Payday Loan Calculator - Fees, APR & Rollover Costs
Use this payday loan calculator to turn a fee per $100 into repayment, simple APR, term-equivalent EAR, and cumulative rollover fees.
Payday Loan Settings
Calculation Results
Informational estimate only. Your written disclosure, lender terms, and state rules control the actual cost.
What Is a Payday Loan Calculator?
A payday loan calculator estimates the fee, repayment amount, and annualized cost of a short-term cash advance before you agree to the lender’s terms. Enter the principal you would receive, the number of days until payment, and the quoted fee per $100. The result separates the one-term charge from APR, then lets you model additional fee-bearing terms. It is a planning estimate, not a loan offer or a substitute for reading the disclosure.
According to the Consumer Financial Protection Bureau, a payday loan is generally a short-term, high-cost loan of $500 or less that is typically due on the next payday.
- Check a quoted fee: Convert a $15-per-$100 quote into the actual dollar charge for your principal.
- Compare time periods: See how one fee produces different APR values over different due dates.
- Model delayed payoff: Add terms to see cumulative fees when the principal stays outstanding.
- Plan cash flow: Compare the total due with money available after essential bills.
Before applying, write down the amount that would arrive in your account and the amount that would leave on the due date. A result that fits only if rent, food, utilities, or transportation are delayed is a warning to compare other options first.
The tool uses a fee-per-$100 model because that is how many small-dollar offers are presented. It does not assume a state maximum: caps, permitted products, renewal rules, and disclosure requirements vary by jurisdiction. For a longer scheduled loan, use the Loan Payment Calculator to review periodic payments and total interest.
How the Payday Loan Cost Formula Works
The calculation starts with the lender’s fee quote, not an assumed interest rate. It converts that quote to dollars, annualizes the one-term fee for comparison, and keeps renewal fees separate so repeated terms are visible.
APR = (finance charge ÷ principal) × (365 ÷ term days) × 100
EAR = ((1 + fee ratio)^(365 ÷ term days) − 1) × 100
- Principal: Cash received before the fee.
- Fee per $100: Dollar charge quoted for each $100 borrowed.
- Term days: Days used to annualize the one-term cost.
- Rollovers: Additional fee-bearing terms in this transparent scenario.
Worked example: $375 for 14 days
At $375 principal, $15 per $100, 14 days, and no rollover, the finance charge is $375 × 0.15 = $56.25. Initial repayment is $431.25. APR is (56.25 ÷ 375) × (365 ÷ 14) × 100 = 391.07%, while the term-equivalent EAR is 3,723.66%.
The $56.25 is the modeled cash fee for one term. APR makes that short period comparable with annual borrowing costs; it does not mean $431.25 is paid every year.
APR applies simple annualization to the fee ratio. EAR applies the same ratio repeatedly for a full year, so it can become very large for short terms. The calculator rounds displayed figures to two decimals after calculating them.
The Consumer Financial Protection Bureau’s APR explanation gives the familiar $15 per $100, two-week example as a 391% APR. For another credit quote, the APR Calculator provides a broader annual-percentage comparison.
Key Payday Lending Concepts
Read these terms together so a fee quote is not mistaken for a conventional interest rate.
Principal
Principal is the cash advanced before fees. It is the base used to scale the per-$100 quote and remains in total paid because the fee is an added cost.
Finance Charge
The finance charge is the dollar fee for one term. A $15 quote means $15 for each $100, so $300 produces a $45 charge.
APR
APR annualizes the one-term fee using 365 divided by term days. A shorter term raises the annualized percentage for the same fee.
EAR
EAR shows the mathematical result of repeating and compounding the one-term ratio. It is not a promise that a lender compounds fees this way.
The fee-per-$100 quote and APR answer different questions. Principal controls the dollar charge, term days control annualization, and the rollover count changes selected-term fees without changing the original one-term APR or EAR.
Read the outputs in order: finance charge tells you the fee in dollars, initial repayment combines that fee with principal, and selected-term totals show what repeated fees add. This order keeps a high annual percentage from being confused with the amount due on the first date. It also makes it easier to compare a written disclosure with the assumptions entered here.
When an agreement uses a stated interest rate and regular payments, the Loan Interest Calculator is a better fit for separating principal and interest over time.
How to Use This Calculator
Use this payday loan calculator with the inputs from the lender’s written disclosure, then read the one-term and selected-term totals separately. Do not replace missing contract details with a guess.
- 1Enter principal: Type the amount you would receive before the finance charge.
- 2Enter term days: Use the number of days to the modeled due date because it drives APR.
- 3Enter the fee: Type the dollar amount stated for each $100, not a decimal percentage.
- 4Select terms: Choose zero for the initial term or add rollovers to model cumulative fees.
