Payday Loan Cost Calculator
Payday loans carry fees that translate into extremely high annual percentage rates. Enter your loan amount, fee, and term to see the true cost of borrowing.
Effective APR
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Loan Amount ($)—
Total Fee ($)—
Total Repayment ($)—
Effective APR (%)—
About this calculator
Calculate the true cost and effective APR of a payday loan, including fees, so you can see what you're really paying to borrow.
Frequently Asked Questions
Why is the APR so high on payday loans?
Because the fee is charged for a very short period, when annualized it produces a much higher percentage rate than a typical loan, even though the dollar fee seems small.
Is the fee the only cost?
Some lenders add rollover fees or late fees if you can't repay on time, which would increase your total cost beyond what's calculated here.
How can I lower the cost of borrowing?
Consider alternatives like a personal loan, credit union payday alternative loan (PAL), or negotiating a payment plan with the creditor you owe instead.