August 1st, 2025 by WCBC Radio

Many workers short on cash use payday loans to fill in gaps. Often these loans come with extreme interest rates and short terms, usually due the next payday. Maryland has caps on such loans at 33% but elsewhere interest can be as high as 300%. Marceling White with Economic Action Maryland says phone apps offering payday loans are also restricted, but some lenders get more money by charging multiple fees…

  

 "When you have people who are struggling to make ends meet, and living paycheck-to-paycheck, they should not be having to borrow against their own paycheck, and then pay high fees – because what we see is that people get trapped in a cycle of debt."