Cash advance app cost calculator
Cash advance apps: what an advance really costs
Cash advance apps can charge a fee to get money right away, ask for a tip or charge a membership. Add them up to see what an advance costs in dollars, as a yearly rate and over a year.
The advance
The CFPB found an average of $3.18 when workers paid a fee.
Cost of this advance
$3.18
$76 a year at 2 a month
APR-equivalent
83%
what the cost would be as a loan rate
| Express fee | $3.18 |
|---|---|
| Tip | $0.00 |
| Membership share for this advance | $0.00 |
| Cost per advance | $3.18 |
| Cost per year | $76 |
Many of these advances aren't legally loans, so no official APR is disclosed. For comparison, the CFPB put a typical employer-partnered advance at an illustrative 109.5% APR.
Taking advances every pay period? Compare every option for the amount you keep coming up short.
Compare optionsA small installment loan may cost less if you need the money for longer. Pick your state to see offers that serve it.
How this works
- The cost of one advance is the express fee plus any tip, plus the month's membership divided by the advances you take that month.
- The APR-equivalent divides that cost by the advance and scales it from the days until it's repaid to a 365-day year.
- The starting fee is the average the CFPB found when workers paid one: about $3.18.
- Advances don't always come with an APR disclosure, so this is an estimate. For comparison, the CFPB put a typical employer-partnered advance at an illustrative 109.5% APR.
- The yearly cost is the fees and tips for a month's advances plus the membership, times 12.
Sources
- CFPB data spotlight: developments in the paycheck advance market
- Regulation Z §1026.22: annual percentage rate (CFPB)
Awaiting expert reviewEstimates only; not financial, tax or legal advice.
Common questions
How much do cash advance apps really cost?
It depends on the fees you pay. When workers paid a fee for an earned wage advance, the CFPB found it averaged about $3.18. On a small advance repaid in two weeks, even a few dollars is a high yearly rate.
Is a cash advance app cheaper than a payday loan?
Often, for one advance: a payday loan typically charges $15 per $100 for two weeks. But express fees, tips and memberships add up when you take an advance every pay period, so compare the yearly cost.
What does APR-equivalent mean?
What the advance's costs would be as a loan's yearly rate. It lets you compare an app with a credit union loan or a credit card.
Does DebtCheckUSA get paid for what this tool shows?
The costs are the same no matter what. Some short-on-cash tools can show loan offers from a paid partner, labeled Paid partner and placed below the cheaper options. Nothing you type is sent to them.
Is the information I enter saved or sent anywhere?
No. What you type stays on this page. It isn't saved or sent anywhere, and it clears when you leave or reload the page.