Is the annualized figure an official APR?
No. It is a simple 365-day annualization of the period interest and fees. Lender APRs follow disclosure rules that can include different fees and compounding.
Payday Loan Calculator for Total Repayment Cost
Calculate payday-loan interest, fees, total repayment, and a simple annualized cost from the period rate and term.
Enter the loan amount, per-period interest rate, term in days, and fees to see repayment and an annualized cost estimate.
Payday Loan Calculator for Total Repayment Cost
Calculate payday-loan interest, fees, total repayment, and a simple annualized cost from the period rate and term.
Interest = loan × period rate. Total repayment = loan + interest + fees. Annualized cost = ((interest + fees) ÷ loan) × (365 ÷ term days) × 100.
About the Payday Loan Calculator
A payday loan is a short-term, high-cost consumer loan typically due on the next payday. Finance charges are often quoted as a fee or a percentage of the amount advanced for a two-week or monthly period, which can look small until it is annualized. The payday loan calculator multiplies the loan by the period rate to estimate interest, adds any extra fees, and reports total repayment. It then annualizes the finance charge with a simple 365-day factor so a two-week cost can be compared with other credit.
For a $500 advance at 15% for 14 days plus $20 of fees, interest is $75, total repayment is $595, and the annualized estimate is about 495%. That figure is a cost illustration, not a Truth in Lending APR from a lender disclosure. Official APRs use specified compounding, fee inclusion, and payment-schedule assumptions that can differ from this simple annualization. Payment frequency is a reference field and does not change the arithmetic.
Payday loans can create a cycle of rollovers when the borrower cannot repay in full from the next paycheck. State and federal rules may cap rates, limit rollovers, require ability-to-repay tests, or prohibit the product. Bank overdraft, a credit-union payday-alternative loan, a payment plan with the original creditor, or a nonprofit counselor can be lower-cost options. Never use this estimate as a reason to take high-cost credit.
Use the payday loan calculator to read a storefront or online offer more clearly, to add fees that are quoted separately from the period rate, and to see why a short term produces a large annualized number. Confirm the contract, due date, and any NSF or rollover charges. The result is an educational cost comparison, not a loan offer, legal determination, or credit counseling. Seek a nonprofit credit counselor or a licensed adviser if repayment is already at risk.
Payday Loan Examples
Interest uses the period rate once; the annualized figure scales that finance charge to a 365-day year.
| Inputs | Result | Notes |
|---|---|---|
| Loan $500; 15% per period; 14 days; $20 fees | $75.00 interest; $595.00 total; 495.36% annualized | Short terms make the annualized cost very high relative to the two-week charge. |
| Loan $1,000; 10% period rate; 30 days; $15 fees | Interest $100.00; total $1,115.00; APR 139.92% | The estimate annualizes $115 of interest and fees over a 30-day term. |
| Loan $300; 10% period rate; 30 days; $0 fees | Interest $30.00; total $330.00; APR 121.67% | With no extra fees, only the period interest is annualized. |
How to Use the Payday Loan Calculator
- Enter the amount you would actually receive.
- Enter the interest rate charged for the loan period as a percentage.
- Enter the term in days and any separate fees.
- Select Calculate to review interest, total repayment, and the annualized cost estimate.
- Compare the total with other ways to cover the shortfall before considering the loan.
Payday Loan FAQ
Why is the annualized cost so high?
A charge that looks modest for two weeks becomes large when scaled to a year. That is why payday prices are often compared on an annualized basis.
Does payment frequency change the result?
Not in the payday loan calculator. Payment frequency is an optional reference. Interest is computed once from the period rate, then annualized with the term in days.
Are rollovers included?
No. Each calculation is a single period. Rolling the loan would add another period’s interest and fees and can raise the true cost sharply.
Should I use a payday loan?
High-cost short-term credit can be difficult to repay. Compare lower-cost options and read local rules. This page estimates cost; it does not recommend taking the loan.