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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?

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Editor's choice: OppLoans Installment Loans

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  • Long repayment terms
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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.

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.

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Fast5kLoans Short-term Loans Connection Service
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Check Into Cash Payday Loan
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
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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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