Understand your options for an unexpected expense. Work out what a short-term loan would cost, compare it against the alternatives, and, if our matching service is available in your state, choose whether to submit a loan request.
EconoCents is not a lender. We publish independent guides about short-term borrowing, and we run a matching service: when you submit a loan request through our form, we pass it to lending networks whose participating lenders may make you an offer, and those networks pay us for the request. We do not charge you for this, we do not make credit decisions, and submitting a request does not guarantee that you will be matched or approved. Every guide on this page is written to help you decide whether to borrow at all, before you decide who to borrow from.
Payday loans are marketed as a quick fix between paychecks, and they can put money in your account within a day or two. That speed comes at a price. Because the fee is charged against a loan due in just two to four weeks, the annualized cost often works out to 300 to 500 percent APR or more, even though the flat fee on the loan itself looks small. Move the sliders to see how the amount, the fee, the term, and any rollovers change what you would repay.
Total fees $45.00, you repay $345.00, 391.1% APR.
For comparison, a 36% APR loan of $300 for the same 14 days would cost about $4.14 in interest.
These figures are an illustration based on the fee, term, and amount you set, not a quote or an offer from any lender. Actual fees are set by each lender and capped differently by each state, and some states prohibit this product. If you are matched with a lender, that lender will disclose the exact finance charge and APR before you accept any loan.
Read how payday loans work and what they cost for a full breakdown of the fee structure before you sign anything.
Not every state treats payday lending the same way. Some cap the fees and loan amounts tightly, some prohibit the product outright, and others allow it with few restrictions. What happens if you fall behind, and whether you're entitled to a payment plan, also depends on where you live. Check payday loan laws by state before you borrow, and read what happens if you default so you know what to expect if repayment doesn't go as planned. For the three biggest markets we have state-specific breakdowns: what a payday loan costs in Texas, California's $300 cap and 15% fee, and Florida's fee limits and 60-day grace period.
A payday loan should usually be the last option, not the first. A credit union small-dollar loan, a payment plan with whoever you already owe, or an advance on wages you've already earned can cover the same short-term gap for far less. See payday loan alternatives that actually work for a rundown of each option and when it makes sense. If you're already behind on a payday loan, look into the extended payment plans many states require lenders to offer, and our step-by-step guide to escaping the payday loan cycle.
The full walkthrough, including timing and what each status message means, is in what happens after you submit a loan request.
Our matching service currently accepts requests from residents of 49 states. It is not available in the District of Columbia or New York. Availability depends on the lending networks we work with and can change; the form checks your state before you submit. Loan amounts, fees, and terms are set by each lender and vary by state.
California caps a payday loan at a $300 check, a 15% fee, and 31 days, bars a second loan while the first is open, and lets the lender extend your due date only if it adds no fee. Here is what each rule means in dollars, what the state's own 2024 data shows about who uses these loans, and how to check a lender's license.
Read GuideFlorida writes its payday loan rules into one statute: a $500 cap, a 10% fee plus $5, a 7-to-31-day term, one loan at a time, no rollovers, and a 60-day grace period the lender must give you if you ask before the due date. Here is what each rule means in dollars, what the newer installment version costs, and how to check a lender's license.
Read GuideExactly what our loan-request form collects, who receives it, what you see on the result screen, who may contact you afterward, how your data is protected, and how to withdraw consent or come back to an unfinished request.
Read GuideTexas has usury limits, yet it is one of the most expensive short-term lending markets in the country. The reason is a legal structure most borrowers never hear about: the storefront you walk into is usually not the lender. Here is how that works, what it does to the price, and how to read your own paperwork before you sign it.
Read GuideSixteen states have extended payment plan (EPP) laws, and thirteen of them require the lender to offer one before you default: installments, no extra fee, and a far cheaper way out than a rollover. Which states, how to ask, what to expect, and what to do if you're refused.
Read GuideSeven realistic alternatives to a payday loan, each with who qualifies, how long it takes, what it costs, and the catch: credit union PALs, bank small-dollar loans, earned-wage advances, employer help, 211, and a card cash advance.
Read GuideDefaulting on a payday loan is not a crime, whatever a collector might imply. What actually happens: repeated ACH debit attempts, internal collections, a possible sale to a debt buyer, and how it can affect your credit — plus your rights at each stage.
Read GuideNo federal law caps what a payday lender can charge — each state decides for itself. Roughly two-fifths of states have capped or banned the product outright, most of the rest allow it with real strings attached, and a handful leave it almost unregulated. The full state-by-state breakdown.
Read GuideThe full life of a payday loan, from the application through the debit on your due date, what a $300 loan costs at the CFPB's example fee, what happens when the payment bounces, how state rules change the picture, and the difference between a lender and a loan-request site like this one.
Read GuideOne request goes to the lending networks we work with. If a lender in a network wants to make you an offer, you are sent to that lender to review the exact terms before you accept anything. Submitting does not guarantee an offer.
We're paid by lending networks for loan requests submitted through our form.
