Compare Your Borrowing Options
Eight common ways to borrow a few hundred to a few thousand dollars, rated side by side on amount, speed, cost and flexibility, plus a simple guide to choosing the right one.
For most borrowers, a payment plan with the biller or a credit union PAL is cheapest, followed by installment loans. Payday and car title loans cost the most. Borrowing $1,000 for six months costs about $107 at 35.99% APR versus about $1,950 with a renewed payday loan.
- Cheapest options
- Biller payment plan, credit union PAL
- Installment loan, 35.99%
- About $107 for 6 months
- Payday loan, renewed
- About $1,950 for 6 months
- Car title loan
- About 300% APR
Side-by-Side Comparison
Sort by what matters most to you. More dots is better.
| Option | Amount | Speed | Cost | Flexibility |
|---|---|---|---|---|
| Installment loan via mobiloansMid-size costs over several months | $200 to $5,000 | As soon as next business day | 5.99% to 35.99% APR | Fixed, 3 to 24 months |
| Bank or online personal loanLarge planned costs, strong credit | $1,000 to $50,000 | 1 to 7 business days | About 7% to 36% APR | Fixed, 1 to 7 years |
| Credit union PALSmall emergencies, members only | $200 to $2,000 | Often 1 to 2 days | 28% APR max | 1 to 12 months |
| Buy now, pay laterSingle purchases at checkout | $50 to a few thousand | Instant at checkout | Often 0% on pay-in-four | 4 payments over 6 weeks |
| Credit card cash advanceCardholders who need cash today | Up to your cash limit | Immediate at an ATM | 3% to 5% fee plus APR from day one | Revolving, minimum payments |
| Cash advance appBridging a few days to payday | $20 to $500 | Same day, fee for instant | Express fees and tips | Taken from next paycheck |
| Payday loanVery small, very short gaps | $100 to $1,000 | Same day | About 400% APR at $15 per $100 | Lump sum in about 2 weeks |
| Car title loanNot recommended | 25% to 50% of car value | Same day | About 300% APR | 15 to 30 days, car at risk |
What $1,000 Costs for Six Months
Cost to borrow $1,000 for six months
Interest and fees only, not the $1,000 you repay
Which Option Fits Your Situation?
Which option fits you?
Start with the cheapest option you qualify for
Not sure? Start with the cheapest option you qualify for, and make sure the payment fits your budget before you borrow.
Each Option Explained
Installment loan through mobiloans
$200 to $5,000 repaid in equal payments over 3 to 24 months at 5.99% to 35.99% APR. Good for one-time costs when you need a few months to repay. Learn more.
Bank or online personal loan
Often the lowest rates for borrowers with good credit, with larger amounts and longer terms. Approval and funding can take longer.
Credit union PAL
Payday alternative loans from federal credit unions run $200 to $2,000 with APRs capped at 28%. You'll need to be a member.
Buy now, pay later
Pay-in-four plans are often interest-free if you pay on time, but they only cover purchases and late fees can apply. Stacking several plans makes budgeting harder.
Credit card cash advance
Instant cash at an ATM, but most cards charge a 3% to 5% fee and interest starts immediately, usually at a higher rate than purchases.
Cash advance apps
Small advances against your next paycheck. Fees and tips can be high relative to the amount. See alternatives.
Payday and title loans
Fast but very expensive. Title loans also put your car at risk. Consider them only after every other option.
Comparison FAQ
What's the cheapest way to borrow a small amount?
A payment plan with the biller is often free. After that, credit union PALs (capped at 28% APR) and lower-rate installment loans usually cost far less than payday loans, title loans or credit card cash advances.
Is an installment loan better than a payday loan?
For most borrowers, yes. Installment loans spread repayment over months and every payment reduces the balance. Payday loans are due in one lump sum, and rollovers add fees without reducing what you owe.
Are cash advance apps a good option?
They can bridge a few days until payday, but express fees and optional tips can add up to a high APR on small advances. Use them occasionally, not as an ongoing fix.
When should I choose a bank personal loan?
If you need more than $5,000, have good credit and can wait a few days for funding, a bank or online personal loan often offers the lowest rates and longest terms.
Sources: CFPB, NCUA. Reviewed by the mobiloans editorial team, October 3, 2026.
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