# Payday Loan Calculator

URL: https://speedycalculator.com/calculators/finance/payday-loan/
Last updated: 2026-10-25

> The payday loan calculator works out the true APR of a payday loan from the amount borrowed, the finance charge (fee) and the loan term in days – and the cost of rolling it over.

## Inputs

- Loan amount
- Finance charge (fee)
- Loan term (days)
- Number of rollovers

## Results

- APR
- Total to repay (no rollover)
- Total fees with rollovers
- Days of borrowing
- Fee per $100 borrowed

## Formula

```
APR = fee ÷ amount × 365 ÷ term days × 100
Rollover cost = fee × (rollovers + 1)
```

## Explanation

A typical payday loan charges $15 per $100 for two weeks – an APR of almost 400%. Rolling it over repeats the fee without reducing the debt. Credit union payday alternative loans (PALs) cap APR at 28%.

### How to use the Payday Loan Calculator

- **Loan amount**
- **Finance charge (fee)**
- **Loan term**
- **Number of rollovers**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the loan amount, the fee and the number of days until repayment, and how many times you might roll it over.

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterLoan amountAmount in your currencyFinance charge (fee)Amount in your currencyLoan termIn daysNumber of rolloversA number

### What each result means

- **APR** = [Finance charge (fee)]÷[Loan amount]×365÷[Loan term]×100
- **Total to repay (no rollover)** = [Loan amount] + [Finance charge (fee)]
- **Total fees with rollovers** = [Finance charge (fee)]×([Number of rollovers] + 1)
- **Days of borrowing** = [Loan term]×([Number of rollovers] + 1)
- **Fee per $100 borrowed** = [Finance charge (fee)]÷[Loan amount]×100

### Example values

How the main result changes when **Loan amount** changes and everything else stays at the example values above:

Loan amountAPR (%)200782.14300521.43400391.07500312.86600260.71800195.54

## Worked example

Inputs — Loan amount: $400; Finance charge (fee): $60; Loan term: 14 days; Number of rollovers: 0.

Results — **APR = 391.07 %**; Total to repay (no rollover) = $460.00; Total fees with rollovers = $60.00; Days of borrowing = 14; Fee per $100 borrowed = $15.00.

## FAQ

**How much does a payday loan cost?**
Commonly $10–$30 per $100 borrowed for two weeks, an APR of 260–780%.

**Are payday loans legal?**
They're banned or capped in many states.

**What are the alternatives?**
Credit union PALs, employer pay advances, payment plans and local assistance.

**What formula does the Payday Loan Calculator use?**
APR = fee ÷ amount × 365 ÷ term days × 100.


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)