$500 Payday Loan
vs BetterFi
Flex Loan
Payday Loan
Confusing fees?
Yes
Yes
No
Max APR
279.5%
390%
35.5%
Savings Builder Available?
No
No
Yes
Paying down the loan
$54 interest /fees
Cost of borrowing
$46 principal
$75 interest /fees
$25 principal
$7 interest
$93 principal
Time until paid off
About 3.5 months
About 4.5 months
About 2.5 months
Total paid at end
>$755
>$1,325
<$522
Total paid
$737
$842
$527
Usually No
3 Bureau Credit Reporting
No
Yes
$100 every 2 weeks
Example payment:
$100 every 2 weeks
$100 every 2 weeks
$71 every 2 weeks
12 Month Payment
$88 every 2 weeks
$40 every 2 weeks
$118 every 2 weeks
18 Month Payment
$163 every 2 weeks
$33 every 2 weeks
$120 every 2 weeks
6 Month Payment
$105 every 2 weeks
$76 every 2 weeks
$553
Total paid
$991
$1,225
$679
Total paid
$2,483
$3,431
Ready to pay less and pay off that payday loan?
Actual amounts could vary based on the frequency of and number of days before or between payments. Exact amounts rounded to the nearest dollar.
“Cost of borrowing” and “Paying down the loan” amounts estimated for first biweekly payment. 6, 12, and 18 month repayment amounts for payday loans estimated using 460% APR.
BetterFi terms typically vary between 6 and 18 months. BetterFi’s maximum effective APR is 36% but rates vary between 10% and 36%.
Terms and conditions apply for any credit extended by BetterFi, and approval is not guaranteed. Nothing contained on this page constitutes a quote.