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| Instalment loan | Line of credit | Payday loan | |
|---|---|---|---|
| Rate range | 9.99 - 34.99% APR | 19.8 - 34.99% APR | $14 per $100 |
| Interest charged on | The full amount from day one | Only what you draw | Flat fee per $100 borrowed |
| Repayment | Fixed instalments, set end date | Revolving, minimum payment | Due in full on your next payday |
| Re-borrow without reapplying | No | Yes | No, and rollovers are banned in most provinces |
| Best when | You know the amount and want a payoff date | Costs arrive over time and you cannot size them yet | A small shortfall you can clear from your next cheque |
| Watch out for | Interest on funds you may not need | No end date means a balance can persist for years | The highest cost per dollar of any form on this site |
| Term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $521 | $2,509 |
| 3 years | $384 | $3,840 |
| 5 years | $279 | $6,739 |
A fixed amount repaid in equal scheduled payments over a set term, with a known payoff date from day one. It is the middle ground between a payday loan, which is due in full on your next cheque, and a line of credit, which revolves with no end date.
On a $500 need, a payday loan costs $70 in fees and takes the whole amount back on your next payday. An instalment loan at 30% APR over six months costs roughly $45 in interest with payments spread across those months. The instalment loan is cheaper and gentler on cash flow; the payday loan is faster to qualify for.
Yes, and with lenders in our network there is no prepayment penalty. Repaying early on an interest-bearing loan reduces the interest you pay, unlike a payday loan where the fee is fixed regardless of when you repay.
