash advance loan industry. However, consumers who need a payday loan can go through local banks that work with cash advance companies outside the state to receive a loan. In order to protect consumers, Maryland has very strict rules and no loopholes regarding the cash advance industry.
Maryland consumers will find that CashAdvance.com is the only provider of payday loans online seeking to educate borrowers on the local laws that govern payday advances in their state or city. CashAdvance.com wants to make sure that every family fully understands the cash advance industry before taking on this financial obligation.
Some laws, rules and regulations regarding cash advances in Maryland:
• Cash advance lenders are restricted from doing business within the state
• The Seven Joint Resolution 7 law protects consumers and prevents out of state lenders from working with local banks
• By law, lenders are not allowed to charge more thant 33% on loans under the amount of $6000
Further information is also available for cash advance laws in Annapolis and Baltimore. For more information, please visit http://www.cashadvance.com/maryland.
Cash advances should be used for short-term financial needs only. They are not a long-term financial solution and should not be abused.
It is important to remember when you are taking a cash advance or payday loan in Maryland, that your loan should be paid back upon receipt of your next paycheck to ensure you pay the least amount in fees and interest. A borrower should also attempt to pay back the loan prior to receiving another.
Since 1997, CashAdvance.com (http://www.cashadvance.com) has been the most established and trusted name in the cash advance industry. Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.