Payday Loan Calculator

Category: Finance

- April 22, 2025

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Use this calculator to understand the true cost of payday loans and short-term advances. See how fees, interest rates, and rollover payments can impact the total cost you'll pay.

Loan Details

Loan Amount:

Loan Term (Days):

Fee Structure:

Fixed Fee Amount:

Percentage Fee (%):

Number of Rollovers:

Rollover Details

Additional fees for rollovers

Rollover Fee (per extension):

Display Options

Decimal Places:

Show APR calculation

Payday Loan Cost Breakdown

Total Repayment Amount

$0.00

Total amount you'll pay back

Fees & Interest

$0.00

0% of loan amount

Effective APR

0.00%

Annual Percentage Rate

Days to Repay

Including rollovers

Fee Breakdown

Component	Details	Amount

APR Calculation

Loan Comparison

About Payday Loans

What are Payday Loans?

Payday loans are small, short-term loans that are designed to be repaid on your next payday. They typically have high fees and very high annual percentage rates (APRs), often ranging from 300% to 700% or higher.

Risks of Payday Loans

High Cost: The fees and interest on payday loans are significantly higher than most other forms of credit.
Debt Cycle: Many borrowers find themselves taking out new loans to pay off old ones, creating a cycle of debt.
Short Repayment Terms: Loans must typically be repaid within 2-4 weeks, which can be difficult for many borrowers.
Additional Fees: Late payments or rollovers often incur additional fees, increasing the cost further.

Alternatives to Consider

Personal loans from banks or credit unions
Credit card cash advances (still expensive, but typically lower APR than payday loans)
Borrowing from friends or family
Negotiating payment plans with creditors
Seeking assistance from nonprofit credit counseling agencies
Emergency assistance programs

APR Formula:
APR = ((Total Fees ÷ Loan Amount) ÷ Loan Term in Days) × 365 × 100%

What is the Payday Loan Calculator?

The Payday Loan Calculator helps you understand how much a payday loan will cost over time. It provides a clear breakdown of fees, interest, and total repayment based on the loan amount, term, and any rollovers. Whether you're looking for a quick loan estimate or comparing costs, this calculator offers a reliable way to assess your short-term loan expenses.

How to Use the Calculator

Follow these steps to calculate your payday loan cost:

Enter the Loan Amount: Choose how much you plan to borrow.
Set the Loan Term: Input the number of days until you plan to repay the loan.
Select the Fee Structure: Choose from fixed fee, percentage-based, or both.
Enter Any Rollover Details: Include how many times the loan may be extended and any additional fees.
Customize Display: Choose how many decimal places to show and whether to include the APR calculation.
Click "Calculate Loan Cost": View a detailed repayment breakdown and a visual comparison with other loan types.

Why This Calculator Is Useful

This payday loan tool does more than just give you a quick total — it gives you a clear picture of the real cost of borrowing. With features that rival a personal loan estimate or loan amortization details, it serves as a smart way to:

Compare payday loan costs with credit cards or personal loans.
Understand how fees increase with rollovers.
Plan your loan payoff strategy using realistic figures.
Visualize how payday loans stack up against other loan repayment options.

Whether you're considering a quick advance or trying to reduce debt faster, this calculator acts as a debt reduction tool and loan repayment guide in one place.

What the Results Show

Total Repayment Amount: The full amount you’ll owe, including principal and fees.
Fees & Interest: The total cost of borrowing, broken down by type.
Effective APR: The annual percentage rate that reflects how costly the loan is over a year.
Loan Duration: The total number of days you’ll be repaying, including extensions.
Fee Breakdown: A detailed list of each fee involved.

FAQs

What is a payday loan?

A payday loan is a short-term, high-cost loan intended to be paid back on your next payday. These loans usually come with high fees and interest rates.

What are rollovers?

Rollovers happen when you extend the loan term beyond the original due date. While convenient, they often come with extra fees, increasing your total cost.

How is APR different from interest?

APR (Annual Percentage Rate) includes both the interest and all associated fees. It gives you a more complete picture of what the loan actually costs over time.

Can I compare payday loans to other loan types?

Yes. The calculator includes a visual chart that compares payday loans with typical credit card and personal loan costs using common loan payment estimates.

How does this differ from a loan payment calculator?

While a standard loan payment tool helps calculate monthly loan costs and schedules, this calculator focuses on short-term loans and highlights fee impacts, offering a borrower cost analysis with APR clarity.

Need Other Financial Tools?

If you're planning beyond payday loans, you may find these helpful:

Loan Payment Calculator: For monthly loan estimator and loan repayment breakdowns.
Debt Repayment Calculator: Great for creating a payoff timeline and debt payoff strategy.
Personal Loan Calculator: For custom loan projections and personal loan costs.
APY Calculator: Understand annual yield estimates and APY growth for savings.
Discount Calculator: Handy for finding your discount or calculating price reductions.

Understanding the cost of borrowing is the first step to making informed financial decisions. Use this calculator to guide your choices and avoid unexpected surprises.