A payday loan fee is easiest to understand when it is translated into four numbers: the finance charge, annual percentage rate, total amount due, and due date. 500FastCash states that the finance charge and contractual terms are provided in the Loan Agreement. The public calculator is educational and lets a visitor model a fee per $100, but those inputs are not a quote and should not be described as the current 500FastCash rate.
The signed agreement is the price source of truth
Before signing, identify the amount financed, finance charge, APR, total of payments, payment date, and any other fee disclosed in the offer. Do not infer the actual rate from an example on an educational page or from another lender. State laws and product structures can create large differences even for the same amount.
Fee-to-cost calculator
The existing calculator can model an illustrative amount, fee per $100, and short repayment period. The result should update immediately and show finance charge, total due, estimated due date, and annualized APR. A prominent label must state that the result is educational and not an offer.
| Illustrative input | Example |
|---|---|
| Amount | $500 |
| Fee per $100 | $15 |
| Repayment period | 14 days |
| Finance charge | $75 |
| Total due | $575 |
| Annualized APR | about 391.1% |
Why APR looks much larger than the flat fee
APR annualizes the cost over a year so short- and long-term products can be compared on a common basis. A $15 fee per $100 repaid after 14 days is a 15% charge for that short period, but annualizing the same cost produces an APR around 391%. That does not mean the borrower pays 391% of principal during 14 days; it is the standardized yearly rate used for comparison.
State rules can change amount, fee and term
State rules and product terms can differ, so a single national-looking flat rate can be misleading. For 500FastCash, rely on the actual finance charge, APR, amount financed, payment date and total due presented in the offer and agreement.
Other costs belong next to the headline rate
Compare the total due with the next income cycle
Frequently asked questions
Is the fee per $100 the same as APR?
No. The fee is a dollar cost tied to the amount borrowed; APR annualizes the cost based on the repayment period.
Is the $15-per-$100 example an actual 500FastCash rate?
No. It is an educational example used by the calculator. The offer and Loan Agreement provide the actual finance charge and APR.
Can two borrowers receive different terms?
Product availability and terms can depend on applicable rules and application information. Any current offer should be reviewed on its own disclosure.
A complete price example needs a repayment date
Two examples with the same fee per $100 can have different APRs when the repayment periods differ. A useful cost comparison does not stop at “$15 per $100.” Compare the amount financed, finance charge, number of days, scheduled payment date, total due, and APR together. The user can then compare the short-term obligation with another credit product on both dollar cost and timing.
Extensions change the economics of the original decision
The 500FastCash FAQ describes an Extended Repayment Plan that can add finance charges and requires a new agreement. Extension costs belong in the Extended Repayment Plan explanation rather than the initial-loan calculator. Initial-offer cost and later repayment assistance are separate decisions.
State pricing should come from one controlled dataset
The numbers should reconcile to the Truth in Lending disclosure
When actual terms are loaded, the public cost card and the agreement should reconcile line by line. Amount financed, finance charge, APR, total of payments, and scheduled payment date should match the disclosure for the same scenario. If the site shows a fee table, the calculator result must use the same data source so the user never sees one cost in the article and another in the application.
Use a visible “last reviewed” date tied to the product-data version, not a cosmetic content-refresh date. A material pricing change should trigger review of this page, amount presets, state pages, calculator examples, and FAQ cost language together.
Do not sign until every number reconciles
The amount financed plus the finance charge and any disclosed contractual fees should reconcile to the total of payments. If a number in the offer is unclear, stop and ask customer service before signing.
Sources and references
Primary or official sources used for factual context on this page: