Borrowing $600: costs and options
Borrowing $600 for two weeks at the typical payday fee of $15 per $100 costs $90, an APR of 391%. What you would actually pay depends on your state and on the kind of loan you choose.
What a $600 payday loan typically costs
- You borrow
- $600.00
- Fee
- $90.00
- You repay in 14 days
- $690.00
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 $600 payday loan: $90 (391% APR).
- 14 states allow a single payday loan of $600; the rest cap loans lower or ban them.
- For this amount an installment loan or a credit union loan is usually cheaper than a payday loan.
On this page
What a $600 loan costs
A payday lender charges a flat fee, most often $15 for every $100. On $600 that is $90, due together with the $600 in about two weeks, for a total of $690. 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 $90 without reducing the $600 you owe.
Where you can get a $600 payday loan
State law decides whether a lender may offer $600 in a single payday loan. Right now 14 states allow it: Delaware, Idaho, Maine, Michigan, Nevada, Ohio, Oklahoma, Oregon, 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 $600
- 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 $600
- 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 $690 on the due date after rent and bills?
- If not, look at payday loan alternatives first.
$600 for 14 days: the cost by state
The most a licensed payday lender may charge on a $600 single-payment loan, in states where the law sets a limit.
| State | Fee | You repay | APR |
|---|---|---|---|
| Arizona | $8.28 | $608.28 | 36% |
| Colorado | $8.28 | $608.28 | 36% |
| Hawaii | $8.28 | $608.28 | 36% |
| Illinois | $8.28 | $608.28 | 36% |
| Michigan | $76.00 | $676.00 | 330% |
| Minnesota | $11.51 | $611.51 | 50% |
| Montana | $8.28 | $608.28 | 36% |
| Nebraska | $8.28 | $608.28 | 36% |
| New Hampshire | $8.28 | $608.28 | 36% |
| New Mexico | $8.28 | $608.28 | 36% |
| South Dakota | $8.28 | $608.28 | 36% |
| Washington | $85.00 | $685.00 | 369% |
Common questions
How much does it cost to borrow $600?
At $15 per $100, a $600 payday loan costs $90 for two weeks, so you repay $690. A credit union loan at 28% APR would cost about $6.44 for the same two weeks.
Can I borrow $600 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 $600?
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 $600 payday loan legal in my state?
It depends on where you live. 14 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
- $100 loanA $100 payday loan typically costs about $15 for two weeks (391% APR). See the price by state and cheaper ways to borrow $100.
- $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.
- $1,000 loanA $1,000 payday loan typically costs about $150 for two weeks (391% APR). See the price by state and cheaper ways to borrow $1,000.
- $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.
- $1,500 loanA $1,500 payday loan typically costs about $225 for two weeks (391% APR). See the price by state and cheaper ways to borrow $1,500.
- $400 loanA $400 payday loan typically costs about $60 for two weeks (391% APR). See the price by state and cheaper ways to borrow $400.