A $300 loan feels too small to shop around for — which is exactly why lenders profit most on it. The percentage gap between products peaks at small amounts.
Quick answer: A $300 payday loan in Louisiana can cost roughly $50–$60 in fees for two weeks. The same $300 through a credit-union PAL costs a few dollars, and an earned-wage advance may be nearly free. Small loans show the biggest percentage differences.
The $300 price menu
- Payday loan: up to ~16.75% of the check plus documentation — roughly $50–$60 for two weeks.
- Credit-union PAL: at a 28% interest cap, about $3–$7 for the same period.
- Earned-wage app: often a flat few dollars or optional tip.
- Credit-card advance: fee plus interest — typically $10–$20 if repaid fast.
Why the flat fees bite hardest here
Documentation and origination fees don’t shrink with the loan. On $300 they’re a large percentage; on $3,000 they’d vanish into the APR. Small borrowers pay the steepest effective rates.
The move
For $300, exhaust the near-free options first: earned wages, a PAL, even a landlord or provider payment plan. Save payday pricing for when nothing else exists.
Frequently asked questions
Roughly $50–$60 in fees for a typical two-week term at the legal maximum.
An earned-wage advance or a credit-union PAL, by a wide margin.
Yes — PALs and app advances don’t hinge on credit scores.
Educational content, not financial advice. Always verify a lender is licensed by the Louisiana Office of Financial Institutions (OFI) before borrowing.