Three calculators
Every result here shows the total cost and the real annualized rate, not just the flat fee for a single period.
Real cost & APR of a payday loan
See what a payday loan's flat fee actually annualizes to, and what a rollover would add on top, before you borrow.
Assumptions this uses
- The fee entered repeats identically for each rollover, matching how most payday loans are structured.
- The APR is calculated by annualizing the fee-to-amount ratio over the number of periods in a year.
- The principal amount owed does not decrease with a rollover, only the fees paid increase.
- Figures are estimates based on the numbers you provide, not a specific lender's exact terms.
Limitations: This does not account for late fees, NSF fees from your own bank, extended payment plans some states require, or fee structures that differ from a flat per-period charge.
Runs entirely in your browser.
Write down the total cost, not just the fee
Before taking any payday loan, write down the fee, the annualized rate, and what a single rollover would add. It takes about two minutes with the calculator on this site and means you'll recognize whether the cost is manageable, or a warning sign, before you sign anything.
Payday loan vs a lower-cost alternative
Compare the annual cost of relying on payday-style borrowing against a lower-cost alternative like a credit union PAL or a wage-access app, side by side.
Assumptions this uses
- Enter a typical monthly cost for each option based on your own likely usage, not a single loan's fee.
- Option A is meant for a payday-style borrowing pattern; Option B for a lower-cost alternative such as a PAL or wage-access app.
- Other yearly fees can include one-time application or membership costs spread across the year.
Limitations: This is a simple side-by-side estimate based on the numbers you enter, not a quote from any specific lender or app.
Runs entirely in your browser.
The Payday Loan Decision Worksheet
A one-page worksheet to see the real cost, compare the alternatives, and decide with a clear head.
Get the free guide →Can I actually afford to repay this?
Check your current debt-to-income ratio before adding a new short-term loan on top of what you already owe.
Assumptions this uses
- Debt-to-income is calculated as total monthly debt payments divided by gross monthly income.
- Housing payment includes rent or mortgage, including any required insurance or association fees you include.
- This uses gross (pre-tax) income, which is the standard most lenders and counselors use for this ratio.
Limitations: This does not account for irregular income, upcoming changes to your expenses, or the specific thresholds any individual lender uses to make a decision.
Runs entirely in your browser.
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