Maryland Consumer Installment Loan | $25,000 Consumer Installment Loan Surety Bond
Also known as: consumer installment loan bond
Type of Bond
A Maryland consumer installment loan bond is a type of surety bond that may be required for businesses engaged in offering consumer installment loans in the state of Maryland. It serves as a financial guarantee that the bonded lender will comply with the applicable laws, regulations, and licensing requirements related to consumer lending. The purpose of the bond is to protect consumers and ensure that lenders offering consumer installment loans operate with integrity, fairness, and in compliance with established guidelines. It provides assurance that the bonded lender will fulfill their obligations, adhere to responsible lending practices, and protect the rights of borrowers. By obtaining the bond, the consumer installment loan lender agrees to abide by the rules and regulations set forth by the regulatory authority overseeing consumer lending activities. This may include obtaining the necessary licenses, accurately disclosing loan terms and conditions, adhering to interest rate caps and usury laws, and properly handling borrower funds and personal information. If the consumer installment loan lender fails to meet their obligations or violates the terms of the bond agreement, a claim can be filed against the bond. This allows affected borrowers or regulatory bodies to seek financial compensation for any damages, losses, or non-compliance issues resulting from the lender's actions. The bond amount for a Maryland consumer installment loan bond is typically determined based on the state's requirements and may vary depending on factors such as the lender's loan volume or the amount of outstanding loans. Lenders should consult with the regulatory authority or a surety bond provider to understand the specific bond amount and requirements applicable to their lending activities.
Program
The price you'll pay for your $25,000 Consumer Installment Loan Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!
We provide all types of $25,000 Consumer Installment Loan Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.
Application
The application process for a $25,000 Consumer Installment Loan Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Consumer Installment Loan Bond Application process.
The Maryland Consumer Installment Loan Bond amount is currently set at $25,000.
Obligee Information
An obligee is the entity that is requiring you to have the Consumer Installment Loan bond.
Obligee: State Of Maryland
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!