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
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Finance charge (fee) | Amount in your currency |
| Loan term | In days |
| Number of rollovers | A 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 amount | APR (%) |
|---|---|
| 200 | 782.14 |
| 300 | 521.43 |
| 400 | 391.07 |
| 500 | 312.86 |
| 600 | 260.71 |
| 800 | 195.54 |
Formula
APR = fee ÷ amount × 365 ÷ term days × 100Rollover cost = fee × (rollovers + 1)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.
Frequently asked questions
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.