$500 Payday Loan vs BetterFi
Flex Loan
Payday Loan
Max APR
279.5%
460%
28%
Savings Builder Available?
No
No
Yes
3 Bureau Credit Reporting
Usually No
Almost Never
Yes
Cost of borrowing
$54 interest/fees
$75 interest/fees
$6 interest
Paying down the loan
$46 principal
$25 principal
$94 principal
Time until paid off
About 4 months
About 5 months
About 2.5 months
Total paid at end
>$755
>$990
<$517
6 Month Payment
$73 every 2 weeks
$100 every 2 weeks
$41 every 2 weeks
Total paid
$951
$1,307
$539
Yes
Confusing fees?
Yes
No
$58 every 2 weeks
12 Month Payment
$90 every 2 weeks
$22 every 2 weeks
$100 Payment
Example payment:
$100 Payment
$100 Payment
$576
Total paid
$1,503
$2,333
$16 every 2 weeks
18 Month Payment
$55 every 2 weeks
$89 every 2 weeks
$615
Total paid
$2,136
$3,456
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 and biweekly payments.
BetterFi terms typically vary between 6 and 18 months. BetterFi’s maximum effective APR is 28% but rates vary between 10% and 28%.
Terms and conditions apply for any credit extended by BetterFi, and approval is not guaranteed. Nothing contained on this page constitutes a quote.