{"id":85298,"date":"2025-01-27T09:15:31","date_gmt":"2025-01-27T17:15:31","guid":{"rendered":"https:\/\/financer.com\/?p=85298"},"modified":"2025-03-02T03:29:41","modified_gmt":"2025-03-02T11:29:41","slug":"1000-payday-loan","status":"publish","type":"post","link":"https:\/\/financer.com\/loans\/articles\/1000-payday-loan\/","title":{"rendered":"The Real Cost of a $1,000 Payday Loan"},"content":{"rendered":"\n<p><a href=\"https:\/\/financer.com\/loans\/payday-loans\/\">Payday loans<\/a> can vary significantly, based on several factors, such as the lender&#8217;s interest rate, the repayment term, and even your ability to repay it. So, if you&#8217;re asking yourself how much would a $1,000 payday loan cost, there are more than one answer.<\/p>\n\n\n\n<p>Let&#8217;s break down the real numbers: A typical payday loan charges $15-$30 per $100 borrowed. For a $1,000 loan, that&#8217;s a fee of $150-$300 just to borrow the money for two weeks.<\/p>\n\n\n<div class=\"fn_block block_fn_msg_box company\"><div class=\"fn_block__icon\"><\/div><h3>Best Online Payday Loans<\/h3><p>Before anything else, if you&#8217;re looking for a payday loan, here are the best options:<\/p>\n<ul>\n<li><a href=\"https:\/\/financer.com\/company\/low-credit-finance\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Low Credit Finance<\/a> &#8211; Known for its easy approval process.<\/li>\n<li><a href=\"https:\/\/financer.com\/company\/viva-payday-loans\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Viva Payday Loans<\/a> &#8211; Accepts all FICO scores. And I&#8217;m meaning all.<\/li>\n<li><a href=\"https:\/\/financer.com\/company\/5kfunds\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">5kFunds<\/a> &#8211; Get a payday loan with APR as low as a <a href=\"https:\/\/financer.com\/loans\/personal-loans\/\">personal loans<\/a>.<\/li>\n<\/ul><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"Understanding_The_Costs_of_Payday_Loans\">Understanding The Costs of Payday Loans<\/h2>\n\n\n\n<p>Payday loans may be a quick fix, but they come with serious financial risks. To better understand how much would a $1,000 payday loan cost, there&#8217;s some things you need to know first:<\/p>\n\n\n\n<ul>\n<li>Payday loans are short-term loans, usually due within 2-4 weeks<\/li>\n\n\n\n<li>Lenders charge a fixed fee per $100 borrowed, typically $15-$30<\/li>\n\n\n\n<li>The full loan amount plus fees is due on your next payday<\/li>\n\n\n\n<li>If you can&#8217;t repay in full, you may be able to &#8220;roll over&#8221; the loan, but additional fees apply<\/li>\n<\/ul>\n\n\n\n<p>Let&#8217;s look at an example: you borrow $1,000 with a $20 fee per $100. That&#8217;s a $200 fee, meaning you owe $1,200 on your next payday in two weeks.<\/p>\n\n\n\n<p>If you can&#8217;t pay the full $1,200, you may roll it over for another two weeks. But you&#8217;ll owe another $200 fee. Now your balance is $1,400.<\/p>\n\n\n<div class=\"fn_block block_fn_msg_box boxed\"><div class=\"fn_block__icon\"><\/div><h3 id=\"The_huge_difference\">The huge difference<\/h3><p>A $1,000 payday loan can end up costing around $1,200, but can also cost $4,000 if you&#8217;re not careful. Choose wisely to avoid losing money.<\/p><p class=\"has-text-left\">\n\t    <a href=\"https:\/\/financer.com\/loans\/payday-loans\/\"   class=\"button is-normal is-primary is-rounded is-large\">Check out the best payday loans <\/a>\n\t<\/p><\/div>\n\n\n<p>A typical two-week payday loan, with a $15 per $100 fee, equates to an APR of almost 400%. Compare that to credit card APRs of 12-30%.<\/p>\n\n\n\n<p>While payday lenders market their products as short-term solutions, <a href=\"https:\/\/www.pewtrusts.org\/~\/media\/legacy\/uploadedfiles\/pcs_assets\/2012\/pewpaydaylendingreportpdf.pdf\" data-type=\"link\" data-id=\"https:\/\/www.pewtrusts.org\/~\/media\/legacy\/uploadedfiles\/pcs_assets\/2012\/pewpaydaylendingreportpdf.