Our loan calculator helps you estimate the repayment amount based on the expected fees and cost of the loan. People usually talk about the annual interest rate calculators or APR calculators, but you should focus on the fee you will be paying for the loan, which on average, ranges from $10 to $30 for every $100 borrowed and should pay back your loan on time. Then any annual interest rate will be irrelevant.
Note: Different lenders have different rates, and the Annual Percentage Rate (APR) for payday loans also varies from state to state, so the loan estimate is subject to change at any time. Be sure to discuss all related information with your lender before agreeing to accept a loan.
If you are thinking about requesting an online payday loan, use our online payday loan APR calculator to estimate your loan:
Many people talk about annual interest rate calculators or APR calculator but you should focus on the fee you will pay for the loan and pay it back on time. Then any annual interest rate will be irrelevant.
Your basic qualifications to request payday loans includes a minimum age of 18 years, a valid identification, an active checking account, proof of income, and a valid phone number.
Once you request your payday loan online, if approved, your money is directly transferred to your bank account. You will have to repay the amount in full with interest and charges, usually on your next pay date. The total amount you can borrow depends on the state you live in and ranges between $100 to $1000. The lender will add a fee charge, which is usually limited by state law to $10 to $30 for every $100 borrowed.
Payday loan lenders usually charge a percentage or dollar amount per $100 borrowed. For example, if you borrow $400, it would cost you about $460 to pay it back, assuming a fee of $15 per $100 borrowed.
Please use our loan repayment estimator to learn more about your estimated loan payment.
Payday loans' interest rates are very high and vary from as low as 30% to around 400% or more depending on the state you live in and the type of loan. If you can afford the fee for these short term loans, always plan to pay back your loan on time. By doing this, the interest rate won't be a consideration; only the fee and principle you would be repaying.
The average payday loan interest fee ranges from $10 to $30 for every $100 borrowed.
APR stands for "annual percentage rate," which broadly covers the entire cost of borrowing money, including the interest rate, and additional closing costs. The APR ranges from 391% to more than 521% for most payday loans. Again, never plan a payday loan thinking annual rate. Plan to repay your loan on time and pay the fee associated with the loan.
For calculating your monthly interest payment, you need to convert your APR to a daily rate, know your average account balance, and multiply these values by the number of days in the month.
If you’re looking for a payday loan, calculate its APR using our payday loan calculator. Complete our short, fast online form to request a fast cash loan today.
