Payday Loan Calculator

Payday Loan is evaluated from Loan Amount, Fee per $100 borrowed and Loan Term. The calculation reports Total Fee, Total Repayment and Effective APR.

Results

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About the Payday Loan Calculator

Payday Loan is treated here as a quantitative relation between Loan Amount, Fee per $100 borrowed and Loan Term and Total Fee, Total Repayment, Effective APR and Daily Interest Rate.

The calculator uses a multi formula configuration. Each reported value is read as a direct evaluation of the stored rules with the declared field formats and units.

Formula basis:
Total fee = loan amount x (fee per $100 / 100). APR = (fee / principal) / term_days x 365 x 100.

Interpret the outputs in the order shown by the result fields. Optional inputs affect only the outputs that depend on those variables.

Formula & How It Works

The calculation applies the following relations exactly as recorded in the metadata:

Total fee = loan amount x (fee per $100 / 100). APR = (fee / principal) / term_days x 365 x 100.

Each output field is produced by substituting the supplied inputs into the relevant relation and then applying the declared rounding or text format.

Worked Examples

Example 1: Typical payday loan: $500, $15/100, 14 days

Inputs

loan_amount: 500 fee_per_100: 15 loan_days: 14
Total Fee: $75. Total Repayment: $575. Effective APR: 391.1%. Daily Interest Rate: 1.0714%

With Loan Amount = 500, Fee per $100 borrowed = 15 and Loan Term = 14 as the stated inputs, the result is Total Fee = $75, Total Repayment = $575 and Effective APR = 391.1%. Each value corresponds to the declared output fields.

Example 2: 2-week $300 loan, $20 fee per $100

Inputs

loan_amount: 300 fee_per_100: 20 loan_days: 14
Total Fee: $60. Total Repayment: $360. Effective APR: 521.4%. Daily Interest Rate: 1.4286%

With Loan Amount = 300, Fee per $100 borrowed = 20 and Loan Term = 14 as the stated inputs, the result is Total Fee = $60, Total Repayment = $360 and Effective APR = 521.4%. Each value corresponds to the declared output fields.

Example 3: 30-day installment-style payday loan: $1,000 at $30/100

Inputs

loan_amount: 1000 fee_per_100: 30 loan_days: 30
Total Fee: $300. Total Repayment: $1,300. Effective APR: 365%. Daily Interest Rate: 1%

With Loan Amount = 1,000, Fee per $100 borrowed = 30 and Loan Term = 30 as the stated inputs, the result is Total Fee = $300, Total Repayment = $1,300 and Effective APR = 365%. Each value corresponds to the declared output fields.

Example 4: Bad check alternative: $200 loan, $30/100, 7-day advance

Inputs

loan_amount: 200 fee_per_100: 30 loan_days: 7
Total Fee: $60. Total Repayment: $260. Effective APR: 1,564.3%. Daily Interest Rate: 4.2857%

With Loan Amount = 200, Fee per $100 borrowed = 30 and Loan Term = 7 as the stated inputs, the result is Total Fee = $60, Total Repayment = $260 and Effective APR = 1,564.3%. Each value corresponds to the declared output fields.

Common Use Cases

  • Calculate total cost of a payday loan
  • Compare payday loan APR to other loans
  • Find how much you owe on a 2-week payday loan