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">data shows<\/a> many borrowers end up in long-term debt cycles. The average payday loan borrower is in debt for 5 months of the year, taking out 8 loans lasting 18 days each on average.<\/p>\n\n\n<div class=\"fn_block block_fn_button  buttons  is-flex is-flex-direction-column is-align-items-center\"><a href=\"https:\/\/financer.com\/results\/\" class=\"button  is-rounded is-primary is-medium is-fullwidth\" target=\"_blank\"  >Click here to compare options with lower rates<\/a><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"How_Much_Would_A_1000_Payday_Loan_Cost_With_Bad_Credit\">How Much Would A $1,000 Payday Loan Cost With Bad Credit<\/h2>\n\n\n\n<p>Payday loans typically don&#8217;t involve credit checks, so<strong> <\/strong>the cost is generally the same, regardless of your credit score. Payday lenders generally don&#8217;t check credit, so the fees are the same regardless of your credit score.<\/p>\n\n\n\n<p>But it&#8217;s important to know that payday loans can impact your overall financial situation. Here are the main ways bad credit can affect your payday loan experience:<\/p>\n\n\n\n<ul>\n<li><strong>Limited alternatives<\/strong>: With poor credit, you may have fewer alternatives to payday loans, making them seem like your only option.<\/li>\n\n\n\n<li><strong>Harder to repay<\/strong>: Bad credit often correlates with a tighter financial situation, making it more challenging to repay the loan on time.<\/li>\n\n\n\n<li><strong>Debt cycle risk<\/strong>: Without other credit options, you&#8217;re at higher risk of needing to roll over the loan, incurring more fees.<\/li>\n\n\n\n<li><strong>Long-term impact<\/strong>: Relying on payday loans can prevent you from improving your credit, keeping you in a cycle of limited financial options.<\/li>\n<\/ul>\n\n\n\n<p>As you can see, the direct cost of the payday loan is the same.\u00a0We can say the right question isn&#8217;t &#8220;how much would a $1,000 payday loan cost with bad credit&#8221;, but &#8220;how can a bad credit impact my loan&#8221;.<\/p>\n\n\n\n<p>The real difference lies in the availability of other options and the potential long-term financial impact.<\/p>\n\n\n<div class=\"fn_block block_fn_button  buttons  is-flex is-flex-direction-column is-align-items-center\"><a href=\"https:\/\/financer.com\/loans\/bad-credit-loans\/\" class=\"button  is-rounded is-primary is-medium is-fullwidth\" target=\"_blank\"  >Find the top lenders for bad credit and compare them<\/a><\/div>\n\n\n\t\t<div id=\"genericloan_1_form\" class=\"fs-slider fs-slider--tooltip search-hero--bg1\"><h3>Compare loans from 48 lenders<\/h3><p>Find the cheapest rate with one click<\/p><div class=\"step amount\">    <div class=\"slider_cont step__value\">\n        <span class=\"fl_l_m_15 amount_display\"><\/span>\n    <\/div>\n    <div class=\"step__slider\">\n        <input type=\"range\" data-default-value=\"500\" data-name=\"param_amount\" \/>\n    <\/div>\n<\/div><div class=\"step stepSubmit\"><a id=\"submitSliders\" href=\"https:\/\/financer.com\/results?query=1&non_affiliate=true&param_amount=500&loan_broker_filter_active=true&param_period=360\" data-slider-url=\"https:\/\/financer.com\/results?query=1&non_affiliate=true&param_amount=500&loan_broker_filter_active=true&param_period=360\" data-required=\"results?query=1non_affiliate=true&param_amount=500&loan_broker_filter_active=true&param_period=360&\" class=\"get_results compare button is-primary is-medium is-rounded\">Compare Offers<\/a><\/div>\t\t<\/div><h2 class=\"wp-block-heading\" id=\"How_To_Calculate_A_Payday_Loan\">How To Calculate A Payday Loan<\/h2>\n\n\n\n<p>Now you know why payday loans are so expensive. But do you want to know the true cost of your payday loan? Let&#8217;s break it down step-by-step. But have a seat, it&#8217;s probably higher than you think.