Looking for an Unsecured Personal Loan in Maryland?
Is your job on furlough and you’re expected to be out of work for several weeks? With you not working, you have no money coming in. Does your lack of a paycheck stop the bills from being due, though? Unfortunately, there is no pause button to halt those expenses like your company has your job. But there is still an option for you to get the money you need. With our Loan Discovery Program, we can find an unsecured personal loan to fit your sudden situation and get you through the furlough.
Are you worried that you won’t have money to pay back the loan? Not to worry. These are not payday loans that have to be repaid in a week or two. These are unsecured personal loans that give you between three and five years to pay off, meaning you do not have to stress, both during and after the furlough is over. Your family will be secure knowing that your financial responsibilities are covered during this unexpected hardship.
Unsecured Loans for People with Bad or No Credit
What if you are one of the 110 million people in the United States with bad credit? Can you take out a loan even if your credit score is not ideal? Absolutely! Loans Now specializes in identifying solutions for people with less than ideal credit. After all, if you are on furlough, won’t you need assistance getting through it? We work with a network of lenders who can provide you with that assistance. Our program (see how it works) allows you to do anything you need during a temporary cessation of your job, including:
- Paying the utilities when the bill comes in
- Keeping your mortgage payments or rent up-to-date
- Allowing you to stay current on your vehicle payments
- Support your family with groceries and gas
- Possibly start a side business for extra income
If you are worried that your bad credit may become worse by taking out a loan, know that that is not the case. There are no up-front credit checks (check your credit score here) so that your current credit score stays as it is, and taking out a loan will actually protect your credit score. By having the money to stay on top of your finances, your credit score will not be negatively affected. If you try to ride out the furlough without some form of assistance, then your payments could fall behind and your score will be damaged multiple times. Taking out an unsecured personal loan will keep that from happening, and will actually help your credit score improve with responsible repayment.
Affected by Federal Shutdowns
Maryland is full of Early American history. It is one of the original 13 colonies as well as the birthplace for “The Star-Spangled Banner.” It is from this state that a capital city for the new nation was carved. Because of its involvement in America’s past, and its proximity to Washington, D.C., Maryland has one of the largest concentrations of federal employees in the country (only California, Texas, and Virginia have more). Approximately 2.5% of the state’s population works for the United States government. This means a lot of people can be affected when the federal government experiences a shutdown.
Nonessential employees are put on furlough, unable to work during a government shutdown. Some may be able to seek other employment during the furlough period. Unfortunately, this is not always the case. Certain regulations in particular areas of the government prohibit certain types of supplemental employment or other employment altogether. Essential employees are faced with a similar situation, only they are required to work but will not receive pay for the time worked until after a government shutdown ends. If this happens to you, seek assistance from Loans Now to help you through the shutdown period.
Maryland Laws and Regulations for Bad Credit Personal Loans
It is within the Maryland State Constitution that the legal limit on interest rates is 6% per year (Maryland Constitution Article 3 § 57). There is a stipulation in the constitution that states this percentage can be changed by the General Assembly as it sees fit. At current, the maximum rate of interest that can be charged on a loan is 8% (Code of Maryland § 12-103). The interest rate was increased to give lenders better opportunities to earn a profit which, in turn, presented more opportunities for the people of the state to access financing assistance. There are exclusions and exceptions to the interest cap but those involve secured loans where collateral is provided to secure the loan. These do not apply to unsecured loans.
Maryland has some strict penalties when it comes to usury — lenders charging over the maximum allowed rate of interest. If a company or individual in Maryland is found guilty of committing usurious practices, then the lender forfeits three times the amount of interest and any finance charges they have already collected. A lender will have to surrender a minimum of $500, however, if the forfeited amount does not reach this point.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Maryland Personal Loan for Bad Credit Lending Regulator
In the State of Maryland, the Department of Labor, Licensing, and Regulation is responsible for the licensing of consumer financing institutions. The commissioner of the Financial Regulation division and his office monitor lenders and react to complaints against businesses that they regulate.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K