Payday Loan Calculator

- May 12, 2025

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Use this calculator to understand the true cost of payday loans and short-term advances. See how fees, interest rates, and rollover payments can impact the total cost you'll pay.

Loan Details

Loan Amount:

Loan Term (Days):

Fee Structure:

Fixed Fee Amount:

Percentage Fee (%):

Number of Rollovers:

Rollover Details

Additional fees for rollovers

Rollover Fee (per extension):

Display Options

Decimal Places:

Show APR calculation

Payday Loan Cost Breakdown

Total Repayment Amount

£0.00

Total amount you'll pay back

Fees & Interest

£0.00

0% of loan amount

Effective APR

0.00%

Annual Percentage Rate

Days to Repay

Including rollovers

Fee Breakdown

Component	Details	Amount

APR Calculation

Loan Comparison

About Payday Loans

What are Payday Loans?

Payday loans are small, short-term loans that are designed to be repaid on your next payday. They typically have high fees and very high annual percentage rates (APRs), often ranging from 300% to 700% or higher.

Risks of Payday Loans

High Cost: The fees and interest on payday loans are significantly higher than most other forms of credit.
Debt Cycle: Many borrowers find themselves taking out new loans to pay off old ones, creating a cycle of debt.
Short Repayment Terms: Loans must typically be repaid within 2-4 weeks, which can be difficult for many borrowers.
Additional Fees: Late payments or rollovers often incur additional fees, increasing the cost further.

Alternatives to Consider

Personal loans from banks or credit unions
Credit card cash advances (still expensive, but typically lower APR than payday loans)
Borrowing from friends or family
Negotiating payment plans with creditors
Seeking assistance from nonprofit credit counselling agencies
Emergency assistance programmes

Understanding the Payday Loan Calculator

The Payday Loan Calculator is a handy tool that helps you estimate the total cost of payday loans. By entering a few details, like the loan amount and term, you can see how much you'll end up paying. This clear breakdown helps you grasp the impact of fees and interest rates, making it easier to manage your finances.

How to Use the Calculator

Using the calculator is simple. You start by inputting the loan amount you need and the duration in days. Then, you select the fee structure—whether it's a fixed fee, a percentage, or a combination of both. This helps you understand how different fees affect your overall payment, so you can make informed choices.

Loan Amount and Terms

Minimum Loan Amount: $100
Typical Loan Term: 1 to 365 days
Common Terms: Many loans are designed to be repaid within 14 days.

Fee Structures Explained

The calculator allows you to choose different fee structures for your loan. You can opt for a fixed fee, a percentage fee based on the loan amount, or both. Understanding these options is vital as they can significantly affect your total repayment amount and Financial planning.

Rollover Details and Their Importance

If you can't repay your loan on time, you might consider a rollover. This means extending your loan period, but it often comes with extra fees. The calculator allows you to factor in these additional costs, helping you to assess whether a rollover is a wise choice for your financial situation.

Viewing Additional Costs

Rollover Fees: Often charged for extending your loan.
Hidden Charges: Be aware of any fees that might apply if you miss payments.
Understanding APR: Knowing the Annual Percentage Rate helps you gauge the true cost of your loan.

Result Breakdown: What to Expect

Once you've entered your loan details, the calculator gives you a detailed breakdown of costs. You'll see the total repayment amount, how much goes towards fees and interest, and the effective APR. This information is essential for evaluating your options and making smart financial decisions.

Why Consider Alternatives?

While payday loans can seem convenient, they come with high costs. Exploring alternatives could save you money and stress. Options like personal loans, credit card cash advances, or borrowing from friends and family are worth considering. These alternatives may offer better terms and help you avoid the debt cycle often associated with payday loans.

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