Payday-loan calculators: APR, rollover, payments and budget

What this payday-loan calculator estimates

The calculator converts three inputs—the amount borrowed, a fee for each $100 and the number of days—into an estimated dollar finance charge, total repayment and simple annualized APR. It is designed for a single-payment loan with a straightforward fee structure. The result helps translate a small-looking fee into figures that can be compared with another agreement or a bill-payment alternative.

This is an educational estimate rather than a lender disclosure, approval decision or legal maximum. Actual credit can include different formulas, installment dates, minimum charges, origination fees, optional products or state-specific limits. Use the numbers from the final written agreement whenever they are available and treat the calculator as a way to check—not replace—that disclosure.

The tool does not collect identity, employment, income, bank-account or loan-request information. Changing an input only changes the estimate in the browser. It does not send an application, contact a provider or indicate whether a consumer qualifies. Borrow Radar is not a lender and cannot determine the terms another company will offer.

Choosing accurate inputs

Amount borrowed should be the principal the consumer receives, not the repayment total or the amount originally requested. If an agreement approves $400 after a request for $500, enter $400. If a charge is deducted before disbursement, compare the disclosed amount financed and actual cash received carefully because a smaller net deposit can change the effective cost.

Fee per $100 means the finance charge applied to each one-hundred-dollar unit. A $15 fee on every $100 is entered as 15, not 15%. When the agreement states only one total finance charge, divide that charge by the principal and multiply by 100 to derive an equivalent fee per $100 for this simple model.

Term in days runs from the borrowing date to the contractual due date. Do not count only business days unless the agreement defines the term that way. A two-week loan normally uses 14. If the due date changes because of a weekend or holiday, rely on the dates written in the disclosure and ask the lender how the adjustment affects cost.

The formulas behind the result

The estimated finance charge equals principal divided by 100, multiplied by the fee per $100. Total repayment equals principal plus that charge. The simple annualized APR equals the finance charge divided by principal, multiplied by 365 divided by the term in days, then multiplied by 100. The calculation annualizes one short borrowing period so costs with different terms can be viewed on a common yearly scale.

For example, borrowing $300 with a $15 charge per $100 creates a $45 finance charge. The repayment estimate is $345. Over fourteen days, $45 divided by $300 equals 0.15; 365 divided by 14 is about 26.07. Multiplying those figures and converting to a percentage produces approximately 391%. The CFPB uses a closely related example to explain the cost of a typical two-week payday loan.

How to read finance charge, repayment and APR together

Finance charge answers, “How many dollars does this borrowing cost under the entered assumptions?” Total repayment answers, “How much must be available on the due date?” APR answers, “What yearly rate corresponds to this price and term?” None of the three should be used alone. A consumer needs the cash-flow answer and a standardized comparison.

A high APR does not add a new fee by itself; it expresses the existing short-term cost on an annual basis. A low dollar charge can still create a high APR when the term is very short. Conversely, a longer installment loan can display a lower APR yet require more dollars overall because interest accrues across several months. Compare the complete schedule.

The output should be copied next to the lender’s disclosure. If the figures differ, check whether the lender includes a minimum fee, uses an installment structure, finances another charge or calculates dates differently. Ask for an explanation before signing. Do not adjust the calculator until it merely reproduces a result you cannot understand.

Why installment loans need a different analysis

The current tool models one principal amount, one flat fee and one term. It does not calculate a declining balance across multiple payments. For an installment offer, list every payment and date, add the payments to find the total, and subtract the cash received for a basic view of dollar cost. Use the lender’s disclosed APR because a correct installment APR depends on payment timing and allocation.

Also ask how each payment is divided between principal, interest and fees. An amortizing schedule should show the balance falling over time. A refinance, renewal or interest-only period can produce a different pattern. If the agreement permits early payoff, check whether doing so reduces future interest or whether a prepayment condition applies.

Borrow Radar uses separate calculators when the formula and intended product can be explained clearly. A single tool should not pretend to model cash advances, lines of credit, biweekly installments and monthly amortization with the same three inputs. Product-specific calculators reduce false precision.

Costs the simple estimate may not include

Read the agreement for charges outside the entered fee. These may include origination, document, membership, expedited-funding, optional product, late or returned-payment charges. A prepaid card can have its own usage or service fees. A bank or credit union may impose an overdraft or nonsufficient-funds fee if an authorized debit reaches an account without enough money.

Renewal can change the total dramatically. If a borrower pays a new fee to extend the due date while still owing the full principal, add the new fee to the original cost. Do not replace the term with the longer period and leave the fee unchanged; that would hide the price of the renewal. Model each real charge and keep a running dollar total.

Taxes, lost wages, transportation or other indirect consequences generally are not credit finance charges, but they can matter to the household decision. The most useful budget compares the amount and date of the loan payment with every essential obligation due before the next reliable income.

Run scenarios before accepting an offer

First enter the proposed agreement exactly. Next reduce the principal to the smallest amount that resolves the bill and see how repayment changes. Then compare a longer lawful term only if a real alternative offers it; changing the term in the calculator does not make that option available. Finally, add any known charge that the simple fee input does not capture to the household total.

A useful stress test asks what happens if income arrives three days late or an essential expense is larger than expected. The calculator will not predict a lender’s late fee or collection response, so read those clauses separately. If one disruption would require another loan, the agreement lacks a workable repayment margin.

1. Save or write down the exact lender figures and dates before changing any input.
2. Calculate the cash remaining after repayment and essential expenses, not only the amount due.
3. Compare at least one creditor extension, credit-union product or non-loan assistance option.
4. Decline when the total, lender identity, debit authorization or consequence of nonpayment is unclear.

State limits and lender disclosures still control

The calculator does not decide whether an entered fee or amount is permitted. State law can restrict product type, principal, charges, term, renewals or simultaneous borrowing. Some states do not permit payday lending, and a service may exclude additional locations. Check the state directory and the regulator before interpreting a mathematical result as an available transaction.

Federal disclosure rules generally require covered lenders to state credit cost in writing, including the finance charge and APR. The final agreement should also identify payment dates and total-of-payments information where applicable. If an advertisement shows only a fee without a clear APR, wait for the complete disclosure instead of using the calculator output as permission to proceed.

Active-duty servicemembers and covered dependents may have additional federal protections under the Military Lending Act, including a 36% Military Annual Percentage Rate cap on covered credit and other restrictions. MAPR can include charges that differ from the APR used in this simple calculator, so covered borrowers should review the specialized disclosure or seek military legal assistance.

Calculator questions and next steps

Question 1Why is the APR so high?

Answer

A substantial fee divided by a small principal and annualized from a short term produces a large percentage.

Question 2Did the calculator add a year of charges?

Answer

No; it annualized the entered single-period charge.

Question 3Can it confirm a lender’s APR?

Answer

It can provide a simple reasonableness check, but only the agreement supplies the lender’s official disclosure.

Question 4Can the tool calculate a rollover?

Answer

Use the dedicated rollover calculator to add renewal charges while keeping principal visible.

Question 5Can it tell whether a loan is affordable?

Answer

No. The repayment-budget tool can expose a due-date shortfall, but affordability still depends on income, essential expenses, other debts and the complete payment schedule.

Question 6What should I do after calculating?

Answer

Return to the USA comparison to identify the service type, open the relevant state guide and read the complete offer review. Treat an estimate as one decision aid among legal verification, privacy review, lender identification and a realistic repayment budget. No calculation turns an expensive or unsuitable agreement into a safe one.

Official consumer sources

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