Quick answer
Loan costs vary widely by product type and state law. Payday and title loans carry APRs of 200% to 700% or more, while installment and consolidation loans for good credit can run 6% to 36% APR. Every licensed lender must disclose your exact APR, fees, and payment schedule in writing before you sign. (800) 236-7761 or check offers free to see what is available in your state.
APR comparison across loan types
The table below shows typical ranges across lenders in our network. Your actual APR depends on your credit profile, income, state law, and the lender's underwriting. Short-term loans are high-cost credit and are not a long-term financial solution.
| Loan type | Typical amount | Typical term | Typical APR | Origination fee | Prepayment penalty | Funding speed |
|---|---|---|---|---|---|---|
| Payday loans | $100 to $500 | 14 to 31 days | 200% to 700% High cost | Not typical | Not applicable | Same or next day |
| Cash advance | $100 to $1,000 | 14 to 31 days | 200% to 700% High cost | Not typical | Not applicable | Same or next day |
| Installment loans | $1,000 to $25,000 | 6 to 60 months | 6% to 36% | 0% to 8% | Usually none | 1 to 3 business days |
| Bad credit loans | $500 to $10,000 | 3 to 36 months | 25% to 36%+ Higher | 0% to 8% | Usually none | 1 to 3 business days |
| Debt consolidation | $5,000 to $50,000 | 24 to 84 months | 7% to 36% | 0% to 8% | None from reputable lenders | 1 to 7 business days |
| Refinance (auto) | Current loan balance | 24 to 84 months | 5% to 20% | Varies | Check terms | 7 to 14 days |
| Title loans | 25% to 50% of vehicle value | 15 to 30 days | Often ~300% High cost | Not typical | Not applicable | Same day |
Common fee types explained
- Origination fee
- A one-time charge the lender deducts from the loan amount before you receive it, typically 0% to 8% of the principal for installment loans. Short-term products rarely charge origination fees.
- Prepayment penalty
- A fee for paying off a loan early. Reputable lenders generally do not charge prepayment penalties on personal loans; check your loan agreement to be certain.
- Late payment fee
- A charge when a payment is not received by the due date. Each lender sets its own policy; state law may cap the amount.
- Returned payment fee
- A fee if the payment method (e.g., a check or ACH) is returned unpaid. Typically a flat dollar amount.
- Loan renewal fee
- Charged when a short-term loan is extended rather than repaid. Renewals add cost and are regulated by state law.
Sources vary by lender and product. Federal Truth in Lending Act (Regulation Z) governs disclosure of finance charges and APRs. Consult your loan agreement for exact terms.
Representative APR example (TILA disclosure)
Representative example. A $5,000 personal loan repaid over 36 months at 15.99% APR has 36 monthly payments of $175.76 and a total repayment of $6,327.36. Personal loan APRs in our network run from about 5.99% to 35.99%. Short-term loans (payday, cash advance, title) are a different product with far higher costs and are not available in every state. Each lender will disclose your exact APR, fees, and payment schedule in writing as required by the Truth in Lending Act before you sign.
Note: This example is for illustration. Your actual APR, monthly payment, and total cost depend on the amount you borrow, the term, the lender's underwriting decision, and applicable state law.
State APR caps at a glance
Many states cap the APR on certain loan types, especially short-term products. Here is a general overview:
| Category | Common cap or range | Notes |
|---|---|---|
| Payday / cash advance | Varies by state; 36% APR cap in ~18 states, up to 700% APR in others | About a third of states cap at or near 36% APR; the rest allow higher fees. Check your state page. |
| Installment / personal loans | 6% to 36% APR typical; state usury limits apply | Most states have general usury limits that apply to licensed lenders; some have special small-loan rate schedules. |
| Title loans | No federal cap; state limits vary widely | Some states ban title lending; others allow monthly rates around 25% or more. |
| Military borrowers | 36% MAPR cap (Military Lending Act) | Applies to active-duty servicemembers and their dependents for most consumer loans. |
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Questions about loan rates and fees
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR is the interest rate plus the lender's fees, expressed as a yearly rate. Because APR includes fees, it is the more complete measure of cost. Always compare APRs when shopping for a loan.
Why are payday loan APRs so high?
Payday loans are designed to be repaid in a short period, usually two to four weeks. The fees are fixed dollar amounts per $100 borrowed, and when those fees are annualized over a short term, the APR is very high. The CFPB gives the example of a $15 fee on a $100 two-week loan, which works out to nearly 400% APR.
Can I negotiate the APR with a lender?
In some cases, yes, especially if you have good credit, a strong income, or existing relationship with the lender. For online lenders and short-term products, the rate is usually set by their underwriting model. Shopping multiple lenders is the most reliable way to find a lower APR.
What fees can I expect on an installment loan?
Common fees include an origination fee (0% to 8% of the loan amount), late payment fees (state-capped), and returned payment fees. Reputable lenders do not charge prepayment penalties. All fees must be disclosed in your loan agreement before you sign.