Payday Loan True Cost Calculator

See what a payday loan really costs as an annual rate, and how rollovers pile up fees.

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A $60 fee on $400 is $15 per $100.
Each rollover pays another fee to push the due date out.
Fractions and decimals both work.
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APR
Fee per loan
Total fees
Total to repay
Days in debt
Same money on a 25% card
Fees vs Amount

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The True Cost of a Payday Loan

Payday loans charge a flat fee instead of interest, usually $10 to $30 for every $100 borrowed, for about two weeks. Turned into an annual rate, that fee is enormous, and rolling the loan over repeats it.

Fee = amount × fee per $100 ÷ 100
APR = fee ÷ amount × 365 ÷ days × 100
Total cost = fee × (1 + number of rollovers)

Worked Example

Alternatives

Credit union payday alternative loans (PALs) are capped at 28% APR. A paycheck advance from an employer, a payment plan with the biller, or a small personal loan usually costs far less. Many states cap or ban payday loans; check your state's rules.