Payday Loan Calculator

Category: Finance

- December 18, 2025

| |

Use this calculator to understand the true cost of payday loans and short-term advances. See how fees, interest rates, and rollover payments can impact the total cost you'll pay.

Loan Details

Loan Amount:

Loan Term (Days):

Fee Structure:

Fixed Fee Amount:

Percentage Fee (%):

Number of Rollovers:

Rollover Details

Additional fees for rollovers

Rollover Fee (per extension):

Display Options

Decimal Places:

Show APR calculation

Payday Loan Cost Breakdown

Total Repayment Amount

$0.00

Total amount you'll pay back

Fees & Interest

$0.00

0% of loan amount

Effective APR

0.00%

Annual Percentage Rate

Days to Repay

Including rollovers

Fee Breakdown

Component	Details	Amount

APR Calculation

Loan Comparison

About Payday Loans

What are Payday Loans?

Payday loans are small, short-term loans that are designed to be repaid on your next payday. They typically have high fees and very high annual percentage rates (APRs), often ranging from 300% to 700% or higher.

Risks of Payday Loans

High Cost: The fees and interest on payday loans are significantly higher than most other forms of credit.
Debt Cycle: Many borrowers find themselves taking out new loans to pay off old ones, creating a cycle of debt.
Short Repayment Terms: Loans must typically be repaid within 2-4 weeks, which can be difficult for many borrowers.
Additional Fees: Late payments or rollovers often incur additional fees, increasing the cost further.

Alternatives to Consider

Personal loans from banks or credit unions
Credit card cash advances (still expensive, but typically lower APR than payday loans)
Borrowing from friends or family
Negotiating payment plans with creditors
Seeking assistance from nonprofit credit counseling agencies
Emergency assistance programmes

Understanding the Payday Loan Calculator

The Payday Loan Calculator is a handy tool that helps you figure out the total costs of payday loans. It breaks down all the fees, interest rates, and any rollover payments involved. This way, you won't be caught off guard by unexpected costs. You can easily see how each factor contributes to the total repayment amount. Understanding these details can help you make informed decisions about borrowing money.

Inputting Your Loan Details

To use the calculator, you need to enter some details about your loan. Start with the loan amount, which can range from $100 and up. Next, you'll specify the loan term in days, usually between 1 and 365. There’s also a section to choose your fee structure—whether you have a fixed fee, a percentage fee, or both. These details are crucial because they affect how much you’ll owe in the end.

Exploring Fee Structures

Understanding the different fee structures is key. Here’s what you can choose from:

Fixed Fee: A set amount you pay no matter the loan size.
Percentage Fee: A fee based on a percentage of your loan amount.
Both: Combines fixed and percentage fees for a clearer picture of costs.

You can adjust these inputs to see how they impact your total repayment. This feature allows you to experiment and find what works best for your situation.

Rollover Options and Their Importance

Another important factor to consider is rollovers. If you can’t repay the loan on time, you might need to roll it over. The calculator allows you to enter the number of rollovers you might require. Keep in mind that each rollover usually comes with additional fees. This can significantly increase what you owe, so it’s wise to account for this possibility in your calculations.

Additional Fees to Consider

When using the calculator, you’ll also have the option to include additional fees for rollovers. These fees can sneak up on you. Just tick the checkbox if you think you might need them. You’ll enter the amount for the rollover fee per extension, which helps ensure your calculations reflect potential extra costs accurately.

Display Options for Your Results

The calculator includes display options that let you customize how you view the results. You can choose the number of decimal places to see in your final amounts. Plus, there’s an option to show the Annual Percentage Rate (APR) calculation, which can be really helpful. Having a clear view of your APR can help you understand the true cost of borrowing over time.

Reviewing Your Loan cost breakdown

Once you’ve entered all your information, the calculator provides a detailed cost breakdown. You’ll find useful information such as your total repayment amount, fees and interest, effective APR, and the total number of days to repay—including any rollovers. This comprehensive overview helps you weigh all costs before making a final borrowing decision.

Learning About Payday Loans

Finally, it's essential to understand what payday loans are and the risks they carry. These are typically small, short-term loans often repaid on your next payday. They can have very high interest rates, and many borrowers end up in a cycle of debt. Knowing the risks can help you make better Financial decisions. Always consider alternatives like personal loans or credit card cash advances before taking out a payday loan.