How much does a short term loan really cost? | finder.com

How much can you expect to pay with a short term loan?

Everyone says short term loans are expensive, but how much will you really pay?

One of the main concerns people have with short term loans is the costs. How much will you be charged? What are the interest rates? What if you can’t pay my loan back? Many short term lenders have attempted to be transparent with their fee structures, outlining what you will and might be charged when you decide to take out a loan with them. In this guide, we’ll take you through exactly what you need to know.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security deposit needed

    How much do short term loans cost?

    The interest rates and fees charged per loan vary depending on the lender. On top of that, each lender may have different interest rate ranges depending on your credit score. Check the comparison table below to see some preliminary information regarding what lenders charge.

    Rates last updated April 21st, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    ACE Cash Express Payday Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LoanByPhone Payday and Installment Loans
    This mobile lender offers convenient cash loans. Apply online or by phone.
    $3,000
    Varies by state
    1–2 business days
    Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 36 months
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

    Compare up to 4 providers

    Repayment example

    Here’s an example of repaying a typical short term loan:

    • Loan Amount: $500
    • Loan Term: 30 days
    • APR (Annual Percentage Rate): 299%
    • Total Repayments: $624.58
    • Cost of Loan: $124.58

    Low interest rate short term loans

    How to compare lenders beyond the interest rate

    Here are other ways you can compare your loan options:

    • Turnaround time. When will you get your loan? Lenders are able to transfer money to you at different times — some within one business day, some within the hour.
    • Additional extras. Some lenders offer extra features such as debit cards with their loans that can make the borrowing process easier.
    • Ease of repeat borrowing. You might find you can easily borrow money again through certain lenders. This is through features such as member’s areas on websites and the lender keeping your details on file. You can often borrow more money than you did originally if you made your repayments on time the first time around.
    • Late fees and default costs. The costs and fees associated with making late payments, rescheduling your payments and defaulting on your loan are important to take into consideration if you think there’s a chance you won’t be able to pay your loan back on time.

    Are payday loans available in your state?

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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