Payday Loan APR Calculator
Turn a payday loan fee into its true annual percentage rate and the cost of rolling it over.
Runs in your browser. Your files never leave your device. See how to check
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How to do it
- 1Step 1: Open Payday Loan APR Calculator and add your input
Type your numbers or text, add your file, or pick the options you need. Nothing is uploaded: everything stays in your browser.
- 2Step 2: What Payday Loan APR Calculator does
Turn a payday loan fee into its true annual percentage rate and the cost of rolling it over.
- 3Step 3: Read the result and compare
The result appears at once. Change one value to see how the answer moves, then keep the figure that fits your case.
- 4Step 4: Copy or save it
Copy the result or download it. For an important decision, confirm it with the official source or an adviser.
About this tool
Enter the amount you borrow, the fee, the loan length in days and how many times you expect to roll it over. The calculator shows the fee as a percentage, the true APR and the effective yearly rate, and the total fees you pay.
How the APR is worked out
The fee divided by the amount borrowed is the cost for the loan period. Multiplied by 365 and divided by the days in the term, that gives the APR. A $15 fee per $100 on a two-week loan is 391% APR.
Rolling over
If you cannot repay and roll the loan over, you pay the fee again without reducing the amount you owe. Each renewal adds another fee. The tool shows the total fees after the number of rollovers you enter.
Other options
Credit union payday alternative loans (PALs), a payment plan with the biller, an advance from your employer or a small personal loan usually cost far less. Several states limit or ban payday loans.
Worked example
A $500 loan with a $75 fee for 14 days costs 15% for the term, an APR of 391.1%. Rolled over three times you pay $300 in fees and still owe the original $500 plus the last fee.
Tips for best results
Check every box before you rely on a result, because one wrong digit changes the whole answer. Use the exact figures from your payslip, bill, certificate or contract, and keep a note of the date you calculated. Rates, thresholds and rules change from time to time, so for tax, fees and legal matters treat the output as an estimate and confirm with the official source named on this page. You can run as many scenarios as you like; nothing is saved or sent, and refreshing the page clears the boxes.
Quick facts
- Category: UK & US
- Works in your browser, no sign-up, no upload.
- Your input stays on your device.
- Available in English.
- Content last reviewed:
Frequently asked questions
Why is the APR so high?
Because the fee is charged on a very short loan. APR spreads it over a full year to compare with other credit.
What is the effective annual rate?
It compounds the fee over a year, which shows what the cost would be if you kept renewing the loan.
Are there cheaper options?
Often yes: a credit union loan, a payment plan or help from local programs.
Is the APR the same as the fee?
No. The fee is a one-time charge for the loan. APR is the yearly equivalent.