Payday Loan Calculator
See the true APR of a payday loan — it's almost always shockingly high.
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Inputs
$
$
Effective APR
$391.07
Total fee $60.00 · Repay $460.00
Avoid if possible. A typical $15-per-$100, 14-day payday loan works out to an APR around 391%. Try a small bank loan, credit union PAL, or even a credit card before resorting to payday loans.
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How it works
APR = (fee ÷ amount) × (365 ÷ days). The short duration is what makes the APR so high relative to the dollar fee.
Frequently asked questions
Why is payday-loan APR so high?
Even small fees compound when annualized over a 2-week loan. $15 on $100 for 14 days = roughly 391% APR.
What are alternatives?
Credit-union Payday Alternative Loans (PALs), small personal loans, employer paycheck advances, or even putting it on a credit card.
Can payday loans hurt credit?
Defaulting and the resulting collection accounts certainly can. Many lenders also pull credit.
Is this legal in every state?
No — several U.S. states cap or ban payday lending. Check your state's regulations.
What happens if I can't repay?
Most loans roll over with another fee, which is how borrowers get trapped. Plan a repayment path before borrowing.
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