An independent field guide
to small loans.
Before you borrow, know what you're looking at. Borrow Smart identifies loan types like a naturalist's field guide — plain markings, real costs, and the red flags worth knowing, so you can tell a fair offer from a trap.
Hover any dotted term on this site — try finance charge — to see it defined under the lens.
- Specimen
- 14-Day Payday Loan
- Typical amount
- $100 – $500
- APR range
- 300% – 400%+
- Risk marking
- High — rollover risk
- Best fit
- True one-time emergency, repaid on next check
Five specimens worth knowing
Small loans aren't one thing — they're a family of products with very different costs and risk profiles. Here's a field-level look at the ones people ask about most.
Payday Loan
A small advance against your next paycheck. Fast, but the flat fee translates into a very high APR if rolled over.
Installment Loan
Borrow a fixed amount, repay in scheduled chunks. Costs vary widely by lender — the fine print matters.
Title Loan
Uses your vehicle title as collateral. Fast cash, but missed payments can mean losing the car.
Cash Advance App
Small advances against income already earned. Often fee- or tip-based rather than interest-based.
Line of Credit
Draw what you need, pay interest only on the balance. Flexible, but easy to underestimate the running cost.
What would this loan actually cost you?
Move the sliders to see how loan size and repayment term change the finance charge and the effective APR on a typical short-term small loan.
Illustrative only, based on a common flat fee structure ($15 per $100 borrowed). Always confirm the real terms with your lender before signing.
Borrow smart, not just fast
A few habits separate a manageable loan from a costly one.
Read the APR, not just the fee
A "$15 fee" sounds small until you see it as an annualized rate. Always ask for the APR.
Check for rollover terms
Rolling a loan over resets the fee clock. Ask what happens if you can't repay on time — before you sign.
Compare at least two offers
Costs vary more than people expect between lenders for the same loan type.