Short-term loans look small in dollar terms but expensive in APR. Model the real cost before you borrow.
Estimates are for illustration only and assume a fixed-rate, fully-amortizing loan. Actual APR, fees, and payments depend on your lender, credit profile, and state. Kreditify is a loan comparison service, not a lender.
We use the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is your monthly rate (APR ÷ 12) and n is the number of monthly payments. A $500 payday / short-term loan at 35% APR over 6 months works out to roughly $92 per month.
APR bundles the interest rate with most lender fees, so it is the fairest number to compare offers with. Payday / Short-Term Loan APRs on Kreditify typically fall between 10% and 36%, driven mainly by your credit profile, income stability, and the term you pick.
Stretching the term lowers the monthly payment but raises the total interest, because you owe the balance for longer. Run the same amount at 1 and 12 months to see both sides of that trade before you commit.
Origination fees deducted at funding, late fees, insurance add-ons, escrow, and taxes are excluded. Treat the result as a planning estimate, then confirm the exact figures on your lender's disclosure before signing.
Next step: compare short-term options — and cheaper alternatives — before you borrow.
Compare Payday Loans$100–$1,500 · soft-pull rate check, no credit score impactLocal APR bands, lender availability, and payment examples for the states where payday / short-term loan demand is highest.