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?

Last updated:

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
Promoted

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.

Updated October 23rd, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$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.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
$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.
$50,000
Same business day to 1 business days
Employed, $800+ regular monthly income, checking account, ages 18+, US citizen
Fill out a simple online form to compare offers from several lenders that may be able to help.
$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.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
$250
As soon as the next business day
Checking account with ACH, proof of income, Social Security number, ages 18+
Get rewarded for making on-time repayments with better rates and terms on future loans.

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?

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site