Payday Loan Cost Calculator
Payday Loan True Cost
Calculate the true cost and effective APR of a payday loan
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Formula
Fee = Amount x (Fee per $100 / 100). Effective APR = (Total Fees / Amount) x (365 / Total Days) x 100.
Frequently Asked Questions
What is the typical APR of a payday loan?
Payday loans typically have effective APRs of 300-700% or higher. A common fee of $15 per $100 borrowed for a 14-day term equals an APR of approximately 391%. Rollovers increase this significantly.
What is a payday loan rollover?
A rollover occurs when you can't repay your payday loan on time and extend it by paying another fee. Each rollover adds a new fee equal to the original, making the loan increasingly expensive.
What are alternatives to payday loans?
Alternatives include personal loans, credit union payday alternative loans (PALs), payment plans with creditors, paycheck advances from employers, community assistance programs, and credit card cash advances.
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