💵 Payday Loan Calculator
Payday loans charge a flat fee instead of a stated interest rate. This calculator converts that fee into an effective APR so you can see the real cost.
How payday loan costs work
Payday loans typically charge a flat fee (for example, $15) for every $100 you borrow, rather than a traditional interest rate. Because the loan term is so short, that flat fee translates into a very high annualized percentage rate (APR) when measured the same way other loans are measured.
How this calculator works
The calculator multiplies your fee rate by the amount borrowed to get the finance charge, adds that to your loan amount for the total repayment, and then annualizes the fee over the loan’s short term to estimate the effective APR: (finance charge / amount borrowed) x (365 / loan term in days) x 100.
This tool is for general educational purposes to help you compare the cost of short-term borrowing. Actual fees, terms, and legality of payday loans vary by state and lender.