Know what a lender is allowed to charge you before you sign anything, and spot cheaper options early. Know what lenders can charge before you sign.
Compare Payday, Installment & Cash Advance Costs
The same amount can cost wildly different amounts depending on where you get it. You'll move a slider to set your loan size, then see side-by-side costs for three options: a two-week payday loan, a six-month installment loan, and a cash advance app. Each column uses typical market terms for that product.
- Total to repay
- $575.00
- APR
- ≈391%
- Monthly payment
- $92.30
- Total to repay
- $553.79
- Total to repay
- $510.00
- Typical limit
- $100–$500
Most apps advance only up to about $500 at a time.
Get StartedTypical market terms for comparison. Many states cap payday loans at $500 or less, and actual app limits and fees vary by provider.
The comparison's starting points
Payday loan: lenders collect 15% of the borrowed sum, or $15 for each $100, with the entire balance due in one payment after 14 days. This fee level is standard wherever state statutes permit payday lending. Because most states cap these loans at $500 or below, larger amounts may simply be unavailable.
Installment loan: 36% APR divided into six equal monthly payments. This rate ceiling appears in many state codes and in federal rules protecting military borrowers; credit unions frequently offer lower rates. Standard amortization applies, so each payment covers that month's interest plus a slice of principal.
Cash advance app: roughly $10 in optional tips or subscription charges, with repayment drawn from your next paycheck. EarnIn, Dave and similar platforms typically limit advances to $100–$500 and may impose extra costs for instant transfers—review the app's terms. Amounts above $500 trigger a warning, since apps rarely advance that much.
Payday cost = Amount × 15%Installment payment = P × r(1 + r)^6 ÷ ((1 + r)^6 − 1), r = 36% ÷ 12Cash advance app cost = $10
Payday vs. Installment vs. Cash App Calculator: FAQ
What makes the installment loan cost more in actual dollars compared with the payday loan in some cases?
Six months of borrowing costs more than two weeks even at lower rates. The payday fee works out near 391% APR; installments stay at 36%. If you renew the payday loan, expenses escalate quickly beyond the installment total.
Do cash advance apps actually cost that little?
They generally are for small amounts, yet you're normally limited to $100 to $500. Fees for immediate funding or recurring subscriptions add up when you borrow every payday.
Which option is best?
Cheapest option hinges on size and repayment pace. For tiny gaps, apps or credit union alternatives usually win. For larger amounts, capped-rate installment loans divide repayment into budget-friendly portions.