How much are small loans?

Updated November 7, 2026

How much small loans cost depends on three things: the fee or interest rate, how long you keep the money, and the rules in your state. A short payday style loan often charges a flat fee, and the FTC's example of $15 per $100 over two weeks works out to an APR of 391%. An installment loan spreads a lower rate over months. The only number that settles it is the total you repay, which a lender must show you in the offer.

SaveVine is a loan request service, not a lender. We do not set rates. This guide shows you how to read what a lender offers, so you can compare before you say yes.

What does a small loan cost in dollars?

The FTC says payday lenders usually charge from $10 to $30 for every $100 borrowed. The CFPB says $15 per $100 is common, and that it comes to an APR of almost 400 percent on a two week loan. So you can do the arithmetic yourself for a single payment loan with that common fee.

You borrow	Fee at $15 per $100	You repay in one payment
$100	$15	$115
$300	$45	$345
$500	$75	$575

This is an example of the arithmetic, not a quote. Your lender and state decide the real figure. Larger amounts, like $1,000 to $5,000, are more often repaid in installments, where the cost depends on the APR and the number of payments, so there is no single fee to multiply. Ask for the finance charge and the total of payments, and compare those.

Why is the APR so high on a small loan?

APR expresses the cost of borrowing as a yearly rate. A $15 fee does not sound like much, but paying it for only two weeks is the same as paying it about 26 times a year. That is why a small fee produces a large APR. The FTC calls APR the clearest way to see how expensive a loan is, and suggests using it to compare lenders.

For scale, the CFPB reports that the average APR on retail store credit cards was 27.7% in 2022. Neither figure is the rate you would get from a lender in our network. They are published reference points that show why a short term loan should be a short term choice.

What costs sit outside the rate?

When you read an offer, look for these before you accept:

• Origination or processing fees. They may be taken out of the money you receive, so you get less than you asked for.
• Late and returned payment fees. Your bank may charge its own fee as well if a payment bounces.
• Rollover or renewal charges. Paying only the fee to extend a loan adds cost without lowering what you owe.
• Prepayment terms. Ask if paying early lowers your cost or brings a charge.

How do you work out if you can afford it?

Take the payment amount and the due date from the offer, then lay them against your next pay date and the bills that land that week. A loan that clears the repair but leaves you short on rent just moves the problem. Three checks help:

1. Write down the total of all payments, not just the first one.
2. Check the due date against the day your pay really lands in the account.
3. Ask for the amount you need for the repair and no more. A smaller loan generally means a smaller total.

What should you try before a small loan?

The FTC lists options worth trying first. Ask your creditors for more time, and find out if they charge for it. Try a credit union, since credit unions typically offer lower rates and some federal credit unions offer payday alternative loans. Check with a local bank about smaller loans. A credit counselor can also help you plan, often at low or no cost. If one of those works for you, it is likely to cost less.

If none of them fits the week you are having, you can send a request for $100 to $5,000. It is free to ask and you do not have to accept anything. For a different angle, read what the smallest loan you can get is or how a small loan compares to store financing.

Common questions

Sources, read November 7, 2026: FTC, What to know about payday and car title loans (October 2024); CFPB, costs and fees for a payday loan (reviewed November 25, 2024); CFPB, The high cost of retail credit cards (December 18, 2024).

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