Payday Loan True Cost (APR) Calculator
Reveal the real annual percentage rate (APR) of a payday or short-term loan from its fee and length — and what rolling it over would cost.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter the amount borrowed, the fee and the loan length in days.
- 2See the APR and what it costs if you roll the loan over.
How it's calculated
APR = fee ÷ amount × 365 ÷ days × 100. A rollover pays the fee again without reducing the amount owed.
Frequently asked questions
Why is the APR so high?
A $15 fee on $100 for two weeks sounds small, but repeated over a year it's an APR of about 391%.
What are the alternatives?
Credit union payday-alternative loans (PALs), paycheck advances from your employer, negotiating with the creditor, or local assistance programs usually cost far less.
Are payday loans legal everywhere?
No. Many US states cap or ban them, and rules differ in other countries. Check your state or national regulator.