<\/p>\n\n\n\n<p>The basic formula for calculating the Annual Percentage Rate (APR) of a payday loan is:<\/p>\n\n\n\n<p>APR = (Fee \/ Loan Amount) x (Number of Days in a Year \/ Loan Term in Days) x 100<\/p>\n\n\n\n<p>Sounds simple, right? Well, let&#8217;s see how it plays out in real life. We have three different scenarios, so you can comprehend how the APR can impact your finances.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Scenario_1_2_Week_Payday_Loan\">Scenario 1: 2-Week Payday Loan<\/h3>\n\n\n\n<p>You need $1,000 fast. The lender charges $20 per $100 borrowed for a 2-week loan. That&#8217;s 20%, right? Here&#8217;s the math:<\/p>\n\n\n\n<ol>\n<li>Fee: $1,000 x 20% = $200<\/li>\n\n\n\n<li>APR: ($200 \/ $1,000) x (365 \/ 14) x 100 = 521.43%<\/li>\n<\/ol>\n\n\n\n<p>That&#8217;s an APR of 521.43% for just two weeks of borrowing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Scenario_2_2_Month_Payday_Loan\">Scenario 2: 2-Month Payday Loan<\/h3>\n\n\n\n<p>Same $1,000 loan, but now you&#8217;re rolling it over for 2 months. The lender charges an additional $200 each time you roll over. Let&#8217;s calculate:<\/p>\n\n\n\n<ol>\n<li>Total fees: $200 (initial) + $200 (1st rollover) + $200 (2nd rollover) = $600<\/li>\n\n\n\n<li>APR: ($600 \/ $1,000) x (365 \/ 60) x 100 = 365%<\/li>\n<\/ol>\n\n\n\n<p>Even spread over two months, you&#8217;re still looking at a whopping 365% APR.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Scenario_3_6_Month_Payday_Loan\">Scenario 3: 6-Month Payday Loan<\/h3>\n\n\n\n<p>Now, let&#8217;s say you&#8217;re caught in a cycle of debt for 6 months, continuously rolling over that $1,000 loan:<\/p>\n\n\n\n<ol>\n<li>Total fees: $200 x 7 (initial loan + 6 rollovers) = $1,400<\/li>\n\n\n\n<li>APR: ($1,400 \/ $1,000) x (365 \/ 180) x 100 = 283.88%<\/li>\n<\/ol>\n\n\n\n<p>After 6 months, the APR is at 283.88% and you&#8217;ve paid $1,400 in fees on a $1,000 loan.<\/p>\n\n\n\n<p>Remember, while payday loans might seem like a quick fix, they can quickly turn into a financial nightmare. Always consider alternatives like\u00a0<a href=\"https:\/\/financer.com\/loans\/personal-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">personal loans<\/a>\u00a0or\u00a0<a href=\"https:\/\/financer.com\/loans\/credit-union-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit union loans<\/a>\u00a0before turning to payday lenders.<\/p>\n\n\n\t\t<div id=\"genericloan_0_form\" class=\"fs-slider fs-slider--tooltip search-hero--bg1\"><h3>Compare safer options<\/h3><p>Find a cheaper credit and get free from you debt cycle<\/p><div class=\"step amount\">    <div class=\"slider_cont step__value\">\n        <span class=\"fl_l_m_15 amount_display\"><\/span>\n    <\/div>\n    <div class=\"step__slider\">\n        <input type=\"range\" data-default-value=\"1000\" data-name=\"param_amount\" \/>\n    <\/div>\n<\/div><div class=\"step stepSubmit\"><a id=\"submitSliders\" href=\"https:\/\/financer.com\/results?query=1&#038;non_affiliate=true&#038;param_amount=1000&#038;loan_broker_filter_active=true&#038;param_period=360\" data-slider-url=\"https:\/\/financer.com\/results?query=1&#038;non_affiliate=true&#038;param_amount=1000&#038;loan_broker_filter_active=true&#038;param_period=360\" data-required=\"results?query=1non_affiliate=true&#038;param_amount=1000&#038;loan_broker_filter_active=true&#038;param_period=360&#038;\" class=\"get_results compare button is-primary is-medium is-rounded\">Compare Offers<\/a><\/div>\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"How_Much_Would_A_5000_Payday_Loan_Cost\">How Much Would A $5,000 Payday Loan Cost<\/h2>\n\n\n\n<p>Now that you know how to calculate a payday loan, let&#8217;s tackle a bigger question: how much would a $5,000 payday loan cost? Well, here&#8217;s the catch &#8211; payday loans for $5,000 typically don&#8217;t exist.<\/p>\n\n\n\n<p>Most payday lenders cap their loans at $500 or $1,000. Why? Because they know bigger loans are harder to repay quickly, increasing the risk for both the lender and the borrower.