Enter your loan amount, loan fees, and repayment term to see the true cost of a payday loan. The Payday Loan Calculator computes your APR, total fees paid, and total repayment amount — so you can see exactly how expensive that short-term loan really is before you sign.
Annual Percentage Rate (APR)
--
Total Fees Paid
--
Total Repayment Amount
--
Cost Per $100 Borrowed
--
Daily Interest Rate
--
A payday loan is a small, short-term, high-interest loan typically due on your next payday — usually within 14 days. They are designed for emergency cash needs and usually don't require a credit check. Because of their very short terms and high fees, they carry an extremely high APR, often averaging 391% or more.
You borrow a small amount (typically $500 or less) and agree to repay the full balance plus fees on your next payday. The lender either takes a post-dated check or authorizes automatic withdrawal from your bank account. If you can't repay on time, many lenders offer rollovers — but these add additional fees and can trap you in a cycle of debt.
Payday loan APR is calculated using the formula: APR = ((Fee / Loan Amount) × 365 / Repayment Term) × 100. For example, a $15 fee on a $100 loan due in 14 days equals an APR of about 391%. This calculator does that math automatically when you enter your loan details.
The APR appears extremely high because it annualizes a very short-term fee. A $15 fee for two weeks sounds small, but when projected over a full year it represents a 391% annual rate. The fees themselves aren't necessarily huge in dollar terms — it's the short repayment window that inflates the APR.
Lenders typically charge a flat fee of $10 to $30 for every $100 borrowed. Other common fees include origination fees, rollover or renewal fees (charged when you extend the loan), NSF (non-sufficient funds) fees if your payment bounces, and prepayment fees in some cases.
Lower-cost alternatives include personal loans from banks or credit unions, credit card cash advances, paycheck advance apps (like Earnin or Dave), borrowing from friends or family, negotiating a payment plan with your creditor, or seeking assistance from a nonprofit credit counselor. These options typically carry much lower APRs.
If you're caught in a cycle of rolling over payday loans, consider contacting a nonprofit credit counseling agency, negotiating an extended payment plan directly with your lender, or exploring a payday alternative loan (PAL) from a federal credit union. Avoiding new payday loans and tackling existing ones aggressively is key.
Yes — simply enter the details of each offer (loan amount, fees, and term) one at a time and compare the resulting APRs and total costs. The APR is the best standardized metric for comparing the true cost of different loan offers regardless of their fee structures or terms.