This tool shows you the exact dollar cost of borrowing $500 for two weeks across six common options. Punch in your numbers, and you'll see which choices save you hundreds and which ones trap you in repeat debt.
How do I use this comparison tool?
Enter the amount you need and how long until you can repay. The tool calculates your total repayment for each option using the representative pricing assumptions: payday at roughly 456% APR ($17.50 per $100), PAL at 28% APR plus $20, installment at 36% APR, cash advance at 30% APR plus 5%, earned-wage access at about $5, and overdraft at about $35.
Compare the "Total You Pay Back" column. The gap between the cheapest and most expensive option is usually hundreds of dollars.
Why does the math look so different for a single $500 loan?
Because fees stack differently. A payday loan charges $17.50 per $100 every two weeks. On $500, that's $87.50 due in fourteen days. Annualized, that compounds to roughly 456% APR.
A PAL at 28% APR plus $20 costs roughly $26 total for the same two weeks. Earned-wage access at about $5 is cheaper still. The payday loan costs seventeen times the earned-wage access fee for the same money.
When is a credit card cash advance the better move?
Usually yes—about 5% upfront plus 25–30% APR runs far below a payday loan's effective rate, though it still loses to a PAL or installment loan. On $500 for two weeks, you're looking at roughly $25 upfront plus about $6 in interest, total near $31. That's one-third the payday cost.
The catch: you need available credit, and cash advance interest starts immediately. But for a one-time gap, it beats the payday trap.
What makes overdraft dangerous?
About $35 per item sounds manageable until it repeats. Borrow $500 via multiple small debits, and you trigger multiple fees. One overdraft is cheaper than payday. Three overdrafts, and you're worse off. The tool shows this clearly: enter "1 overdraft" versus "3 overdrafts" and watch the total triple.
How do I actually pick the cheapest option I qualify for?
- Check if your employer offers earned-wage access—at about $5, it's usually the cheapest.
- If you bank at a credit union near you, ask about PALs at 28% APR.
- Compare credit card cash advance costs if you have available credit.
- Look at small installment loans near 36% APR for longer repayment needs.
- Consider overdraft only for a single, tiny gap you can cover immediately.
- Avoid payday loans unless no other option exists—here's how to escape the cycle if you're already stuck.
What if I need more than two weeks to repay?
This is where payday loans turn brutal. The $17.50 per $100 fee applies every rollover. Two weeks becomes four, then six. A small installment loan near 36% APR spreads payments over months with no renewal fees. The tool lets you test this: change the term to 60 days and watch the payday cost explode while the installment loan grows slowly.
Common questions
Why does the tool show 456% APR for payday when my lender says something lower?
The 456% figure annualizes the two-week fee. Lenders quote the flat fee—$17.50 per $100—because "roughly 400% APR or more" sounds worse. Both describe the same loan. We use 456% in our model to match the $17.50 per $100 assumption.
Can I really get a PAL at 28% APR with bad credit?
Credit unions set their own membership and underwriting rules. The 28% APR and $20 application fee are federal caps, not guarantees. You'll need to join the credit union and qualify. Call ahead—find options in your state.
Is earned-wage access really only about $5?
Our model uses about $5 as a representative flat fee. Actual costs vary by app and employer. Some charge nothing. Others ask for tips or subscription fees. Read the fine print, but even at double our estimate, it beats payday by a massive margin.