$500 Payday Loan Cost - Compare Fees, APR & Total Repayment (2026)
π Quick Answer
- Total Cost: $550-$575 for a $500/14-day payday loan
- Fee Range: $50-$100 (10-20% depending on lender and state)
- APR: 261%-521% (calculated annually, but you borrow for 2 weeks)
- Lowest Cost: Check Into Cash ($50-65 in most states)
- Highest Cost: Texas lenders (up to $100 fee allowed)
$500 Payday Loan Cost Breakdown
A $500 payday loan is one of the most common loan amounts requested, as it covers typical emergencies like car repairs, utility bills, or minor medical expenses. The total cost depends on three factors: (1) the lender's fee structure, (2) your state's payday loan regulations, and (3) the loan term (14 days vs 30 days).
Compare 8 Lenders for $500/14-Day Payday Loan
| Lender | Loan Amount | Fee | Total Repayment | APR |
|---|---|---|---|---|
| Check Into Cash | $500 | $65 | $565 | 339% |
| Speedy Cash | $500 | $65 | $565 | 339% |
| ACE Cash Express | $500 | $70 | $570 | 365% |
| Advance America | $500 | $73 | $573 | 380% |
| CashNetUSA | $500 | $75 | $575 | 391% |
| CashCentral | $500 | $75 | $575 | 391% |
| MoneyLion | $500 | $75 | $575 | 391% |
| Texas Lenders (max allowed) | $500 | $100 | $600 | 521% |
π‘ Key Takeaway
The cost difference between the cheapest ($65) and most expensive ($100) $500 payday loan is $35. While APR varies from 339% to 521%, the actual dollar cost difference is relatively small for a 14-day loan. Focus on total repayment amount, not just APR.
$500 Payday Loan Cost by State
State regulations significantly impact the cost of a $500 payday loan. Here's what you will pay in the top 5 payday loan states:
Texas Payday Loans
- β’ Allowed Loan Amount: No maximum limit
- β’ Typical Fee Structure: 15-20% of loan amount
- β’ $500 Loan Cost: $575-$600 (14 days)
- β’ APR: 391-521%
- β’ Regulations: No interest rate cap, no cooling-off period
Florida Payday Loans
- β’ Allowed Loan Amount: $500 maximum
- β’ Typical Fee Structure: 10% + $5 verification fee
- β’ $500 Loan Cost: $555 (7-31 days)
- β’ APR: 304% (31 days) to 574% (7 days)
- β’ Regulations: 24-hour cooling-off period after repayment
California Payday Loans
- β’ Allowed Loan Amount: $300 maximum
- β’ Typical Fee Structure: 15% maximum ($45 max fee)
- β’ $500 Loan Cost: Not available - max $300
- β’ Alternative: Request $300 payday loan ($345 total) or installment loan
- β’ Regulations: Strict caps on loan amount and fees
Ohio Payday Loans
- β’ Allowed Loan Amount: $1,000 maximum
- β’ Typical Fee Structure: 28% APR + monthly fees (varies)
- β’ $500 Loan Cost: $550-$565 (30 days)
- β’ APR: 28% + fees = ~200-300% effective APR
- β’ Regulations: Reformed payday loan law (Short-Term Loan Act)
Illinois Payday Loans
- β’ Allowed Loan Amount: Lesser of $1,000 or 25% of monthly gross income
- β’ Typical Fee Structure: 15.5% per $100 + $1 verification
- β’ $500 Loan Cost: $578.50 (13-45 days)
- β’ APR: 297-404% depending on term
- β’ Regulations: Income-based limits, database tracking
Important: Some states (Arizona, New York, New Jersey, Connecticut, Massachusetts) ban payday loans entirely. Residents of these states must use alternatives like installment loans or credit union PALs.
$500 Loan: 14-Day vs 30-Day Term Comparison
Some lenders offer both 14-day and 30-day terms. Here's how the costs compare:
| Term Length | Fee | Total Repayment | APR | Cost Per Day |
|---|---|---|---|---|
| 14 days (2 weeks) | $75 | $575 | 391% | $5.36/day |
| 30 days (1 month) | $75 | $575 | 180% | $2.50/day |
π‘ Expert Tip
If your lender offers a 30-day term with the same fee as a 14-day term, always choose the 30-day option. You'll have more time to gather the repayment funds, and the effective APR is lower. However, make sure the fee doesn't increase for longer terms!
