$100 - $1,000 Payday Loans are often avoided because of hight interest and APR. But if you get into details, you find out they are not so expensive as it may seem. Short-term cash advance is due with your next paycheck, which means not later than 31 days usually. Even with the APR of 400% the total cost of the loan borrowed for a month won’t be more than $33. It’s only about $1 a day! Let’s prove this fact and count together. APR, MPR, interest and other financial charges definitions.

Loans for ANY  NEEDS
APR from 4.99%

Contents:

Payday Loans interest rates. 

Payday Loans total cost.

Payday Loan calculator.

Payday Loan additional fees.

Cheap Payday Loans from top direct lenders.

Payday Loans APR, interest rates and fees. 

For $100 Payday loan borrowed you only pay $1 a day even with an APR as high as 400%. Let's see how to calculate it the right way.

Though 12 million Americans regularly take easy, fast and convenient Payday Loans, these loans are still notorious for too high interest and APR. Annual percentage rate or "APR" is a percentage representation of the actual yearly cost of funds over the term of a loan. In the U.S., the calculation and disclosure of APR is governed by the Truth in Lending Act (implemented by the Consumer Financial Protection Bureau1 (CFPB) in Regulation Z of the Act2).

Interesting to know!

The APR is different in every state. It’s usually regulated by state law. The highest interest rate is in Idaho (582%), followed by South Dakota and Wisconsin (both 574%), Nevada (521%), Delaware (517%), and Utah (474%). The lowest APR can be found in Colorado (129%), Oregon (156%) and Maine (217%). Fifteen states either ban payday loans or cap interest rates at 36%.

But let’s not forget that a payday loan is a short-term small dollar cash advance. The APR is calculated as if the money were borrowed for one year. The fact is that such numbers as 350%, 400%, 500% APR sound impressive, but in reality, they’re not so much. Let’s imagine a borrower asks for $100 and promises to return the money tomorrow.

The APR is said to be 385%. Is it that much? I bet you think it is! But it’s only $1. Paying a dollar is no big deal, isn’t it?

For example, the average APR for Payday loans in the US is 400%. What does that mean? If you borrow money for a year, you’ll have to pay 400% extra. As you know, Payday loans are allowed in an amount from $100 to $1000. And the repayment term doesn’t exceed one month. So, you’d probably be better off finding out what the MPR (monthly percentage rate) is. For that, we just divide the APR by 12 months. For example, if the APR is 400%, the MPR will be 33%.

Payday Loan cost. 

PayDay Loan Calculator

?
Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
?
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
?
To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
?
It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
$ Your loan
+ $ Your fee
= $ Total Cost*

* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.

All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

Now we can count the daily cost of $100 cash advance borrowed for 30 days:

400%: 12 months = 33% (MPR)

33%*100%: $100=$33 (you overpay a month for $100 borrowed)

$33:31 days+$1.06 (you pay for the borrowed money per day)

Thus, for a $100 Payday loan, you pay only $1 a day!!! It’s the cost of a pack of crisps or an ice-cream. Is that too much for an easy and convenient solution to your financial problems?! Probably the majority of the Americans would agree, it’s not. They are ready to sacrifice a chocolate a day for having money to pay their medical bill.

Must know!
Make sure you pay off your loan on time. If you fail to, you might ask for a rollover or repayment plan which can cost additional fees. Besides the MPR will be counted on the new greater balance after a month, which includes the original loan as well as the interest you have built up.

How can I calculate the cost of Payday loan?

To find out how much you’ll need to pay off, you have two options:

1. Calculate it yourself. For that you need: the principal amount you are going to borrow, and the APR the lender charges. The total cost of the cash advance is counted by the following formula:

Total cost = Principal + (Principal * (APR: 365 days x number of days): 100%)

For example, if you borrow $100 for 14 days with an average APR of 400%, the total cost will be:

$100 + ($100 * 400%: 365 days * 14 days: 100%) = $115

It means in 14 days you’ll pay back $114 for using a loan of $100, it’s only $14 overpay.

Remember!
Besides the APR, there may be some other additional fees such as an administration fee, origination fee, etc. So remember to compare lenders' charges as well as their APRs and make sure you fully understand all the charges before you commit to borrowing.

2. You can take advantage of Internet technology and use online calculators; fast, convenient and free. They generally require the amount borrowed, the length of the loan and the APR stated by the lender or by your state. Filling out these data, you’ll find out how much you’ll pay in fees, how much you’ll pay in total and sometimes even the amount of a fortnight payment. Or vice versa, if you know the cost of the cash advance, using the calculator, you can learn the Annual Percentage Rate.

To make it clearer and understandable, we’ve counted the primary costs for every state according to the APR allowed by law, and present it in the following table:

Calculating the cost of the loan is a good way to compare the lenders as you can see what they offer to you in very accurate figures.

What else besides the APR is included into Payday loans’ cost?