<\/p>\n\n\n\n<p>But let&#8217;s pretend $5,000 payday loans exists and see how much some lenders would charge. It&#8217;s important to remember that each person has its own offer, so we&#8217;re talking about an average cost.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-fn-tables shortcode-no\"><table><thead><tr><th>Company<\/th><th>Fees<\/th><th>Final offer<\/th><\/tr><\/thead><tbody><tr><td>Low Credit Finance<\/td><td>From $37.50<\/td><td><a href=\"https:\/\/financer.com\/company\/low-credit-finance\/redirect\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/low-credit-finance\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply for Low Credit Finance<\/a><\/td><\/tr><tr><td>PersonalLoans.com<\/td><td>From $50.00<\/td><td><a href=\"https:\/\/financer.com\/company\/personalloans-com\/redirect\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/personalloans-com\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply for PersonalLoans.com<\/a><\/td><\/tr><tr><td>Ace Cash Express<\/td><td>From 277,80<\/td><td><a href=\"https:\/\/financer.com\/company\/ace-cash-express\/redirect\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/ace-cash-express\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply for Ace Cash Express<\/a><\/td><\/tr><tr><td>MoneyKey<\/td><td>From $720,80<\/td><td><a href=\"https:\/\/financer.com\/company\/moneykey\/redirect\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/moneykey\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply for MoneyKey<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>As you can notice, the offer can vary a lot. That&#8217;s why it&#8217;s important to always <a href=\"https:\/\/financer.com\/results\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/results\/\" target=\"_blank\" rel=\"noreferrer noopener\">compare loans<\/a> and don&#8217;t go for the first offer.<\/p>\n\n\n\n<p>Now, let&#8217;s compare this hypothetical $5,000 payday loan with other credit options. We&#8217;ll use average costs, terms and APRs for each kind of credit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i1_Hypotetical_Payday_Loan\">1. Hypotetical Payday Loan<\/h3>\n\n\n\n<ul>\n<li>Amount: $5,000<\/li>\n\n\n\n<li>APR: 391% (Around $15 per $100)<\/li>\n\n\n\n<li>Term: 2 weeks<\/li>\n\n\n\n<li>Real cost in 1 month: $750<\/li>\n\n\n\n<li>Real cost in 5 months: $3,750<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i2_Personal_Loan\">2. Personal Loan<\/h3>\n\n\n\n<ul>\n<li>Amount: $5,000<\/li>\n\n\n\n<li>APR: 15%<\/li>\n\n\n\n<li>Term: 3 months &#8211; 12 years<\/li>\n\n\n\n<li>Real cost in 5 months: $312.5<\/li>\n\n\n\n<li>Real cost in 1 year: $750<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i3_Secured_Loan\">3. Secured Loan<\/h3>\n\n\n\n<ul>\n<li>Amount: $5,000<\/li>\n\n\n\n<li>APR: 10%<\/li>\n\n\n\n<li>Term: 1 year &#8211; 5 years<\/li>\n\n\n\n<li>Real cost in 1 year: $500<\/li>\n\n\n\n<li>Real cost in 5 years: $2,500<\/li>\n<\/ul>\n\n\n\n<p>The difference is huge: a hypothetical payday loan would cost you $750 in fees for just two weeks, while a personal loan might cost you less than this in a whole year. When we talk about secured loans, this difference is even higher.<\/p>\n\n\n\n<p>This is why it&#8217;s crucial to explore all your options before considering a payday loan, especially for larger amounts. If you need $5,000, consider a personal loan. There are some companies offering credit even to people with bad credit.<\/p>\n\n\n<div class=\"fn_block block_fn_button  buttons  is-flex is-flex-direction-column is-align-items-center\"><a href=\"https:\/\/financer.com\/loans\/bad-credit-loans\/\" class=\"button  is-rounded is-primary is-medium is-fullwidth\" target=\"_blank\"  >Check the leading bad credit loans<\/a><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"Pros_And_Cons_Of_A_1000_Payday_Loan\">Pros And Cons Of A $1,000 Payday Loan<\/h2>\n\n\n\n<p>Let&#8217;s weigh the good and the bad of a $1,000 payday loan. Remember, while these loans can be tempting, they&#8217;re not always the best solution for your financial moment.