How Much Does a $500 Payday Loan Cost?

The actual fee on a $500 payday loan

States that allow payday lending cap fees on a per-$100-borrowed basis. The two most common tiers:

• $15 per $100 (most common): $75 fee → repay $575 → ~391% APR
• $20 per $100: $100 fee → repay $600 → ~521% APR
• $25 per $100: $125 fee → repay $625 → ~652% APR
• $30 per $100 (highest): $150 fee → repay $650 → ~782% APR

Why the rollover trap matters

The headline fee assumes you pay in full on day 14. If you can't, the lender lets you "roll" the loan: pay another fee, keep the principal. Four rollovers on a $500 loan at $15/$100 costs $375 in fees — and you still owe the $500. That's the pattern the CFPB found in roughly 80% of payday loans.

Cheaper same-day options for $500

• Cash-advance apps (Earnin, Dave, Brigit): $1–$15 instead of $75+.
• Credit-card cash advance: ~25% APR + 3–5% upfront fee. On $500 for two weeks, ~$20 total.
• Payday alternative loan (PAL) from a federal credit union: capped at 28% APR and a $20 application fee.
• Small installment loan: APR 36–99% over 3–6 months — far cheaper than rolling a payday loan twice.

Run the numbers before you sign

Use our payday loan calculator to translate any fee structure into a real APR, and the APR calculator to compare a payday loan against a credit-card advance or installment loan on equal footing.