Payday Loan Calculator
This calculator helps you estimate the cost of your payday loan, so you can understand how much you’ll need to pay back.
Installment loans average 6–36% APR, and credit cards about 23.99%.
How to Use This Payday Loan Calculator
To use the online loan calculator:
1. Select the loan amount
Move the slider to the desired position or enter the amount manually. Try not to borrow more than you can realistically repay to avoid additional fees.
2. Calculate the fee
In addition to a fee of $10–$30 per $100 borrowed, you may also incur origination fees, rollover charges, late payment fees, and fees for funding to a prepaid debit card.
3. Set a comfortable repayment term
Payday loans usually have a repayment term of 14–30 days, but in some states, a longer term is set by law.
After entering all the data, you will see an estimated repayment amount and the annual percentage rate (APR) on the right side of the screen.
How Payday Loan APR Is Calculated
You can calculate the APR of a payday loan using the formula:
If you borrow $100 with a $17 fee for 14 days and keep extending the loan, the total repayment can exceed $443 over a year, excluding additional fees:
APR = 443.21%
APR shows how much a loan would cost on an annual basis. It is not the amount you pay immediately, but an indicator of how expensive such a loan can be when used over a longer period or with extensions. Therefore, short-term loans are best used if you are confident that you can repay the debt on time.
What Is the Average APR for a Payday Loan?
The cost is typically structured as fixed fees, ranging from $10 to $30 for every $100 borrowed. Accordingly, APR typically falls between 300% and 600%, with an average of 391%. In states where payday loans are strictly regulated, a 36% cap is imposed.
What Does a $500 Payday Loan Really Cost?
A $500 payday loan can have different costs depending on the state, the lender’s policy, the borrower’s income level, employment status, current debt obligations, and credit history.
Below are cost examples for a $500 loan with different fees and terms:
| Fee per $100 | Total Fee | Repayment Term (days) | Total Payment | APR 14 days | APR 28 days |
| $15 | $75 | 14/28 | $575 | 391.07% | 195.54% |
| $20 | $100 | 14/28 | $600 | 521.43% | 260.71% |
| $30 | $150 | 14/28 | $650 | 782.14% | 391.07% |
In some states, such as Colorado and North Dakota, a 36% annual rate cap is in place. In this case, the total fee of a 14-day loan would be about $6.90, and for 28 days, about $13.80.
Common Payday Loan Fees to Keep in Mind
Not all lenders clearly disclose the true cost of a payday loan. Additional charges and hidden fees are often included, which increase the total amount to be repaid. The main ones include:
- Origination (processing) fee — a one-time charge. It may be deducted from the loan amount or charged at the time of repayment.
- Late payment fee — applied if you miss a payment. It can be either a fixed amount or a percentage of the outstanding balance.
- Loan extension fee — charged when you extend the repayment term. It is often comparable to the initial fee.
- Insufficient funds (NSF) fee — charged if there are not enough funds in your account at the time of payment; both the lender and your bank may apply this fee.
- Prepaid card fees — may apply when funds are disbursed to a prepaid card, including charges for balance checks, customer support calls, card usage, or reloading.
Payday Loan Alternatives with Lower Rates
Short-term loans can provide emergency relief, but they are not suitable for every situation. There are alternatives that are less expensive in the long run and allow for more effective budget planning.
Installment Loans
When you take out an installment loan, you receive a lump sum that you repay in fixed payments over several months. 15M Finance allows you to borrow from $255 to $5,000 with repayment terms from 2 to 24 months. A poor credit history is not a barrier to approval.
Payday Alternative Loans (PALs)
These are loans from federal credit unions. The loan amount is usually up to $2,000, and the repayment term can range from 1 to 12 months. The interest rate is capped at 28% APR. To get a loan, you need to be a member of a credit union.
Buy Now, Pay Later (BNPL)
When you need to pay for a specific purchase, many online services offer BNPL options, often interest-free. A common format splits a purchase from $50 to $1,000 into four equal payments over 4–6 weeks. Late payments may result in interest and fees.
Cash Advance Apps
These apps allow users to access a portion of their earned wages before payday. Limits typically reach a few hundred dollars (often up to $500). While these advances are usually interest-free, they may involve subscription fees, optional tips, and charges for instant transfers.
Employer Cash Advances
If your employer offers this benefit, you can access part of your future paycheck through HR or a corporate platform. No interest is charged, since it is simply a portion of your upcoming wages. The amount is usually deducted from your next paycheck.
Family Loans
This option can be the most accessible if someone close to you has available funds and is willing to lend them. However, it is important to treat it as a real agreement. It is better to write a simple contract that states the amount, payment dates, and what happens if payments are missed.
Charities or Nonprofits
This option is worth checking before taking a loan. United Way 211 helps people get local assistance with bills, food, housing, and emergency support. The Salvation Army and St. Vincent de Paul offer help with rent and utilities in many areas.
Frequently Asked Questions
What is a payday loan?
A payday loan is an unsecured personal loan, with amounts ranging from $100 to $1,000 depending on the borrower’s creditworthiness, state laws, and the lender’s policies. The repayment term is from 14 to 31 days. The risks that lenders take on are compensated by high interest rates and additional fees. Some states do not have payday lending or strictly regulate it.
Is a payday loan the same as a cash advance?
Payday loans and cash advances are similar only in that both provide quick access to money for a short period, but they are structured differently. A payday loan is a separate small loan that must be repaid in a single payment. A cash advance means accessing funds you already have through a credit card, an app, or an employer advance, so the amounts may be smaller or larger.
What happens if you cannot repay on time?
If problems arise, it is best to contact the lender right away to discuss options. For example, an extended repayment plan allows you to repay the debt in smaller payments over several months. Sometimes a rollover is provided for free, but more often an additional fee is charged. Military service members can contact their local Judge Advocate General’s Corps (JAG) office for assistance.
Are payday loans legal in your state?
Payday loans are not allowed in every state. In some states, they are prohibited by law, and in others, lenders simply do not operate because of limits on rates and fees. If payday loans are allowed or regulated in your state, you can get more information from your state regulatory authority or the state attorney general.