Borrowing $400: costs and options
Borrowing $400 for two weeks at the typical payday fee of $15 per $100 costs $60, an APR of 391%. What you would actually pay depends on your state and on the kind of loan you choose.
What a $400 payday loan typically costs
- You borrow
- $400.00
- Fee
- $60.00
- You repay in 14 days
- $460.00
Based on typical fee of $15 per $100 borrowed, repaid in one payment. Your lender's price may differ.
The short version
- Typical two-week cost of a $400 payday loan: $60 (391% APR).
- 27 states allow a single payday loan of $400; the rest cap loans lower or ban them.
- A cash advance app or a credit union loan is usually cheaper for this amount.
On this page
What a $400 loan costs
A payday lender charges a flat fee, most often $15 for every $100. On $400 that is $60, due together with the $400 in about two weeks, for a total of $460. Spread over a year, that price equals an APR of 391%.
The fee is the whole price only if you repay on time. Each rollover or renewal adds another $60 without reducing the $400 you owe.
Where you can get a $400 payday loan
State law decides whether a lender may offer $400 in a single payday loan. Right now 27 states allow it: Alabama, Alaska, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Mississippi, Missouri, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming. The table further down shows the legal maximum fee in each state that sets one, and every state has its own page with the full rules.
Ways to borrow $400
- Cash advance apps: advances are usually $20 to $500, with optional tips or express fees instead of interest.
- Credit union payday alternative loan: $200 to $2,000, up to 12 months, capped at 28% APR.
- Payday loan: one payment in two to four weeks, where your state allows this amount.
- Installment loan: fixed payments over several months; cost varies widely by lender and state.
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 $400
- Ask for the finance charge and the APR in writing.
- Check that the lender is licensed in your state.
- Plan the repayment: will you have $460 on the due date after rent and bills?
- If not, look at payday loan alternatives first.
$400 for 14 days: the cost by state
The most a licensed payday lender may charge on a $400 single-payment loan, in states where the law sets a limit.
| State | Fee | You repay | APR |
|---|---|---|---|
| Alabama | $70.00 | $470.00 | 456% |
| Arizona | $5.52 | $405.52 | 36% |
| Colorado | $5.52 | $405.52 | 36% |
| Florida | $45.00 | $445.00 | 293% |
| Hawaii | $5.52 | $405.52 | 36% |
| Illinois | $5.52 | $405.52 | 36% |
| Indiana | $57.00 | $457.00 | 372% |
| Kansas | $60.00 | $460.00 | 391% |
| Michigan | $54.00 | $454.00 | 352% |
| Minnesota | $7.67 | $407.67 | 50% |
| Montana | $5.52 | $405.52 | 36% |
| Nebraska | $5.52 | $405.52 | 36% |
| New Hampshire | $5.52 | $405.52 | 36% |
| New Mexico | $5.52 | $405.52 | 36% |
| North Dakota | $80.00 | $480.00 | 521% |
| Rhode Island | $40.00 | $440.00 | 261% |
| South Carolina | $60.00 | $460.00 | 391% |
| South Dakota | $5.52 | $405.52 | 36% |
| Washington | $60.00 | $460.00 | 391% |
Common questions
How much does it cost to borrow $400?
At $15 per $100, a $400 payday loan costs $60 for two weeks, so you repay $460. A credit union loan at 28% APR would cost about $4.30 for the same two weeks.
Can I borrow $400 with bad credit?
Often yes. Payday and installment lenders look mainly at income and an active bank account. Expect a higher price, and expect the lender to verify your details; approval is never certain.
How fast can I get $400?
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 a $400 payday loan legal in my state?
It depends on where you live. 27 states allow a single payday loan of this size. Check your state’s page for the limit.
Does Northlight lend money?
No. Northlight explains loan costs and state rules. We are not a lender and we do not make credit decisions.
Check the rules where you live
Whether you can borrow, how much, and what a lender may charge all depend on your state.
Sources
Keep reading
- $500 loanA $500 payday loan typically costs about $75 for two weeks (391% APR). See the price by state and cheaper ways to borrow $500.
- $3,000 loanA $3,000 payday loan typically costs about $450 for two weeks (391% APR). See the price by state and cheaper ways to borrow $3,000.
- $5,000 loanA $5,000 payday loan typically costs about $750 for two weeks (391% APR). See the price by state and cheaper ways to borrow $5,000.
- $300 loanA $300 payday loan typically costs about $45 for two weeks (391% APR). See the price by state and cheaper ways to borrow $300.
- $600 loanA $600 payday loan typically costs about $90 for two weeks (391% APR). See the price by state and cheaper ways to borrow $600.
- $255 loanA $255 payday loan typically costs about $38.25 for two weeks (391% APR). See the price by state and cheaper ways to borrow $255.