Maryland Loan Firm Settles Over Deceptive Practices

Maryland borrowers will see clearer fee disclosures following a $600,000 settlement with lender Bridge It, Inc.

Updated on Oct. 29, 2026 in Financial Aid

Maryland Loan Firm Settles Over Deceptive Practices

Live Poll

Should states impose stricter regulations on financial technology companies offering cash advances?

Maryland officials reached a $600,000 settlement with lending firm Bridge It, Inc. over allegations of unlicensed lending and deceptive consumer practices. This resolution requires the company to reform its business disclosures regarding fees and terms.

Why it matters

The settlement addresses deceptive lending practices that could impact how Maryland students and families evaluate loan agreements. It reinforces requirements for lenders to be transparent about fees and terms before consumers commit to credit products.

Maryland secured a $600,000 settlement following an investigation into unlicensed lending. The agreement requires Bridge It, Inc. to update its business practices by explicitly disclosing all loan fees and terms to consumers.

The players

Maryland Attorney General

The state authority responsible for protecting consumers and overseeing legal compliance in lending.

Bridge It, Inc.

A lending company that reached a settlement over allegations of unlicensed activity and misleading practices.

The details

The state investigation centered on allegations that Bridge It, Inc. operated as an unlicensed lender and misled consumers about the true cost of credit. Under the terms of the settlement, the company must now ensure that loan fees and repayment terms are clearly communicated to any Maryland applicant. These measures aim to protect borrowers from hidden costs and ensure they have a full understanding of their obligations before signing for a loan.

October 27, 2026: Maryland Attorney General announced the settlement.

Education Landscape

This settlement highlights the state's ongoing efforts to police the lending industry and protect borrowers from predatory practices. It serves as a reminder that transparency in loan agreements remains a critical point of friction between lenders and students seeking funding.

If you are considering a loan from an unfamiliar firm, always verify that the lender is properly licensed in Maryland. You should demand a clear breakdown of all fees and interest rates, and consult a financial aid office if the terms in your loan offer seem confusing.

The takeaway

Transparency is your best defense against misleading lending practices in the higher education space. Before signing any agreement, verify your lender's license and ensure you fully understand the total cost of your credit obligation.