How long to pay off a $500 payday loan?
Written and reviewed by the DebtFreedom editorial team under our editorial policy. · Last updated 8 July 2026
Paying $15 a month, a $500 payday loan takes about 2 yrs 10 mo to clear (a fee-based product, modelled at 0% balance). Pay more each month and you clear it sooner and are free of it faster — see the table below.
Balance over time
How the monthly payment changes things
| Monthly payment | Time to clear | Total paid |
|---|---|---|
| $85 | 6 mo | $500 |
| $40 | 1 yr 1 mo | $500 |
| $20 | 2 yrs 1 mo | $500 |
| $15 | 2 yrs 10 mo | $500 |
| $10 | 4 yrs 2 mo | $500 |
| $5 | 8 yrs 4 mo | $500 |
Small amount (payday) loans charge capped fees, not interest, so we model the cost at 0% on the total repayable. Enter the full amount owing, including fees. If a payday loan is hard to repay, free help is a good first step.
Common questions
How long does it take to pay off $500 on a payday loan?
Paying $15 a month, about 2 yrs 10 mo. Paying more clears it faster — the table above shows several payment levels.
Do payday loans charge interest?
Small amount (payday) loans charge capped fees, not interest, so we model the cost at 0% on the total repayable. Enter the full amount owing, including fees. If a payday loan is hard to repay, free help is a good first step.
Other Payday loan amounts
Other debts
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This page provides general information only, based on the figures shown — not financial, legal or credit advice, and it doesn’t take your circumstances into account. Consider your own situation and seek independent advice before making decisions. DebtFreedom is not a lender or a financial counsellor.
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