Payday Loan Calculator
Calculate the true cost of a payday loan including APR, rollover costs, and comparison to alternatives.
Total Fee
$75.00
Total Repayment
$575.00
APR
391.1%
⚠️ Compared to a Credit Card (24% APR)
A credit card at 24% APR on $500 for 14 days would cost $4.60 in interest. The payday loan fee is 16× more expensive.
💰 Cost if You Roll Over the Loan
3 months
$525.00
in fees alone
6 months
$975.00
in fees alone
12 months
$2025.00
in fees alone
📊 The average payday loan has an APR of 391%
That means for every $100 borrowed for 14 days, you pay roughly $15 in fees. If you roll that loan over every two weeks for a year, you'll pay $390 in fees on a $100 loan. Many borrowers get trapped in this cycle — 80% of payday loans are rolled over or followed by another loan within 14 days.
🔄 Alternative Borrowing Options
| Type | Typical APR | Cost per $100 | Notes |
|---|---|---|---|
| Payday Loan | 391% | $15–$30 | Short-term, very high cost |
| Credit Card Cash Advance | 24–30% | $3–$5 | High but manageable |
| Personal Loan | 6–36% | $0.50–$3 | Best for larger amounts |
| Credit Union Loan | 18–28% | $1.50–$2.30 | Member rates available |
| Buy Now Pay Later | 0–30% | $0–$2.50 | Often interest-free if paid on time |
⚖️ Disclaimer: This is an educational tool only. Results are estimates based on simplified calculations. Actual loan terms, fees, and APRs vary by lender and jurisdiction. Not financial advice.