When is it actually due?
Most short-term loans are due in full on your very next payday. Missing that date can trigger extra fees, an overdraft, or a cycle that's hard to climb out of.
Read the basics →Short-Term Loan Answers
Know the real cost before you ever sign a loan.
The Loan Answer Center breaks down how payday, title, and personal loans actually work — the fees, the fine print, the repayment risk — so you can decide with your eyes open.
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Cost Receipt · Estimate
what a short-term loan could really cost
Finance charge
$45.00
Total due at term end
$345.00
Effective APR
391%
High Cost
Estimate only, for education. Actual fees, terms, and APR vary by lender and by state law.
12M+
Americans take out a payday loan in a typical year
391%
Average APR on a standard two-week payday loan
80%
Of payday loans get rolled over or re-borrowed
$375
Typical amount borrowed on a single payday loan
Answers Before Applications
Built to help you understand a loan, not to sell you one.
Short-term loans can turn into an expensive habit fast — they're built for a one-time emergency, not for covering the same gap every month. Before you decide anything, we lay out how the fees stack up, what repayment actually looks like, and what else might be available to you.
We're not a lender. Nothing you read here feeds a credit decision or an underwriting file. It's information, plain and simple.
More about our approachLoan Fundamentals
How payday products are structured, what fees mean in practice, and what a lender is legally required to tell you.
True Cost Math
Fees, rollovers, and APR translated into plain dollars — so a "small fee" doesn't turn into a surprise.
Other Paths First
Payment plans, credit unions, and community aid that may cost far less than a short-term loan.
Borrower Protections
Warning signs of predatory practices and the consumer protections that may apply where you live.
The Repayment Cycle
Three steps most payday loans follow
1
A small amount is borrowed
Usually $100 to $1,000, due back in full on your next payday — typically 14 to 30 days later.
2
A flat fee gets added
Lenders commonly charge $10–$30 per $100 borrowed. Stated as a yearly rate, that number gets large fast.
3
Repay, or roll it forward
Can't cover the full amount on the due date? Rolling the loan over means another fee — and another cycle.
Before you borrow: read every fee disclosure, check your state's rules on short-term lending, and rule out lower-cost options first. The costs here can compound quickly.
Where To Start
Three questions worth answering first.
What's the real cost?
A $45 fee on a $300 loan sounds small — until you see it's a 391% APR. Run your own numbers in the Cost Receipt calculator above.
See the tips →What else is out there?
Community assistance, employer advances, and credit union loans can all cost meaningfully less than a payday loan. Worth ten minutes of research.
Browse resources →Types of Short-Term Loans
They don't all work the same way.
The differences between loan types can cost — or save — you real money. Tap a type to see how it works.
Payday Loans
A quick advance with a steep price tag
Payday loans are small — usually $100 to $1,000 — and due back in full on your next payday, typically within 14 to 30 days. They're among the most expensive ways to borrow, meant for a one-time gap, not a repeating expense.
Most lenders skip a traditional credit check. Instead they confirm income, a checking account, and a valid ID, then collect repayment through a post-dated check or an ACH debit.
Due in full on your next payday — no installments
Typical fee runs $10–$30 per $100 borrowed
Effective APR commonly lands between 300%–400%+
No collateral — the loan is unsecured
Rolling it over restarts the fee, every time
Rollover risk: Federal data shows more than 80% of payday loans get rolled over or renewed. A $300 loan renewed four times can rack up $180+ in fees before a dollar of principal is touched.
Payday Loan Snapshot
Typical amount$100 – $1,000
Term7 – 30 days
Typical fee$15 per $100
Typical APR300% – 400%+
CollateralNone
Credit checkUsually none
Rules differ sharply by state — some cap fees, some ban payday loans outright. Confirm your state's law before borrowing.
Title Loans
Borrowing against the car in your driveway
A title loan lets you borrow against a vehicle you own free and clear — usually 25% to 50% of its appraised value. The lender keeps your title as collateral, and if repayment falls through, they can repossess and sell the car, even if it's your only way to get to work.
Like payday loans, most title loans are due in a single payment within 15 to 30 days, though some lenders offer installment structures. A credit check usually isn't required since your vehicle secures the loan.
Your vehicle title sits as collateral
Borrow roughly 25%–50% of appraised value
APR commonly 100%–300% or more
Repossession is a genuine risk if you fall behind
You can typically keep driving while you repay
Repossession risk: Regulators have found roughly 1 in 5 title loan borrowers loses their vehicle to repossession — a setback that can cascade into much larger problems than the original loan.
Title Loan Snapshot
Typical amount$100 – $5,500
Term15 – 30 days
Typical monthly fee25% of principal
Typical APR100% – 300%+
CollateralVehicle title
Credit checkUsually none
Title loans are banned or tightly restricted in a number of states. Check what's legal — and what protections apply — where you live.
Personal Loans
A structured installment alternative
Personal loans work differently — you borrow a fixed amount and pay it back on a set monthly schedule, typically 12 to 60 months. Banks, credit unions, and online lenders all offer them, generally at far lower rates than payday or title products.
Most personal loan lenders do run a credit check, and your rate depends on credit score, income, and existing debt. Stronger credit unlocks lower APRs and longer, more manageable terms.
Fixed monthly payments spread over 12–60 months
APR typically 6%–36%, based on creditworthiness
Most unsecured personal loans need no collateral
A credit check is required and shapes your rate
Generally the lowest-cost option of the three
Usually the better fit: if you qualify, a personal loan is dramatically cheaper than payday or title borrowing — even a high-end 36% APR personal loan costs a fraction of a 391% APR payday loan.
Personal Loan Snapshot
Typical amount$1,000 – $50,000
Term12 – 60 months
Typical APR6% – 36%
CollateralUsually none
Credit checkYes, required
RepaymentMonthly installments
Credit unions frequently beat bank rates, and many offer Payday Alternative Loans (PALs) — a low-cost option even for thinner credit files.
Still have questions about a short-term loan?
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