Payday Loan Cost Calculator
True APR and total for payday loans from fee and term.
What it does
Payday fees look small until annualized. Seventy-five dollars on $500 for two weeks reads as pocket change yet prices at 391.1 % APR, and rolling the principal forward stacks another $75 per cycle. The fee is the interest wearing casual clothes.
The tool above annualizes any payday quote. Enter amount, fee, and days, and it prints true APR, total repayment, and the per-$100 rate. Defaults mirror the CFPB example: $500 plus $75 over 14 days at 391.1 %.
Regulators publish the same arithmetic. CFPB fee pages confirm $10-$30 per $100 with $15 common near 400 % APR over two weeks, including $300-to-$345 and $500-to-$575 worked examples. FTC guidance matches with rollover warnings attached.
Alternatives price in single or double digits. Credit union payday-alternative loans, issuer payment plans, and assistance programs all undercut triple-digit APRs by orders of magnitude. Compare the APR line here against any option before signing.
How to use
- Enter the amount borrowed.
- Enter the flat fee.
- Enter the term in days.
- Read APR first, then total.
- Read the per-$100 rate.
- Compare alternatives before signing.
Formula
- amount
- Cash borrowed in dollars.
- fee
- Flat loan fee in dollars.
- days
- Loan term in days, often 14.
CFPB confirms $15 per $100 over 14 days is ~391 % APR with $300-to-$345 and $500-to-$575 worked examples.
Worked example
Example: $500, $75 fee, 14 days
Defaults: $500 with $75 fee for 14 days (CFPB example).
- Inputs: borrow $500, $75 fee, 14 days.
- Total: 500 + 75 = $575.
- Rate slice: 75 / 500 = 0.15.
- Annualize: 365 / 14 = 26.07.
- APR: 0.15 x 26.07 x 100 = 391.1 %. Tool shows 391.1% APR, $575.00.
Reference table
| Fee/$100 | On $500 | APR |
|---|---|---|
| $10 | $550 | 260.7 % |
| $15 | $575 | 391.1 % |
| $20 | $600 | 521.4 % |
| $30 | $650 | 782.1 % |
Limits
- Fee math only. Penalties and collections excluded.
- Single cycle assumed; rollovers multiply.
- State caps vary $10-$30 per $100.
- Not financial advice; compare options.
Common mistakes
- Reading fees instead of APR.
- Rolling principal with fresh fees.
- Borrowing again to cover the first.
- Skipping cheaper alternatives.
- Ignoring the total repayment line.
Try it yourself
Quick checks. Answers sit tucked under each question.
$300 with $45 fee, 14 days?
Total 300 + 45 = $345. APR 0.15 x 26.07 x 100 = 391.1 %.
$400 with $60 fee, 30 days?
Total 400 + 60 = $460. APR 0.15 x 12.17 x 100 = 182.5 %.
Questions
How is payday APR figured?
Fee over amount times 365 over days times 100. Here 0.15 x 26.07 x 100 = 391.1 %.
What is the total repayment?
Amount plus fee: $575 here. Rollovers stack fresh fees on the same principal.
What are typical fees?
$10 to $30 per $100, commonly $15, per CFPB. That $15 over 14 days is ~391 % APR.
Do rollovers add up?
Yes. Paying only the fee rolls the principal forward with another full fee each cycle.
What are cheaper options?
Credit union PALs, payment plans, and assistance programs cost far less; compare APRs first.
Do fee caps vary?
Yes. State caps vary $10-$30 per $100; the math here takes your actual fee either way.
Sources
- CFPB: Payday Loan Costs and Fees ($15 per $100)
- CFPB: What Is a Payday Loan (~400% APR)
- FTC: Payday and Car Title Loans (391% example)