$500 Payday Loan vs Cheaper Alternatives
Before paying $50-100 for a $500 payday loan, consider these lower-cost alternatives:
| Option | Amount | Cost for $500 | Repayment | Approval Speed |
|---|---|---|---|---|
| Credit Union PAL | $200-$1,000 | $12 (28% APR max) | 1-6 months | 1-3 days |
| Installment Loan | $500-$5,000 | $30-90 (12-36% APR) | 3-24 months | Same day |
| Credit Card Cash Advance | Credit limit | $15 + ~$10 interest | Flexible (min payment) | Instant (ATM) |
| Payday Loan | $100-$1,500 | $75 | 14-30 days (full amount) | Same day |
| Bank Overdraft (single) | Varies | $35 | Next deposit | Instant |
| Bank Overdraft (multiple) | Varies | $105-$175 | Next deposit | Instant |
Bottom line: If you need $500 and can qualify for an installment loan or credit union PAL, you will save $40-65 compared to a payday loan. However, if you need cash today and don't have credit options, a payday loan costs less than multiple overdraft fees.
5 Ways to Lower Your $500 Payday Loan Cost
1. Compare Lenders Before Applying
As shown in the comparison table above, fees vary from $65 to $100 for the same $500 loan. Spending 10 minutes to compare payday lenders can save you $20-35.
2. Request the Exact Amount You Need
If you only need $450, don't borrow $500. A $450 loan saves you $7.50-10 in fees (15-20% of $50). Only borrow the minimum to cover your emergency.
3. Choose the Longest Term Offered (If Same Fee)
If a lender charges $75 for both 14-day and 30-day terms, always choose 30 days. You'll have more time to repay and a lower effective APR, with no additional cost.
4. Repay Early (If Allowed Without Penalty)
Most payday lenders allow early repayment without penalty. If you receive unexpected income before the due date, repaying early means you still pay the same fee but use the borrowed money for fewer days.
5. Check for First-Time Borrower Discounts
Some lenders (like CashNetUSA and Speedy Cash) offer reduced fees for first-time customers. Ask if a discount or promotional rate is available.
Frequently Asked Questions
How much does a $500 payday loan cost for 14 days?
A $500 payday loan for 14 days typically costs $550-$575 total repayment. The fee ranges from $50 to $75 (10-15% of the loan amount) depending on the lender and state regulations. For example, CashNetUSA charges $75 (15%), while Check Into Cash charges $65 (13%) in most states.
What is the APR on a $500 payday loan?
A $500 payday loan for 14 days with a $75 fee has an APR of 391%. While this seems extremely high, remember that APR is calculated annually. You are only borrowing for 2 weeks, so the actual cost is $75, not $1,955 (which would be the cost if you borrowed for a full year).
Which payday lender has the lowest fees for $500?
Among major online lenders, Check Into Cash and Speedy Cash typically offer the lowest fees for $500 payday loans at 10-13% ($50-65 total fee). However, rates vary by state - Florida caps fees at 10% + verification ($55 total), while Texas allows up to 20% ($100).
Can I get a $500 payday loan with no credit check?
Yes, most payday lenders do not check your credit score through Equifax, Experian, or TransUnion. Instead, they verify your income through bank account analysis and check databases like Clarity Services or Teletrack to ensure you do not have outstanding payday loans or recent defaults.
How fast can I get a $500 payday loan?
Online payday lenders like CashNetUSA, Check Into Cash, and ACE Cash Express offer same-day funding for $500 loans. If you apply before 2 PM on a weekday, expect funds in your account within 1-2 hours. Weekend applications are funded on the next business day.
What happens if I cannot repay my $500 payday loan on time?
If you cannot repay on time, contact your lender immediately. Options include: (1) Extension or rollover (adds $50-75 in fees), (2) Payment plan (spread over 2-4 paychecks), or (3) Refinance into an installment loan. Missing the payment will result in NSF fees ($25-35), daily late charges ($15-20), and potential collections.
Is a $500 payday loan better than an overdraft?
It depends. A $500 payday loan costs $50-75 for 14 days. Bank overdraft fees are $35 per transaction, so if you have multiple transactions (groceries, gas, bills), you could pay $105-175 in overdraft fees. In this case, a payday loan is cheaper. However, if it is a single overdraft, the payday loan costs more.
Are there cheaper alternatives to a $500 payday loan?
Yes. Consider: (1) Installment loans (6-36% APR, monthly payments), (2) Cash advance apps like Earnin or Dave ($0-8 fees), (3) Credit union PALs (28% APR max), (4) Credit card cash advance (25-30% APR), or (5) Payment plan with the creditor (often $0 fees). These options typically cost less than payday loans.
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Cost Disclosure & Disclaimer
The fees and APRs shown in this article are representative examples based on typical lender pricing as of January 2026. Actual costs may vary based on your state, lender, and loan term. Always review the loan agreement before signing to confirm the exact fee and total repayment amount.
Payday loans are high-cost, short-term credit products intended for emergency use only. Borrowing $500 should only be done if you can afford to repay the full amount plus fees on your next payday. Failure to repay can result in additional fees, collection activities, and negative credit impacts.
This article is for informational purposes only and does not constitute financial advice. Credizen.net is a loan comparison platform and earns commissions from lenders. We are not a lender and do not make credit decisions. For regulatory information, visit the Consumer Financial Protection Bureau at consumerfinance.gov.