# Payday Loan vs. Alternatives — Cost Comparison Calculator | SB Loan > Compare payday loan costs versus credit-union PALs, wage-advance apps, credit card cash advances, overdraft fees, and small personal loans side by side. Источник: https://sbloan.net/tools/payday-vs-alternatives/ --- FREE TOOL · NO SIGN-UP # How Other Short-Term Options Stack Up Against Payday Loans Six methods to fill the same temporary gap — ordered by actual cost. Enter your target amount and payback timeline for direct comparisons. AV **Reviewed by [Andre Vargas, AFC®](/authors/andre-vargas/)** · Last updated May 24, 2026 Amount you need $100**$300**$1,000 Days until you can repay 7**14 days**60 **Understanding the details:** the numbers shown are typical-cost examples, not final prices. With time-sensitive choices (PAL, installment, advance on pay), the total increases the longer you keep the funds; options with a set fee (early wage access, overdraft protection) remain the same. Your actual expense is determined by your provider, location, and what you qualify for. If you need $400 until payday, the tool on this page shows you exactly what each borrowing option costs in real dollars—not abstract percentages. A standard two-week payday loan will run you about $70 in fees; a credit-union alternative costs roughly $13 total. The math is simple, but lenders rarely show it side by side. Below, we walk through how to use our comparison tool and how to read its results, with step-by-step examples drawn from the actual pricing you'll see inside. ### What the numbers actually look like - Payday loan: roughly $15–$20 per $100 borrowed for two weeks, translating to roughly 400% APR or higher. - Credit-union PAL: capped at 28% APR, with an application fee that cannot exceed $20. - Small installment loan: well-regulated versions stay near 36% APR. - Earned-wage access: typically a small flat fee, about $5 in our model. - Credit card cash advance: roughly 5% upfront plus 25–30% APR. - Bank overdraft: about $35 per transaction. ## What does the comparison tool actually calculate? It translates every borrowing option into a single bottom-line dollar cost for the same loan amount and term. Behind the scenes, the tool uses representative pricing: payday at 456% APR ($17.50 per $100), PAL at 28% APR plus $20 fee, installment at 36% APR, cash advance at 30% APR plus 5% fee, earned-wage access at $5 flat, and overdraft at $35 flat. You can adjust the loan amount and repayment window to match your situation; the recalculation happens instantly. ## How do I read the results table? Look at the "total cost" column first—that's the money you won't get back. The APR column shows the standardized annual rate, which helps you compare across completely different product structures. A payday loan's APR hits roughly 400% or higher because the fee is compressed into two weeks; a PAL at 28% APR spreads more gently. Both numbers matter: total cost tells you what leaves your pocket today, APR warns you what happens if you renew or roll over. ## Can I trust the dollar amounts shown? They're derived directly from regulated pricing caps and market benchmarks, not estimates. For payday loans, the tool uses $17.50 per $100—the midpoint of the typical $15–$20 range. For PALs, it applies the federal 28% APR cap plus the maximum $20 application fee. These aren't teasers or best-case scenarios; they're the actual guardrails that govern [state](/state/)-licensed and federally chartered products. If your state's payday regulations are stricter, your real cost may be lower. ## What if I need longer than two weeks? The tool automatically recalculates costs across different repayment periods, and this is where alternatives pull ahead. Worked example: $400 borrowed, repaid in one month - Payday loan (rolled or extended): roughly $140 in fees ($17.50 × 2 two-week periods) - Credit-union PAL: approximately $13 in interest plus $20 fee = $33 total - Small installment loan at 36% APR: approximately $12 in interest The payday loan now costs more than four times the installment option. This gap widens with time. Our [guide to payday loan alternatives](/payday-loan-alternatives/) explains how to access PALs and installment products in your area. ## Step-by-step: running your first comparison 1. Enter the amount you actually need—don't round up "just in case." 2. Select your next pay date or preferred repayment window. 3. Review the total cost column; note which options are available in your state. 4. Click into any product to see fee breakdowns and qualification requirements. 5. Use the "renewal scenario" toggle to see costs if you can't repay on time. ## What aren't the numbers showing me? Speed, access, and eligibility requirements. A payday loan may be available the same day with minimal paperwork; a PAL requires credit-union membership (often 30 days). Earned-wage access demands an employer partnership. Credit card cash advances assume you already have available credit. The tool shows cost efficiency; your personal timeline and credit profile determine which efficiency you can actually access. ## Keep asking Why does the APR look so high on a $5 earned-wage fee? Because APR annualizes any cost against a very short timeframe. A $5 fee for a $200 advance repaid in three days mathematically compounds to a triple-digit APR, even though the actual dollar cost stays tiny. Focus on total cost for short-term products. Can I combine options—like a PAL plus earned-wage access? Often yes, if the amounts and timing work. Many borrowers use earned-wage access for immediate gaps (the $5 flat fee) and a PAL for larger, planned expenses. The tool lets you model each separately so you can add the results yourself. What if my bank's overdraft policy is "free"? Some banks offer grace periods or linked savings transfers with no fee. If yours truly charges nothing, that beats every option here. But confirm the policy—many "free" overdrafts still impose the roughly $35 per transaction fee after a buffer amount. #### Review ranked substitutes A complete rundown of 15 more affordable choices, sorted according to APR. [Payday loan alternatives](/payday-loan-alternatives/) 🔒 No application required to browse --- #### Additional resources - [Rollover cost simulator](/tools/rollover-simulator/) - [Affordability checker](/tools/affordability-checker/) - [Loan cost calculator](/tools/cost-calculator/)