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 Silver Spring, MD
3 credit unions are headquartered in Silver Spring, with 5,636 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
- 3
- Members
- 5,636
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Silver Spring
Silver Spring has 3 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 5,636 members — roughly 2 memberships per 100 residents.
Credit unions
3
1.0 per 100k residents
5,636 members
Payday & loan stores
1
0.3 per 100k residents
1 store chain
Biggest loan store chains in Silver Spring: ACE Cash Express (1).
Borrowing $500 for 6 months in Silver Spring
| 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
- 1.0%
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 Silver Spring
- Median household income
- $104,948
- A $400 emergency equals
- 1.4 days of income
- Households earning under $25,000
- 10.0%
- Residents below the poverty line
- 9.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Silver Spring 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 Silver Spring
| Credit union | Address | Members | Website |
|---|---|---|---|
| Fedfinancial Federal Credit UnionFederal | 10903 New Hampshire Avenue Bldg 2 Silver Spring, MD 20903 | 3,671 | fedfinancial.org |
| Hema Federal Credit UnionFederal | 8701 Georgia Ave Ste 407 Silver Spring, MD 20910 | 1,787 | hemafcu.org |
| Mt. Jezreel Federal Credit UnionFederal | 420 University Blvd E Silver Spring, MD 20901 | 178 | — |
Payday and installment loan stores in Silver Spring
For comparison: storefront payday, installment and title lenders in Silver Spring 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 |
|---|---|---|---|
| 11311 Lockwood Dr a Silver Spring, MD 20904 | (301) 592-0002 | — | 4.9 |
More about Silver Spring
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 Silver Spring 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.