- 5Read results: Compare initial repayment, selected-term fees, and total paid. APR and EAR are comparison percentages, not extra first-term charges.
Practical example
For $300 at $15 per $100 for 14 days, enter 300, 14, 15, and zero rollovers. The result is a $45 fee, $345 initial repayment, and 391.07% APR. With two additional terms, modeled fees become $135 and total paid becomes $435 if principal stays outstanding and each term adds the same fee.
Keep the fee schedule, due date, late-fee language, transfer charge, and renewal terms beside the result. If the disclosure includes other charges, this four-input estimate will not include them. For scheduled installments, the Loan Repayment Calculator can model the payoff path.
Benefits of Reviewing the Cost
A payday loan calculator is most useful before an application, when the fee and repayment amount can be compared with cash flow and other choices.
- • See the dollar fee: Translate the per-$100 quote into the charge for your principal.
- • Compare annualized cost: Put a short term on the annual scale used for credit disclosures.
- • Separate renewals: Keep the first repayment distinct from cumulative selected-term fees.
- • Stress-test cash flow: Change inputs to see whether essentials remain covered after repayment.
- • Prepare questions: Ask which written contract terms differ from the modeled assumptions.
- • Compare alternatives: Use the baseline before considering a credit-union product or installment offer.
A planning estimate cannot decide affordability. It does expose the tradeoff between receiving a small amount now and owing principal plus a fixed fee on a short deadline. If the rollover scenario requires another loan for ordinary bills, ask about an extended payment plan, local assistance, or lower-cost credit.
Use the figures as questions for the lender: Is the fee charged once or at every renewal? Is the quoted principal the amount deposited, and are other charges withheld? What date triggers a late or returned-payment fee? A written answer can reveal differences that a four-input estimate cannot represent.
For several existing balances, the Debt Calculator can help compare payoff orders and extra-payment choices.
Factors That Affect Your Results
The result is sensitive to the fee quote and deadline, while the contract and local rules determine what a lender may actually charge or permit.
Principal amount
A larger principal increases the finance charge in direct proportion when the fee per $100 stays constant. Doubling principal doubles the modeled fee.
Term length
A shorter term increases APR because 365 is divided by fewer days. The one-term dollar fee does not change just because the due date changes.
Fee per $100
This quote drives the finance charge, APR, and EAR. Enter 15 for a $15 charge per $100; the field is not asking for 0.15.
Rollover count
Each selected additional term adds a modeled finance charge while principal remains in total paid. Actual renewal fees may differ.
Contract and state rules
Fee caps, permitted products, renewal options, and disclosures vary. This page does not determine legal eligibility or a final quote.
- This model includes only principal, fee per $100, term days, and selected repeated fees. It excludes charges not represented by those inputs.
- EAR is a mathematical annualized comparison, not a forecast. The rollover scenario assumes the same principal and fee repeat.
- State rules and written lender disclosures control. Use this result for education and comparison, not legal or financial advice.
According to the Consumer Financial Protection Bureau, rolling over generally means paying a fee to delay repayment while still owing principal and additional fees. The Loan Comparison Calculator is useful for two conventional offers, but it cannot replace state-specific payday disclosures.
The narrow interpretation is the safest one: this page answers what the supplied assumptions produce. It does not say that a product is affordable, permitted in a particular state, or suitable for your circumstances.
Frequently Asked Questions
Q: How is APR calculated on a payday loan?
A: The calculator divides the one-term finance charge by principal, multiplies by 365, divides by the term in days, and multiplies by 100. For $15 per $100 over 14 days, that produces 391.07% before any other contract charges.
Q: How much does a $300 payday loan cost?
A: At a $15 fee per $100, a $300 principal creates a $45 finance charge, so the one-term repayment is $345. Change the fee, term, or rollover count to match the written disclosure you are reviewing.
Q: What does it mean to roll over a payday loan?
A: A rollover delays repayment for another term in exchange for a fee. In this model, each rollover adds the same finance charge while the original principal remains due. Actual renewal rules, fees, and limits depend on the contract and applicable state law.
Q: Does a payday loan fee per $100 change the APR?
A: Yes. A larger fee increases the finance-charge ratio, so APR and EAR rise when the principal and term stay the same. A shorter term also raises APR because the same fee is annualized over fewer days.
Q: What happens if I cannot repay a payday loan?
A: The contract may describe a renewal, extended payment plan, late charge, collection process, or other remedy. Contact the lender before the due date, read the written terms, and avoid assuming that paying a renewal fee reduces principal.
Q: Are there alternatives to payday loans?
A: Possible alternatives include asking a biller for more time, seeking community assistance, using a credit-union small-dollar product, or comparing a conventional installment offer. Compare total fees, APR, due dates, and repayment capacity rather than only the amount received.