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"fn_block block_fn_pros_cons\"><ul class=\"like\"><h3>Pros<\/h3><li><p><strong>Quick Cash: <\/strong>Need money yesterday? Payday loans are lightning-fast. It&#8217;s common to get funds within 24 hours.<\/p>\n<\/li><li><p><strong>No credit check <\/strong>Got a credit score that makes you cry? No worries. Most payday lenders don&#8217;t check your credit, making approval easier.<\/p>\n<\/li><li><p><strong>Simple application: <\/strong>Forget stacks of paperwork. Applying for a payday loan is usually quick and straightforward, often done online in minutes.<\/p>\n<\/li><li><p><strong>Unsecured loan: <\/strong>Unlike <a href=\"https:\/\/financer.com\/loans\/car-loans\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/loans\/car-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">car loans<\/a> or mortgages, payday loans don&#8217;t require any collateral.<\/p>\n<\/li><\/ul><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"fn_block block_fn_pros_cons\"><ul class=\"dislike\"><h3>Cons<\/h3><li><p><strong>Sky-high interest: <\/strong>We&#8217;re talking about the most expensive credit in the market. Payday loans often come with APRs of 400% or more.<\/p>\n<\/li><li><p><strong>Short repayment period: <\/strong>Blink and it&#8217;s due. Most payday loans require full repayment in two weeks.<\/p>\n<\/li><li><p><strong>Debt trap potential<\/strong>: With short term and high fees, can be difficult to pay out in the right time. So it&#8217;s easy to get caught in a cycle of debt that&#8217;s hard to escape.<\/p>\n<\/li><li><p><strong>Limited borrowing amount: <\/strong>Payday loans typically max out at $1,000, sometimes less depending your state.<\/p>\n<\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<p>If you have considered all the pros and cons and think the payday loan is the best choice for you in this moment, check out some of the top payday lenders and get the best deal online.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-fn-tables shortcode-no\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Lender<\/th><th class=\"has-text-align-center\" data-align=\"center\">Best for<\/th><th class=\"has-text-align-center\" data-align=\"center\">Loan amount<\/th><th class=\"has-text-align-center\" data-align=\"center\">Est. APR<\/th><th class=\"has-text-align-center\" data-align=\"center\">Loan term<\/th><th class=\"has-text-align-center\" data-align=\"center\">Where to apply?<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/badcreditloans\/\" target=\"_blank\" rel=\"noreferrer noopener\">BadCreditLoans.com<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">24\/7 service<\/td><td class=\"has-text-align-center\" data-align=\"center\">$500 \u2013 $10,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.99% to 35.99%<\/td><td class=\"has-text-align-center\" data-align=\"center\">3 months \u2013 6 years<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/badcreditloans\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/low-credit-finance\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/low-credit-finance\/\" target=\"_blank\" rel=\"noreferrer noopener\">LowCreditFinance.com<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">60-minute funding<\/td><td class=\"has-text-align-center\" data-align=\"center\">$100 \u2013 $50,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.99% to 35.99%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Minimum 61 days<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/low-credit-finance\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/wizzay-com\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/wizzay-com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wizzay.com<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Getting