Loans & MortgagesTool Review

Payday Loan Calculator

Provided byFinancial Toolsetfinancialtoolset.com

See the true cost of payday loans with APR comparison to alternatives and rollover cost projections. Shows devastatin...

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About this tool

What Payday Loan Calculator does

The Payday Loan Calculator on Financial Toolset reveals the hidden expense of short-term borrowing by computing the true annual percentage rate (APR) and projecting total costs. Users input a loan amount, fee per $100 borrowed, and loan term in days to see the APR, which commonly ranges from 300% to 700%. The tool then compares these rates to credit cards and personal loans, and includes rollover cost projections to illustrate the financial impact of extending a loan. The output helps consumers understand why a seemingly small fee can translate into a triple-digit annual rate and make informed borrowing decisions.

Step by step

How to use the Financial Toolset Payday Loan Calculator

  1. 1

    Enter the loan amount in dollars

  2. 2

    Input the fee per $100 borrowed

  3. 3

    Specify the loan term in days

  4. 4

    View the calculated APR and total cost

  5. 5

    Compare the results against alternative lending options displayed below

Is it right for you

Best for

Consumers who need a clear, numerical picture of payday loan costs and want to see how those costs stack up against cheaper credit alternatives before borrowing.

Limitations

  • Results are based on flat fees and may not include all lender-specific charges
  • APR calculations assume the loan is rolled over or renewed multiple times
  • Does not provide legal or financial advice on whether to take out a payday loan
Questions

Payday Loan Calculator FAQ

How is the APR for a payday loan calculated?
The APR is calculated by dividing the fee by the loan amount, dividing by the number of days in the term, and multiplying by 365 to annualize the cost. This method reveals why a fee that seems small for a short term results in a triple-digit annual rate.
What is a typical rollover cost projection?
The tool projects the cost of extending or renewing a payday loan, showing how fees accumulate when a loan is rolled over multiple times, which is a common pattern among borrowers according to consumer protection data.
How does this calculator compare payday loans to other credit options?
After computing the APR, the tool displays comparisons to typical credit card rates (20-25%) and high-interest personal loans (around 36%), helping users see the relative expense of payday borrowing.
Can the calculator show the total cost if I only know the loan amount and fee?
Yes, by entering the loan amount and the fee per $100 borrowed, the calculator determines the total cost and APR based on the loan term you provide.
Other Options

More Payday Loan Calculator tools

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  1. Omni Calculator
    omnicalculator.com

    Payday loan calculator will help you determine the annual percentage rate (APR) and total cost of a payday loan.

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