Short-Term Loans

Cash advance loans — what they really cost.

Cash advance products give you fast money but carry the highest costs in consumer lending. We explain the pricing math, the alternatives, and which lenders are reasonably structured vs. which to avoid.

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Before you borrow

Three things to weigh first.

1

True cost matters more than monthly payment

A small monthly payment over many cycles can quietly cost more than the original loan. Always compute total interest, not just the per-payment number.

2

Check alternatives first

Credit-union small-dollar loans, employer paycheck-advance programs, and negotiating directly with creditors are often cheaper than any short-term loan product.

3

Have a payoff plan

Rollovers and re-borrows are how short-term loans become long-term debt. Borrow only what you can repay on the original due date.

FAQs

Short-term loans — what people ask

How much does a cash advance loan cost?
Typical fee structures range from $15 to $30 per $100 borrowed, for a 2-week term. Expressed as an APR, that's roughly 400% on the low end — even though the dollar fee may feel small.
How fast do funds arrive?
Most online lenders fund within 1 business day if approved before mid-afternoon. Some offer same-day funding for an additional expedite fee — usually not worth paying.
Do cash advance loans require a credit check?
Most use alternative data (bank account history, income verification) rather than a traditional credit report. That means easier approval, but it also means lenders don't compete much on rate.
What if I can't repay on the due date?
Contact the lender immediately. Some offer extended payment plans (required in some states). Others charge rollover fees that quickly multiply your debt. Avoid silently missing a payment — it usually triggers the highest possible fees.
Are credit-union PALs cheaper than cash advance loans?
Yes — by a wide margin. Federal credit unions can offer credit-union small-dollar loans (PAL program) capped at 28% APR with application fees of $20 or less. The catch: you usually need to be a member for at least 1 month before applying.