Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Baltimore, MD
8 credit unions are headquartered in Baltimore, with 194,933 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 8
- Members
- 194,933
- Federal
- 5
- State-chartered
- 3
Credit unions vs payday loan stores in Baltimore
Baltimore has 14 payday, installment and title loan stores but only 8 credit unions headquartered here — about 1.8 loan stores for every credit union. Local credit unions count 194,933 members — roughly 33 memberships per 100 residents.
Credit unions
8
1.3 per 100k residents
194,933 members
Payday & loan stores
14
2.4 per 100k residents
2 store chains
Biggest loan store chains in Baltimore: ACE Cash Express (13), OneMain Financial (1).
Borrowing $500 for 6 months in Baltimore
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Maryland rate cap (33% APR) | $91.54/mo | $49.21 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Maryland) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Maryland rate cap vs median monthly household income
- 1.7%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Baltimore
- Median household income
- $65,841
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 22.7%
- Residents below the poverty line
- 18.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Baltimore are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Maryland
| Payday loan in MD | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 33% APR | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Maryland law as summarized on our Maryland payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Baltimore
| Credit union | Address | Members | Website |
|---|---|---|---|
| Municipal Empl.Credit Union of BaltState-chartered | 1 South St Baltimore, MD 21202 | 92,195 | mecu.com |
| Johns Hopkins Federal Credit UnionFederal | 1501 S Clinton St Ste 1200 Baltimore, MD 21224 | 46,114 | jhfcu.org |
| Securityplus Federal Credit UnionFederal | 7135 Windsor Blvd Baltimore, MD 21244 | 35,873 | securityplusfcu.org |
| Five Star of Maryland Federal Credit UnionFederal | 716 Maiden Choice Lane, Suite 101 Baltimore, MD 21228 | 5,651 | fivestarfcu.org |
| Destinations Credit UnionState-chartered | 8767 Satyr Hill Rd Baltimore, MD 21234 | 5,579 | destinationscu.org |
| Central Credit Union of Maryland,InState-chartered | 8501 Lasalle Road Baltimore, MD 21286 | 4,369 | pbcu.com |
| Lm Federal Credit UnionFederal | 101 Chesapeake Park Plz Baltimore, MD 21220 | 3,735 | lmfcu.org |
| Local 355 Md Federal Credit UnionFederal | 1030 S Dukeland St Baltimore, MD 21223 | 1,417 | — |
Payday and installment loan stores in Baltimore
For comparison: storefront payday, installment and title lenders in Baltimore with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 1251 W Pratt St Baltimore, MD 21223 | (410) 576-2496 | — | 4.9 |
| 1439 W Patapsco Ave Baltimore, MD 21230 | (410) 355-0494 | — | 4.9 |
| 1600 W North Ave Baltimore, MD 21217 | (410) 225-9658 | — | 4.9 |
| 200 N Highland Ave #3 Baltimore, MD 21224 | (410) 327-2024 | — | 4.9 |
| 2200 E Monument St Baltimore, MD 21205 | (410) 327-1401 | — | 4.9 |
| 2329 Harford Rd Baltimore, MD 21218 | (410) 327-4350 | — | 4.9 |
| 3046 Greenmount Ave Baltimore, MD 21218 | (410) 243-4466 | — | 5.0 |
| 3441 Clifton Ave Baltimore, MD 21216 | (410) 945-2243 | — | 4.9 |
| 407 W Baltimore St Baltimore, MD 21201 | (410) 332-0632 | — | 4.9 |
| 428 E 33rd St Baltimore, MD 21218 | (410) 889-2274 | — | 4.9 |
| 5416 York Rd Baltimore, MD 21212 | (410) 323-9118 | — | 4.9 |
| 5500 Sinclair Ln Ste L Baltimore, MD 21206 | (410) 325-1514 | — | 4.8 |
| 5900 Pulaski Hwy Baltimore, MD 21205 | (410) 485-2226 | — | 4.9 |
| 1501 S Clinton St Ste 600 Baltimore, MD 21224 | (667) 856-2994 | — | — |
More about Baltimore
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Baltimore and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.