Short answer: Paybridgely is free. Lenders set the APR and fees, and they vary widely. A typical payday-style fee of $15 per $100 for two weeks equals an APR of about 391%.
What APR means
APR (annual percentage rate) is the yearly cost of a loan, including interest and most fees, as a percentage. It lets you compare loans with different lengths and fee structures. Lenders must show the APR before you sign.
Worked examples
| Type of loan | You borrow | Terms in the example | You repay in total | APR |
|---|---|---|---|---|
| Single-payment (payday-style) loan | $300 | $15 fee per $100, due in 14 days | $345 | ≈ 391% |
| Installment loan, higher-cost lender | $1,000 | 12 monthly payments of $171.53 | $2,058.39 | 160% |
| Installment loan, lower-cost lender | $1,000 | 12 monthly payments of $100.46 | $1,205.55 | 36% |
Fees to look for
- Finance charge or fee per $100, common on single-payment loans
- Origination fee, often taken out of the amount you receive
- Late and returned-payment fees, from the lender and sometimes your bank
- Rollover or renewal fees, which can make a short loan last much longer
Watch rollovers. A $300 loan with a $45 fee, renewed four times, adds $180 in renewal fees on top of the first $45, and you still owe the original $300.
Lower-cost alternatives
- Payment plans from your utility company, landlord or medical provider
- Earned-wage or paycheck advances through your employer
- Small-dollar loans from a credit union
- Local emergency assistance programs (call 211 in most of the US)
- Free or low-cost help from a nonprofit credit counselor
Source for fee-to-APR conversion: Consumer Financial Protection Bureau.