A $300 payday advance is the standard unit of the market, and its price is set by state law before any lender weighs in: the fee on $300 runs from $30 to $88 depending on where you stand, which annualizes to somewhere between about 130% and 460% APR. Here is the math by fee band, and what the same $300 costs one rung up or down the alternatives ladder.
The Four Fee Bands
| Band | Rule | Fee on $300 | Total due | 14-day APR |
|---|---|---|---|---|
| Low | $10 to $12.75 per $100 | $30.00 to $38.25 | $330.00 to $338.25 | 261% to 332% |
| Mid | $15 per $100 (or 15% of face) | $45.00 | $345.00 | 391% |
| High | $17 to $17.65 per $100 | $51.00 to $52.95 | $351.00 to $352.95 | 444% to 460% |
| Special | Alabama’s 17.5% of amount | $52.50 | $352.50 | 456% |
California deserves its own line because it prices differently from everyone: the state caps the check at $300 and the fee at 15% of face value, so a full-size advance pays $45 for a $255 net disbursement, which is why “$255” is the keyword Californians actually search. The term there can run up to 31 days, which softens the annualized rate to about 460% per 31 days rather than 14.
Reading the APR Without Panicking
A 391% APR on a two-week product translates to “the fee repeats 26 times a year if you roll it every cycle.” That is the honest meaning: the flat fee is what your budget pays once; the APR is what discipline costs when the single cycle stretches. State regimes that ban rollovers exist precisely because the second number, not the first, is what traps people. Our affordability check keeps the borrowing inside one cycle.
The Same $300 Through Other Structures
| Structure | Cost on $300 | When it fits |
|---|---|---|
| App advance | $0 to $15 in tips/subscriptions | Small, payroll-connected, minutes |
| Credit union PAL | ~$12 to $25 over 3 months | You can join a credit union |
| Credit card cash advance | ~$9 to $15 fee + ~30% APR accrual | You already hold the card |
| Installment loan | ~$30 to $100+ over months, by APR | The bill cannot fit one paycheck |
| Payday advance | $30 to $88, one cycle | The state licenses it and slack fits |
| Tribal installment | ~$180 to $360 over months | Only where licensing does not reach |
The table explains the two honest rules of this market. First, structure beats shopping: the same $300 costs five times more in one column than another, whatever the lender. Second, speed is what you are buying at the bottom of the table, and it has a price tag worth seeing before the emergency hits.
Where the Exact Numbers Live
Every covered state has its own row on the rates and fees table: the cap, the fee regime, the permitted term, a worked example for a minimum-size advance, and the statute and regulator behind the row. Numbers on this page are computed from those statutes; when a legislature changes a ceiling, the table changes and this page follows.
The Practical Summary
Borrow $300 in a low-band state and the fee is about the cost of a tank of gas; borrow the same $300 in a high-band state and it approaches two tanks. Neither number is a yearly bill, and both are cheap next to months of tribal-installment accrual and expensive next to a PAL. What turns any of them into a problem is repetition: one cycle priced at these rates is a tool, three cycles is the debt cycle. Borrow once, repay once, and the band you live in barely matters.