APR, MPR and the total cost of the loan is the minimum you must definitely take into account borrowing money. But in some cases, it’s not enough. There are lenders that charge extra fees. Be careful to read any small print in the agreement before singing it. Additional payments may include:

  • Application fee for filling out an application form. We offer it absolutely free as do most reliable lending companies. So, make sure you don’t apply with a fee-charging payday broker.
  • Verification fee (database verification fee) – sometimes charged for verifying your information in a database.
  • Administration fee – paid for administrative work, very rare.
  • Transmission fee – a few dollars to get your funds sent to you very quickly, in a couple of minutes.
  • Extension and Rollover fee – in case you’ve defaulted a loan and been given an extension or rollover to pay it back later.
  • Late payment fee – if you repay the loan late. But mostly if you let the lender know you are going to be late, they don’t charge this money.

NEED CASH FAST?
  • Payday Loans $100 - $1,000
  • Personal Loans $1,000 - $35,000

How to secure a cheap Payday loan?

A cheap Payday loan is the one that charges lower rates and fees than the other lenders and even less than a state’s upper level limit. For example, South Dakota caps short term loans to 36% APR, but there may be some lenders charging 34%, 30%, which makes them competitive on one hand and cheap on the other. Compare the offers from the top Payday lenders:

TOP RATED COMPANIES

Rates last updated August 19th, 2019
4.3681318681319

LEND YOU

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

17,5%
MIN MPR

The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

LendYou.com is the easy way to find the cash you need when you need it. You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. LendYou.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for… LendYou may be able to connect you with a lender that can help.

The loans you need, when you need them.   

4.5006016847172

Check Into Cash

$1,000
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

Varied by state
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Check Into Cash is a national leader in direct lending, providing customers with affordable, short-term, small dollar credit solution such as Payday Advances, In-Store Cash Advances, Online Payday Loans, Title Loans, Title Pawns,Check Cashing, Western Union®, walk-in Bill Pay, and reloadable prepaid U.S. Money Cards both online and in their in-store centers nationwide. They offer reliable service, affordable rates, simple requirements and convenient repayment. Compare the reviews on Check Into Cash and their products, fins out all you need about this company and apply for the service you need.

4.3939393939394

Loan By Phone

$1500
Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

260.71%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Online cash advance is really quick, easy, and confidential with LoanByPhone. They offer Payday Loans, Installment Loans and Line of Credit for both good and bad credit score customers. An easy, online application that takes only minutes to complete will help you get the approval and necessary funds as soon as possible. LoanByPhone makes the loan process really easy and mobile. Ypu can apply on the go, get funds quickly, and manage your account, all from the device at your fingertips.

4.4394618834081

Greenlight Cash

$1000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.

Varies by state
MIN MPR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Need a financial support? We’ll find you the money when you need it most!

Online loans up to $5,000. 

Any credit is welcome.
Have less-than-perfect credit but still need a loan? It’s not a problem! Submit a request, and we’ll find a lender that will be willing to work with you.

Simple online process.
No lines and no extra paperwork! It takes a few minutes to fill out our short online form, submit it and get a quick decision from a lender.

ONLINE COMPANIES

Rates last updated August 19th, 2019
4.1558441558442

Your Faster Payday

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

16,6%
MIN APR

The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

How does YourFasterPayday.com work? You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. YourFasterPayday.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for... YourFasterPayday may be able to connect you with a lender that can help. Fill out the block above to get started.

4.1666666666667

Fast Holiday Loans

$1,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

200%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Get cash for the holidays! Get a loan of up to $15,000 as soon as the next business day! Wrap Up the Holidays with up to $15,000 in Cash! This holiday season, get the cash you need. We’ll connect you with a lender who can provide up to $15,000 to take care of all of your holiday expenses!

Benefits:

  • Easy Online Application
  • Safe and Secure
  • Fast Decision
  • Trusted Source
4.3617021276596

Bad Credit Loans

Available for Bad Credit

BadCreditLoans.com has been in the business of helping people since 1998. They make it simple for consumers to get the funds they are looking for online.

The company offers: 

  • Bad Credit Personal Loans
  • Bad Credit Business Loans
  • Bad Credit Credit Cards
  • Bad Credit Mortgage Loans
  • Bad Credit Home Loans
  • Bad Credit Student Loans
  • Bad Credit Auto Loans

In some states, short term cash advances are forbidden. In this case, you have other options.

Looking for the cheapest Payday loan? Follow this advice:

  • Use comparing services, like COMPACOM, which can give you all the necessary information about the most reliable and suitable lenders and their offers on one website to help you find the best one
  • Use online calculators to calculate how much exactly the loan will cost
  • Pay attention to the APR, MPR, state regulations and the lender’s conditions
  • Read attentively for all the fees included in the lending agreement;
  • Make sure to pay off the loan on time to avoid additional late payments, or NSF, or rollover fees.
  • Be careful, responsible, and attentive, and you’ll be able to manage all your financial problems without getting new ones.