This tool compares what it actually costs to borrow $500 for two weeks across six common options. Punch in your state and you'll see the dollar-for-dollar breakdown: payday loans can run you $85 in fees, while a credit-union PAL often costs under $10. The gap only widens if you need more time.
Don't payday loans cost the same everywhere?
No — your state caps determine everything. Some states ban payday lending outright. Others allow the full $20 per $100. The tool factors your state's specific limits before showing results. A borrower in Texas sees different numbers than one in New York. That's why we built the location toggle first.
Isn't APR meaningless for a two-week loan?
It's the only honest way to compare. The payday industry calls 400% APR misleading because "nobody holds the loan a year." But cheaper alternatives exist precisely because they don't explode when annualized. Here's the math the tool runs:
Payday: $17.50 fee per $100 × 26 two-week periods = 456% APR
PAL: 28% APR + $20 fee = roughly $23 total cost on $500
Earned-wage access: $5 flat = single-digit effective cost
Without APR, you'd compare "$17.50" to "$5" and miss that the payday loan repeats 26 times faster.
How do I actually use this tool?
- Select your state — this locks in legal caps and available products
- Enter your paycheck amount and how much you need early
- Pick your repayment timeline: next payday, 30 days, or 3 months
- Toggle between products to see the running total in fees plus interest
- Check the "annualized cost" column if you're unsure which saves more
The graph updates live. Hover any bar to see the exact dollar breakdown.
What's the catch with earned-wage access?
It only works for hours already worked. If you're short because of a sudden expense — not because your paycheck is late — this option disappears. The tool grays it out automatically when advance amount exceeds accrued wages. That's not a bug. It's a guardrail.
The $5 fee also assumes your employer partners with a provider. If you're hunting on your own, subscription costs or faster-funding premiums can change the math. We flag those variants in the footnotes.
Do credit cards ever make sense here?
Generally yes for pure rate comparison, but watch the trap doors. The tool models roughly 5% upfront plus 25–30% APR — technically cheaper than 456% payday APR. However:
- Cash advances start charging interest immediately, no grace period
- Your credit line may be lower than you expect
- Carrying the balance past one month erodes the savings fast
PALs and 36% installment loans still undercut credit card cash advances. The tool ranks them higher when both are available.
Common questions that trip people up
Why does the overdraft option look cheap once but terrible twice?
The $35 flat fee beats payday pricing on a single small shortfall. Run two transactions through and you're at $70 — already worse than a PAL. Three transactions and you're near payday territory without the structured repayment. The tool shows cumulative cost for a reason.
Can I really get a PAL same-day?
Credit unions require membership first — sometimes 30 days, sometimes immediate upon opening an account. The tool notes membership requirements in your state's detail panel. If you're facing an emergency today, earned-wage access or a credit union you already belong to are your fastest paths.
Does "no credit check" mean it's automatically worse?
Not automatically, but correlation matters. Payday lenders skip credit checks because the fee structure doesn't depend on your risk — they profit from repeat rollovers, not underwriting. PALs and installment loans at 28–36% APR usually check credit because lower rates require knowing you can repay. The tool doesn't hide which products check credit; we flag it so you can weigh speed against cost.
Run your numbers above. The default $500 scenario is just a baseline — adjust to match your actual gap and see which product keeps the most money in your pocket.