offers from wide net of lenders<\/td><td class=\"has-text-align-center\" data-align=\"center\">$200 \u2013 $5,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.99% to 35.99%<\/td><td class=\"has-text-align-center\" data-align=\"center\">90 days \u2013 24 months<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/wizzay-com\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/viva-payday-loans\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/viva-payday-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">VivaPaydayLoans.com<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Short repayment<\/td><td class=\"has-text-align-center\" data-align=\"center\">$100 \u2013 $5,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.99% to 35.99%<\/td><td class=\"has-text-align-center\" data-align=\"center\">2 months \u2013 24 months<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/viva-payday-loans\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/5kfunds\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/company\/5kfunds\/\" target=\"_blank\" rel=\"noreferrer noopener\">5kfunds.com<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Flexible repayment periods<\/td><td class=\"has-text-align-center\" data-align=\"center\">$500 \u2013 $35,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">5.99% to 35.99%<\/td><td class=\"has-text-align-center\" data-align=\"center\">61 days \u2013 72 months<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/financer.com\/company\/5kfunds\/redirect\/\" target=\"_blank\" rel=\"sponsored noopener nofollow\">Apply here<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n                <div class=\"fn_block block_fn_msg_box cost search-hero--bg1\">\n\t\t\t\t<h3>How to save <span class=\"compare-amount\">$1,190.00 <\/span> on your loan<\/h3>\n\t\t\t\t<p>The price difference for a $500.00 loan in 90 days is $1,190.00.<\/p>\n\t\t\t\t<p class=\"has-text-left\"><a href=\"https:\/\/financer.com\/results\/?query=1&filter_non_affiliate=1&param_amount=500&param_period=90\" class=\"button is-normal is-primary is-rounded\">Find out how<\/a><\/p>\n                <\/div><h2 class=\"wp-block-heading\" id=\"Alternatives_To_1000_Payday_Loan\">Alternatives To $1,000 Payday Loan<\/h2>\n\n\n\n<p>If you&#8217;re not sure about jumping into a payday loan, let&#8217;s explore some friendlier options for your wallet. Here are some alternatives that might save you a bundle:<\/p>\n\n\n\n<ol>\n<li><strong><a href=\"https:\/\/financer.com\/loans\/personal-loans\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/loans\/personal-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">Personal Loans<\/a><\/strong>: These usually offer lower interest rates and longer repayment terms.\u00a0Personal loan APRs can range from 6% to 36%, much lower than payday loans.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/financer.com\/loans\/articles\/what-is-a-secured-loan\/\" data-type=\"link\" data-id=\"https:\/\/financer.com\/loans\/articles\/what-is-a-secured-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Secured Loans<\/a><\/strong>: If you have an asset like a car, you might qualify for a secured loan with better terms than a payday loan.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/financer.com\/loans\/credit-union-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">Credit Union Loans<\/a><\/strong>: Many credit unions offer payday alternative loans (PALs) with APRs capped at 28%.<\/li>\n\n\n\n<li><strong>Borrowing from Family or Friends<\/strong>: It can be awkward, but it&#8217;s usually interest-free. Just be sure to treat it like a real loan and pay it back promptly.<\/li>\n\n\n\n<li><strong>Negotiate with Creditors<\/strong>: If you&#8217;re considering a payday loan to pay bills, try talking to your creditors first. They may offer a payment plan.