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Speed Cash Advance in Baltimore, MD
Securityplus Federal Credit Union is a Maryland-based not-for-profit credit union founded in 1938 offering Quick Cash loans up to $500 with no credit check required.
Data compiled from public sources · Rating from CreditDoc methodology
Speed Cash Advance Review
Securityplus Federal Credit Union is a not-for-profit credit union established in 1938, operating as a member-owned financial cooperative serving the Maryland area with multiple branch locations in Baltimore and Owings Mills. As a credit union rather than a traditional lender, the institution is structured to return profits to members through lower lending rates, higher dividends, and reduced fees. The organization emphasizes member relationships and community service, including specialized branches serving the Centers for Medicare & Medicaid Services and Social Security Administration. Quick Cash is positioned as one of their consumer lending products designed for financial emergencies and short-term cash needs.
Quick Cash offers small loans up to $500 with a six-month repayment term and fixed interest rates. The product requires no credit check, only copies of two recent pay stubs for application. Members who have successfully repaid a Quick Cash loan previously can access up to $1,000 on future borrows. A $20 non-refundable application fee applies. The loan is designed for immediate needs such as appliance repairs, car repairs, clothing, or bridging cash shortfalls before payday. Existing credit union members can apply through digital banking for faster processing.
Securityplus differentiates itself through its not-for-profit credit union structure, which inherently offers lower rates and fees than commercial lenders. The Quick Cash product specifically stands out for its no-credit-check approval process and fixed-rate structure, eliminating variable interest rate risk. The organization's founding in 1938 and established branch network demonstrate institutional stability and local commitment. Membership requirements and the emphasis on member relationships create a community-focused lending approach rather than transactional lending.
Quick Cash serves a legitimate financial need for small, short-term borrowing, but represents a credit union product primarily available to members rather than a broader payday alternative network. The $500 limit is modest compared to larger personal loan products. Application requirements (recent pay stubs) and membership status create barriers for some applicants. The $20 fee, while modest, is mandatory regardless of approval. This is fundamentally a banking product rather than an alternative lending solution.
Services & Features
Check ordering through member portal
Debt and consolidation calculator tools
Digital banking membership application and loan application
Easy automated loan payments through digital banking
Financial counseling through Prosperity Pulse blog
Increased loan amount ($1,000) for repeat borrowers with prior Quick Cash repayment history
Mobile app access for loan management
Multiple physical branch locations for in-person service
Personal loans and lines of credit with rates available
Quick Cash loans up to $500 with no credit check required
Six-month fixed-rate loan term
Wire transfer services
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- No credit check required for approval, making it accessible to those with poor credit history
- Fixed interest rate eliminates rate variability and provides payment predictability
- Six-month repayment term provides moderate time to repay compared to traditional payday loans
- Loan amount increases to $1,000 for repeat borrowers who successfully pay off initial Quick Cash loans
- Not-for-profit credit union structure ensures lower rates and higher dividends than commercial lenders
- Established institution since 1938 with physical branch locations and institutional stability
- Low $20 flat application fee compared to alternative lending products
Cons
- Maximum loan amount of $500 is quite limited for major expenses or emergencies
- Membership requirement means only credit union members can access this product
- Application requires copies of two recent pay stubs, excluding self-employed or irregular income earners
- Non-refundable $20 application fee charged regardless of loan approval outcome
- Geographic limitation to Maryland area with only 4 physical branch locations
Rating Breakdown
Value 5.0
Effectiveness 3.5
Customer Service 3.7
Transparency 3.5
Ease of Use 3.9
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Frequently Asked Questions
Is Speed Cash Advance legitimate?
Yes. Speed Cash Advance is a registered company, headquartered in 106 E Baltimore St, Baltimore, MD 21202.
Quick Facts
- Headquarters
- 106 E Baltimore St, Baltimore, MD 21202
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Speed Cash Advance
Quick Cash is best suited for existing Securityplus Federal Credit Union members who are employed with stable income and need small emergency loans under $500 without credit verification. The main caveat is that this is a membership-based credit union product with geographic limitations to Maryland and stricter documentation requirements than typical payday alternative lending, making it less accessible than broader PAL programs or CDFI networks.
Best For
- Existing Securityplus Federal Credit Union members needing small emergency loans under $500
- Employed individuals with stable W-2 income and recent pay stubs seeking no-credit-check borrowing
- Borrowers in the Baltimore and surrounding Maryland areas seeking local credit union lending
- Repeat borrowers looking to access higher loan amounts ($1,000) after successful repayment history
Updated 2026-04-29
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Read guide →Financial Terms Explained (10 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Compound Interest
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Why it matters
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
MAPR — Military Annual Percentage Rate
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
Why it matters
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
Usury Rate — Usury Rate (Interest Rate Cap)
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Why it matters
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
How Loans Work
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Fees & Costs
Late Fee — Late Payment Fee
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
Why it matters
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
NSF Fee — Non-Sufficient Funds Fee
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
Why it matters
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
Legal Terms
Usury — Usury (Illegal Interest)
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
Why it matters
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Credit Cards
Cash Advance — Credit Card Cash Advance
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Why it matters
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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