Need a $300 Cash Advance? Costs, Considerations, and Alternatives
Sometimes $300 stands between you and the essentials — groceries, gas, or keeping your cellphone on. Payday loans promise quick relief, but the true cost of that $300 might leave you worse off. It's important to understand what borrowing $300 really means and if there are other ways to cover it.
This guide breaks down what a $300 payday loan actually costs, shows how it stacks up against other options like credit card advances or credit union loans, and highlights alternatives that won’t leave you stuck in a cycle of debt.
What a $300 payday loan really costs
Payday loans look simple: borrow $300, pay it back on your next payday. But the math makes them one of the most expensive ways to borrow.
In California, state rules cap fees at $45 for a $300 payday loan. That means you borrow $300 today, and in two weeks you owe $345. That doesn’t sound too bad — until you look at the APR, which works out to about 391%.
If you can’t pay the full $345 on time, lenders often let you roll the loan over for another fee. Extending even once could push the total repayment up another $45 to $390 — and the cycle continues if you’re short on your next payday.
Cost of a $300 payday loan
Loan length | Amount due | Effective APR |
14 days | $345 | ~391% |
30 days | $390 |
For many borrowers, what starts as a $300 lifeline becomes a trap.
Comparing payday loans to other ways to cover $300
Payday loans are common, but they’re not the only way people cover small shortfalls. Here’s how payday loans compare to other options.
Payday loans
Typically, a payday loan is a short-term loan due in 2–4 weeks. If you borrow $300, you pay around $345. Online and storefront lenders like Advance America or ACE Cash Express can make it quick. The catch: Fees pile up fast, leading to triple-digit APRs.
Credit card cash advance
Using your credit card at an ATM or bank branch you can withdraw available cash. For $300, most issuers charge a flat ~$10 fee plus an APR around 30%. That means your balance grows immediately with interest and there's no grace period.
Credit union payday alternative loans (PALs)
These are small loans ($200–$1,000) from credit unions like Navy Federal Credit Union. They are usually repayable over 1–6 months. Fees are capped at $20, and rates are far lower than payday loans. However, you must be a member and approval can take time.
Small installment loans
Lenders like Oportun or OppLoans can spread repayment across months on small installment loans. Interest rates are lower than payday loans but higher than PALs, and applications may involve credit checks.
Buy now, pay later (BNPL)
For purchases, services like Klarna or Affirm let you split $300 into four $75 payments —interest-free if paid on time. It works at checkout but doesn’t provide cash in hand. Missed payments can add fees or ding your credit.
Cash advance apps
Apps like Brigit or Albert advance you small amounts ($250–$300) and repayment comes from your next paycheck. The downside is that some charge subscription fees (e.g., Brigit $9.99/month) and amounts vary by eligibility.
Earned wage access (EWA)
Instead of borrowing, Earned Wage Access (EWA) lets you tap wages you’ve already earned. For example, with EarnIn's Cash Out1 feature, you can get up to $150/day, with a max of $1,000 between paydays, with no interest or mandatory fees — just optional tips.2 It's not a loan; it's simply a way to get your money when you need it, rather than waiting for the traditional payroll cycle.
Need funds faster? EarnIn’s Lightning Speed3 lets you get money in your bank account within minutes starting at $3.99 per transfer, even on weekends and holidays. But note, the amount you get may not be $300 in one lump sum. Your access depends on your daily and pay-period limits. But unlike payday loans, there’s no interest dragging you deeper into debt.
What’s the real cost of your $300 cash advance?
Looking at the numbers side by side in the below summary helps makes the differences clearer:
Option | Amount due on $300 | Notes |
Payday loan | $345 in 14 days | ~391% APR, rollover risk |
Credit card cash advance | ~$315–$320+ | Flat fee + ~30% APR |
Credit union payday alternative loan (PAL) | ~$320 over 1–3 months | Max $20 fee, low APR |
Small installment loan | ~$320–$360 | Spread over months |
Buy now pay later (BNPL) | 4 × $75 | No interest if paid on time |
Cash advance apps | $250–$300 | May charge monthly fees |
EarnIn Cash Out1 | Get up to $150/day, with a max of $1,000 per pay period. | No interest or mandatory fees |
The same $300 can cost anywhere from $0 to $45+ depending on which path you choose.
Make smarter choices, choose financial freedom
Borrowing $300 may seem simple, but the cost depends on where you turn. Payday loans can become $345 in just two weeks, while PALs or installment loans give more breathing room. BNPL can help if it’s a purchase, but not if you need cash for bills.
If you’re looking for a way to bridge the gap without debt spiraling, consider options that work with your budget instead of against it. With EarnIn’s Cash Out,1 you get up to $150/day, with a max of $1,000 per pay period from wages you’ve already earned — with no interest or mandatory fees.
EarnIn was built to help you move your money the way you need, so you can build the life you want. In fact, about 50% of EarnIn customers can now afford a $400 emergency when they couldn’t before.4
FAQs
How much does a $300 payday loan cost?
Usually about $345 in two weeks, which equals an APR of about 391%. Here’s a breakdown of the costs.
Can you borrow $300 with bad credit?
Yes, payday lenders often don’t check credit — but the costs are high. Safer alternatives like earned wage access (EWA) from EarnIn may help.
What’s the cheapest way to cover $300?
Credit union PALs or EarnIn’s Cash Out1 are typically lower cost than payday loans. See our cash advance alternatives guide.
Does EarnIn give $300 loans?
Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.
This Blog was sponsored by EarnIn. While the author received compensation, the information shared is grounded in independent research and intended to provide helpful and accurate guidance to readers.
EarnIn is a financial technology company, not a bank. Banking services are provided by our bank partners on certain products other than Cash Out.
1
EarnIn determines your daily and pay period limits (“Daily Max” and “Pay Period Max”) based on your income and financial risk factors as outlined in the Cash Out User Agreement. EarnIn reserves the right to adjust the Daily Max and Pay Period Max at its discretion. Your actual Daily Max will be displayed in your EarnIn account before each Cash Out. For additional information about your Daily Max and Pay Period Max, please refer to our FAQ. Service may not be available in all states. EarnIn does not charge interest on Cash Outs or mandatory fees for standard transfers, which usually take 1–2 business days. For faster transfers, you can choose the Lightning Speed option and pay a fee to receive funds within 30 minutes. Lightning Speed may not be available at all times and/or to all customers. See the Fee Table for details. Tips are optional and do not affect the quality or availability of services.
2
Tips are optional and do not affect the quality or availability of services. Tips go to EarnIn and help us provide tools such as Credit Monitoring for free and keep Lightning Speed fees low. Your service quality and availability aren’t affected by whether you tip or not.3
Lightning Speed is an optional service that allows you to expedite the transfer of funds for a fee. Depending on the product, the fee may be charged by EarnIn or its banking partner. Lightning Speed may not be available to all customers. Actual transfer speeds depend on your bank. See the Lightning Speed Fee Table for details.4
Based on EarnIn Survey of 1,654 EarnIn Community Members (10/12/2023 - 11/15/2023)