<\/li>\n<\/ol>\n\n\n\n<p>Remember, the key to finding the best loan is to shop around and compare offers. That&#8217;s where\u00a0<a href=\"https:\/\/financer.com\/results\/\" target=\"_blank\" rel=\"noreferrer noopener\">Financer&#8217;s Loan Finder<\/a>\u00a0comes in handy. It&#8217;s a free tool that lets you compare loans from multiple lenders in one place, potentially saving you both time and money.<\/p>\n\n\n\n<p>In the end, payday loans can be a quick fix, but can also lead to more financial stress. Be sure you comprehend your alternatives and compare them to find a solution that helps you today without breaking the bank tomorrow.<\/p>\n\n\n<div class=\"fn_block block_fn_faq_list\"><h3 id=\"1000_payday_loan_cost_FAQs\">$1,000 payday loan cost FAQs<\/h3><h4>How much would a $1,000 payday loan cost in total with fees and interest?<\/h4><div class=\"faq_inner\"><p><span style=\"font-weight: 400;\">A $1,000 payday loan could cost you a total of $1,150 to $1,300 with fees and interest if paid back in two weeks. If rolled over multiple times, the total cost could escalate dramatically. For example, after six months of rollovers, you could end up paying $1,400 in fees alone on top of the original $1,000 borrowed.<\/span><\/p><\/div><h4>How much would a $1,000 payday loan cost per month in payments?<\/h4><div class=\"faq_inner\"><p><span style=\"font-weight: 400;\">Payday loans are typically due in full on your next payday, usually within 2-4 weeks. If you were to spread a $1,000 payday loan over a month, you&#8217;d likely pay $250 to $300 in fees.<\/span><\/p><\/div><h4>How much would a $1,000 payday loan cost if paid back in 2 weeks?<\/h4><div class=\"faq_inner\"><p><span style=\"font-weight: 400;\">If paid back in 2 weeks as intended, a $1,000 payday loan would typically cost between $150 to $300 in fees. The exact amount depends on the lender&#8217;s fee structure, which usually ranges from $15 to $30 per $100 borrowed.<\/span><\/p><\/div><h4>How much would a $1,000 payday loan cost in interest rates compared to credit cards?<\/h4><div class=\"faq_inner\"><p><span style=\"font-weight: 400;\">Payday loans are substantially more expensive than <a href=\"https:\/\/financer.com\/credit-cards\/\">credit cards<\/a> in terms of interest rates. While credit card APRs typically range from 12% to 30%, payday loan APRs can soar to 391% to 782% for a two-week loan. To put this in perspective, a $1,000 payday loan could cost $150 to $300 in fees over two weeks, whereas a credit card might charge $10 to $25 in interest over the same period.<\/span><\/p><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Payday loans can vary significantly, based on several factors, such as the lender&#8217;s interest rate, the repayment term, and even\u2026 <\/p>\n","protected":false},"author":41391,"featured_media":83077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"disable_branded_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ep_exclude_from_search":false,"footnotes":""},"categories":[1076],"tags":[],"_links":{"self":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/posts\/85298"}],"collection":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/users\/41391"}],"replies":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/comments?post=85298"}],"version-history":[{"count":49,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/posts\/85298\/revisions"}],"predecessor-version":[{"id":86561,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/posts\/85298\/revisions\/86561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/media\/83077"}],"wp:attachment":[{"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/media?parent=85298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/categories?post=85298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financer.com\/wp-json\/wp\/v2\/tags?post=85298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}