Payday loans (payday cash advance) are quick financing at high-interest rates. It's highly recommended to pre-qualify for the necessary amount online and use Payday loan calculator to find out how much you will have to pay in total with interest and fees. It will help you decide if you can really afford the loan.

Payday Loan Calculator

How is the cost of a Payday Loan calculated?

Payday Loan payment calculator

Payday Loan interest rates calculator

Payday Loan APR calculator

## Find out how much a Payday Loan will really cost you in a few minutes!

• how much you will pay in fees
• the total cost of a payday loan will be
• the APR and interest rates are
• how much the finance charges will be

### PayDay Loan Calculator

= \$ 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.

Payday Loan Calculator Disclaimer

## How is the cost of a Payday Loan calculated?

The formula used to calculate the total cost of a Payday Loan is:

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

For example, if you borrow \$100 for 30 days with a representative APR of 35,5%, the total cost will be:

\$100 + (\$100 * 400%: 365 days * 30 days: 100%) + \$7 origination fee = \$109

### Payday Loan payment calculator

The average payday loan is \$375. The interest, or “finance charge”, for a \$375 Payday loan would be between \$56.25 and \$75, depending on the terms stated in the agreement. The maximum finance charge is stated by the state law and can also depend on the lender: usually, it varies from 15% to 20%. All these calculations are conveniently available with the help of an online US Payday Laon calculator. The same way you can use a Payday Installment Loan calculator, Payday Loan amortization calculator, Payday Loan early payoff calculator, Payday Loan compensation calculator, Payday Loan eligibility calculator, etc. Depending on your needs go online and search for the necessary type of service.

### Payday Loan interest rates calculator

The APR is a measurement of the cost of a loan over its repayment term, calculated from the snapshot of the origination date.

Talking about Payday Loan interest rates, it's not fair enough to speak about APR as Payday cash advance is a short-term loan and there's no sense to calculate the interest for the whole year. That's why the interest you pay on a payday loan is usually called a “finance charge” and it is a simple fee based on the amount you borrow.

For example, if you borrow a \$300 payday loan and you're charged \$20 per \$100 borrowed the interest, or finance charge will be \$60.

Calculating the Payday Loan APR is a wise decision that will help you to see how expensive that loan is compared to your other options.

### How is the interest rate on a Payday Loan calculated?

The amount of interest paid is calculated by multiplying the amount borrowed by the interest charge.

If you borrow \$500 at the rate of 15%, it looks like this:

\$500 х 15% / 100% = \$75

It means for a \$500 cash advance you will pay \$75 in finance charges.

### Payday Loan APR calculator

Sometimes you are informed about the cost of a Payday Loan but you don’t know how it was calculated and you want to compare different lending companies. For that, you need to know the APR charged. To calculate the interest rate you are to divide the interest paid by the principal of the loan multiplying that by 365 days and divide that number by the length of the repayment term, and multiply by 100%:

APR = financial charges / principal х 365 /repayment term х 100%

The APR for a \$500 loan for 30 days = \$75 / \$500 х 365 days / 30 days х 100% = 182,5%