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Borrowing $100: payments and total cost

A $100 loan repaid over 12 months at 35.99% APR, the highest rate Northlight works with, costs $10.05 a month and $120.60 in total. A shorter term or a lower rate brings the cost down.

Updated by the Northlight editorial team, with 3 cited sources

A $100 loan, priced

$100
Repay over
Monthly payment
$10.05
Total repaid
$120.60
Cost of credit
$20.60

12 monthly payments at 35.99% APR, the highest rate Northlight works with. Your lender sets the rate you are offered.

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Key points

  • At 35.99% APR over 12 months: $10.05 a month and $20.60 in cost of credit.
  • Over 3 months the cost falls to $6.05, with a payment of $35.35.
  • For this amount a cash advance app or a credit union loan is often cheaper.
On this page
  1. What a $100 loan costs
  2. The same $100 at a lower rate
  3. Ways to borrow $100
  4. Before you borrow $100
  5. Common questions

What a $100 loan costs

The table shows a $100 loan at 35.99% APR, the highest rate a loan may carry to meet the Northlight standard. Payments are equal every month.

Term Monthly payment Total repaid Cost of credit
3 months $35.35 $106.05 $6.05
6 months $18.46 $110.76 $10.76
9 months $12.84 $115.56 $15.56
12 months $10.05 $120.60 $20.60

A shorter term means a higher payment and a lower total: $6.05 in cost over 3 months against $20.60 over 12.

The same $100 at a lower rate

Your rate depends on the lender, your state and your credit. Over 12 months:

APR Monthly payment Total repaid Cost of credit
9.99% $8.79 $105.48 $5.48
19.99% $9.26 $111.12 $11.12
28.00% $9.65 $115.80 $15.80
35.99% $10.05 $120.60 $20.60

Ways to borrow $100

  • An advance from your employer: part of the wages you have already earned, usually at no cost.
  • Cash advance apps: advances usually run from $20 to $500, with optional tips or express fees and no interest.
  • Installment loan from a licensed lender: equal monthly payments; within our standard the APR is 35.99% or less.
  • A payment plan with the company you owe: often free, and worth one phone call before any loan.

Compare the total you would repay, not only the speed. Our guide to borrowing money fast ranks the options from cheapest to most expensive.

Before you borrow $100

  1. Ask for the APR and the total of payments in writing.
  2. Check that the lender is licensed in your state.
  3. Make sure the payment fits after rent and bills: at 35.99% that is $10.05 a month for 12 months.
  4. If it does not fit, look at payday loan alternatives before you borrow.

Common questions

How much does it cost to borrow $100?

At 35.99% APR, the highest rate we work with, $100 over 12 months costs $20.60: 12 payments of $10.05. A lower rate or a shorter term costs less.

What is the monthly payment on a $100 loan?

It depends on the term and the rate. At 35.99% APR it is $35.35 over 3 months and $10.05 over 12 months.

Can I borrow $100 with bad credit?

Possibly. Lenders look at your income, your existing debts and your bank account as well as your score. A lower score usually means a higher rate, and no lender can tell you the outcome before reviewing an application.

How fast can I get $100?

Many lenders fund the next business day. Faster funding depends on the lender and on your bank’s cut-off times, so do not count on a specific hour.

Is Northlight a lender?

No. Northlight shows what a loan costs and what the law allows. We do not make loans or credit decisions.

See the payment before you apply

Pick an amount and a term. The calculator shows the monthly payment, the total and the cost of credit at the highest APR we allow.

Open the calculator Rules in my state

Sources

  1. MyCreditUnion.gov: Payday Alternative Loans
  2. CFPB: How can I tell if a payday lender is licensed in my state?
  3. FTC: What To Know About Payday and Car Title Loans