Payday loan calculator
Payday loan calculator: the fee, the APR and renewals
Enter the amount and the fee per $100 to see what you'll repay, the APR, and what renewing the loan adds before it's paid off.
The loan
$15 is typical. State limits range from $10 to $30.
Shows your state's rules, where we've checked them.
Fees you pay
$60.00
over 14 days, and you still owe $400
APR
391%
the fee as a yearly rate
| Fee each time the loan comes due | $60.00 |
|---|---|
| Renewals | None |
| Final payment | $460.00 |
| Total paid | $460.00 |
The same amount from a credit union
A payday alternative loan at 28% APR with the $20 top application fee, repaid over 1 month, costs about $29.33.
See if a PAL fitsAlready renewing a payday loan? Ask the lender whether it offers an extended payment plan, and see every way out of the debt.
Start a Debt CheckHow this works
- The fee is the amount borrowed divided by 100, times the fee per $100.
- Each renewal (rollover) charges the fee again and keeps the full amount owed for another term.
- The APR is the total fees divided by the amount borrowed, scaled from the days the loan runs to a 365-day year.
- The starting fee is $15 per $100 for two weeks, which the CFPB says comes to almost 400% APR. State fee limits range from $10 to $30 per $100.
- The credit union comparison prices the same amount as a payday alternative loan at 28% APR with a $20 application fee.
- Pick a state to see its rules where we've confirmed them against the state's own sources.
Sources
- CFPB: what is a payday loan?
- CFPB: why a payday loan's APR is higher than its interest rate
- MyCreditUnion.gov: payday alternative loans
- FTC: what to know about payday and car title loans
Awaiting expert reviewEstimates only; not financial, tax or legal advice.
Common questions
How much does a $500 payday loan cost?
At $15 per $100, the fee is $75 for two weeks, so you repay $575. Each renewal charges another $75 while you still owe the $500.
Why is the APR on a payday loan so high?
Because a fee on a two-week loan repeats about 26 times in a year. The CFPB says a $15 per $100 fee on a two-week loan comes to almost 400% APR.
What happens if I renew a payday loan?
You pay the fee again and still owe the full amount, so the fees can pass what you borrowed. The calculator shows the total after each renewal.
Are payday loans legal in my state?
It depends on the state. Some allow them with limits on the amount, fee and term; others don't allow them. Payday loan laws by state shows each state's rules.
What can I use instead of a payday loan?
Ask the company you owe for more time, a paycheck advance through your employer, or a credit union payday alternative loan. The need-money-now tool prices each option for your amount and timing.
Does DebtCheckUSA get paid for what this tool shows?
The costs are the same no matter what. Some short-on-cash tools can show loan offers from a paid partner, labeled Paid partner and placed below the cheaper options. Nothing you type is sent to them.
Is the information I enter saved or sent anywhere?
No. What you type stays on this page. It isn't saved or sent anywhere, and it clears when you leave or reload the page.