Last updated: November 4, 2026
Short-term loans can be a useful stopgap, but they are costly. This page explains the typical costs, what to compare, and the important things to know before you accept any offer. Cred Qualify is not a lender. The lender you are matched with sets all rates, fees and terms and will give you the details in writing before you accept.
Typical costs of a payday loan
- Loan amount: commonly $100 to $1,000, depending on the lender, your income and state law.
- Fee: a flat charge, often about $10 to $30 for every $100 borrowed.
- Term: usually 7 to 31 days, with repayment due on or near your next payday.
- APR: because the term is so short, the annual percentage rate is high, often 300% or more.
Representative example
If you borrow $100 for 14 days and the fee is $15, you repay $115. That equals an APR of about 391%. Borrowing $500 on the same terms costs $75 in fees, so you repay $575. The longer a loan stays open, or the more it is extended, the more it costs.
Other charges to look for
- Late payment or returned-payment (insufficient funds) fees
- Extension, rollover or renewal fees, where state law allows them
- Fees charged by your own bank if a withdrawal fails
What to review before you accept
- The amount you will receive and the exact total you will repay in dollars
- The finance charge, APR and due date
- How repayment is collected, such as an automatic bank withdrawal, and how to cancel it
- The lender name and its license information for your state
- Whether you can repay early and any cancellation or cooling-off rights
State laws vary
States set limits on loan size, fees, terms, rollovers and the number of loans you may have. Some states restrict or prohibit payday loans. Examples of limits in Florida are covered on our Payday Loan Florida page. Always confirm current rules with your state regulator.
Service members and dependents
The Military Lending Act caps the cost of many consumer loans to active-duty service members and their dependents at 36% Military APR and provides other protections. If you or a covered family member are in the military, tell the lender before you apply.
No guarantee, no fee to us
- Approval, loan amount, rate and funding time are determined by the lender and are never guaranteed.
- Funding timing depends on the lender, the time you are approved and your bank. Many lenders deposit funds by the next business day, and weekends and holidays can add delays.
- Cred Qualify does not charge you a fee. Be cautious of anyone asking for payment before you receive a loan.
If you have trouble repaying
Contact the lender before the due date and ask about a payment plan or an extended payment option. Read our guides on what to do if you cannot repay and payday loan alternatives.
Where to get help
You can file a complaint or get guidance from the Consumer Financial Protection Bureau, the Federal Trade Commission at reportfraud.ftc.gov, and your state financial regulator.
Licensing and state availability
Lenders in our network are responsible for holding any licenses or authorizations required in the states where they operate. Loans are not available in all states or to all applicants. Ask any lender for its license details before you accept an offer.
Important disclosures
Cred Qualify is not a lender, does not make credit decisions and is not a credit repair organization. Short-term loans are intended for temporary needs, not as long-term financial solutions. Late payment may result in additional fees and collection activity and may negatively affect your credit. See our Terms of Use and Privacy Policy.