Free tool ยท Borrowing
What will this loan really cost?
Enter an amount, a time to pay it back and the price you were quoted. See your payment, the total you pay back, and how other ways to borrow compare.
Same amount, different ways to borrow
Typical prices for $1,000 over 6 months.
| Option | Payments | Total cost |
|---|
Typical prices are rough market figures for illustration. Your own price depends on the lender, your state and your credit.
How to read the results
Compare the APR, not the payment. A small payment spread over a long time can cost more in total. APR puts every offer on the same yearly scale, including most fees.
Watch out for rollovers. Short loans that you extend pay the fee again every time. A two-week loan that is renewed for six months pays its fee about thirteen times.
Ask a credit union first. Many federal credit unions offer small "payday alternative" loans to members, with APRs capped at 28%, for amounts up to $2,000.
Questions
What is APR?
The annual percentage rate: the yearly cost of borrowing, including interest and most fees. It lets you compare offers with different lengths and fee styles.
My offer says "$15 per $100". Is that cheap?
For a two-week loan, $15 per $100 works out to about 391% APR. Switch the price above to "Fee per $100" to see what it costs for your amount.
Do you store what I type?
No. Everything is calculated in your browser, and nothing you enter is sent anywhere.
How we calculate
Loans longer than one month assume equal monthly payments. Loans of one month or less assume a single payment at the end. Fee-based loans assume the fee is paid every two weeks and the amount borrowed is repaid at the end. Results are estimates for education only, not a loan offer or financial advice.