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 Upper Marlboro, MD
2 credit unions are headquartered in Upper Marlboro, with 252,150 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
- 2
- Members
- 252,150
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Upper Marlboro
Upper Marlboro has 2 payday, installment and title loan stores but only 2 credit unions headquartered here — about 1.0 loan stores for every credit union. Local credit unions count 252,150 members — roughly 240 memberships per 100 residents.
Credit unions
2
1.9 per 100k residents
252,150 members
Payday & loan stores
2
1.9 per 100k residents
2 store chains
Biggest loan store chains in Upper Marlboro: Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for 6 months in Upper Marlboro
| 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
- 0.8%
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 Upper Marlboro
- Median household income
- $132,003
- A $400 emergency equals
- 1.1 days of income
- Households earning under $25,000
- 5.1%
- Residents below the poverty line
- 4.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Upper Marlboro 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 Upper Marlboro
| Credit union | Address | Members | Website |
|---|---|---|---|
| Nasa Federal Credit UnionFederal | 500 Prince Georges Blvd Upper Marlboro, MD 20774 | 238,190 | nasafcu.com |
| Police Federal Credit UnionFederal | 9100 Presidential Parkway Upper Marlboro, MD 20772 | 13,960 | policefcu.org |
Payday and installment loan stores in Upper Marlboro
For comparison: storefront payday, installment and title lenders in Upper Marlboro 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 |
|---|---|---|---|
| 66 Watkins Park Dr Unit 22 Upper Marlboro, MD 20774 | (301) 350-2261 | — | 4.0 |
| 1101 Mercantile Ln Upper Marlboro, MD 20774 | (301) 350-3200 | — | 4.3 |
More about Upper Marlboro
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 Upper Marlboro 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.