MD state reference
Maryland lending rules
Maryland has 157 Census places covered on Personalloaned, with a combined estimated population of 1,545,931. Personal-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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- Usury cap 24% per year effective simple interest for qualifying loans (Md. Code Com. Law § 12-103(c)); otherwise 8% (written agreement) or 18%
- Payday lending Regulated as consumer loans: licensing and statutory interest-rate limits apply to payday-style loans (OFR)
- State regulator Office of Financial Regulation; Commissioner of Financial Regulation (Maryland Department of Labor)
Sourced rules
Key rules for borrowers in Maryland
| 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
We cover 157 Census places in Maryland. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions