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What is the best kind of payday loan?

The best payday loan is paid back--fast.

The best kind of payday loan is a payday loan that is paid back immediately.

Take a look at the tables below to understand how payday loan fees add up quickly. In these examples, we show how the financing fees on a $300 loan rapidly add up.

Cost of payday loan fees of $90 per paycheck on $300, shown over twelve weeks
    Week 2 Week 4 Week 6 Week 8 Week 10 Week 12
Fees Due Every Paycheck   $90 $90 $90 $90 $90 $90
Total Fees You Will Have Paid   $90 $180 $270 $360 $450 $540
(1) This table shows only fees. The sample payday loan amount is $300, with fees of $30 per $100 loaned (totaling $90). At Week 12 you would still own the original loan amount of $300.

Cost of payday loan fees of $75 per paycheck on $300, shown over twelve weeks
    Week 2 Week 4 Week 6 Week 8 Week 10 Week 12
Fees Due Every Paycheck   $75 $75 $75 $75 $75 $75
Total Fees You Will Have Paid   $75 $150 $225 $300 $375 $450
(1) This table shows only fees. The sample payday loan amount is $300, with fees of $25 per $100 loaned (totaling $75). At Week 12 you would still own the original loan amount of $300.

Cost of payday loan fees of $60 per paycheck on $300, shown over twelve weeks
    Week 2 Week 4 Week 6 Week 8 Week 10 Week 12
Fees Due Every Paycheck   $60 $60 $60 $60 $60 $60
Total Fees You Will Have Paid   $60 $120 $180 $240 $300 $360
(1) This table shows only fees. The sample payday loan amount is $300, with fees of $20 per $100 loaned (totaling $60). At Week 12 you would still own the original loan amount of $300.

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How much more expensive is a payday loan than other credit?

Related Tips

How is a payday loan different from other kinds of credit? | Understanding how payday loan companies make money.

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