How Much Should You Borrow? A Practical Guide to Borrowing Responsibly
Borrow the minimum, repay on time
The cheapest loan is the one you borrow the least from. Before you apply, work out exactly what you need, what it will cost and how you will repay it on the due date.
Short-term loans carry high fees, so every extra dollar you borrow adds to the bill. A clear plan protects your budget and your credit.
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A 4-step borrowing check
Add up the real need
Write down the exact bill or repair cost. Do not round up.
Check your next paycheck
Make sure the repayment fits after your regular bills.
Compare the total cost
Look at the fee and total repayment in dollars, not only the APR.
Have a backup plan
Know who to call and what to do if the money is late.
What a $300 loan can cost
Using a typical $15 fee per $100 borrowed, here is what different loan sizes cost over 14 days. Your lender fees may differ and are shown before you accept.
| Amount | Example fee | You repay | Approx. APR |
|---|---|---|---|
| $100 | $15 | $115 | 391% |
| $300 | $45 | $345 | 391% |
| $500 | $75 | $575 | 391% |
Illustration only. See Rates, Fees and Disclosures and how to calculate payday loan APR.
Warning signs you are borrowing too much
- You need a new loan to repay the old one
- Repayment would use most of your next paycheck
- You are borrowing for regular bills every month
- You are skipping essentials to make the payment
If this sounds familiar, look at cheaper alternatives or read what to do if you cannot repay.
Borrowing: frequently asked questions
How much should I borrow?
Only what you need for the specific expense, and only an amount you can repay in full on the due date from your next paycheck.
Is a bigger loan better?
No. A larger loan means larger fees. Borrow the minimum that solves the problem.
What if I need more time to repay?
Contact the lender before the due date and ask about a payment plan. Rolling a loan over repeatedly can make it much more expensive.
Are there cheaper options?
Often yes, such as a payment plan with the biller, a credit union payday alternative loan, or local assistance programs.
Need to borrow a small amount?
Check your options online. You will see the costs first and can decide whether it fits.
Check Your OptionsCred Qualify does not guarantee approval. Loan availability, amounts, fees and terms vary by state and are shown in your offer before you accept. Payday loans are meant for short-term needs and are not a long-term financial solution.
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