Payday Loan Calculator

The payday loan calculator shows the full cost of a short-term cash advance before you borrow: enter the amount, the term in days and the daily interest rate — the calculator instantly shows the total repayment and the interest. Use it to compare offers from different lenders before you sign anything.

What is a payday loan

A payday loan is a small, short-term cash advance meant to bridge the gap until your next paycheck. It is offered by specialized lenders and, increasingly, by apps: the approval decision takes minutes and usually requires only an ID. The price of this speed is a much higher interest rate than a bank loan, so it pays to calculate the total cost first — that is exactly what this calculator is for.

How to use the calculator

Enter the loan amount, the term in days and the daily interest rate — the lender must disclose it before you sign. The calculator applies simple interest: interest accrues daily on the outstanding amount. The result is the total repayment due as a single payment at the end of the term, the interest cost and the equivalent annual percentage rate (APR).

How payday loan interest works

Payday loans use simple interest rather than a bank annuity formula: the daily rate is multiplied by the amount and the number of days. The formula is I = P × (r / 100) × n, where P is the loan amount, r is the daily rate in percent and n is the term in days. For example, $500 for 30 days at 0.8% per day: interest = 500 × 0.008 × 30 = $120, total repayment $620.

How payday loans are regulated

In the United States, payday lending is regulated at the state level and supervised federally by the Consumer Financial Protection Bureau (CFPB). Rules vary widely: some states cap rates, others limit the number of simultaneous loans, and a few have banned payday lending altogether — a typical fee of $15 per $100 borrowed equals roughly a 390% APR. In the United Kingdom, the FCA caps the daily rate at 0.8% and the total cost at 100% of the amount borrowed. Check the rules in your state or country before borrowing and deal only with licensed lenders.

Pros and risks of payday loans

The pros are speed and minimal requirements: money arrives within minutes and proof of income is often unnecessary. The risks are the high cost of money, origination fees and steep late penalties. A payday loan makes sense only when the money is needed urgently, for a very short term, and you are certain you can repay it on the due date. A missed payment hurts your credit history and makes the debt grow fast.

The calculation is preliminary. Check the exact terms in your loan agreement.

Частые вопросы

How much can a payday loan cost?
It depends on your local rules. In the US, a typical fee is $15 per $100 borrowed (about 390% APR), while in the UK the daily rate is capped at 0.8%. The calculator shows the exact cost for any daily rate — compare it with the legal caps in your state or country.
What happens if I miss the repayment date?
Lenders charge late fees and penalties, which grow the debt quickly, and the missed payment is reported to credit bureaus. If you know you will miss the due date, contact the lender early — many offer extensions or payment plans.
Can I repay a payday loan early?
Yes, and it saves money: interest accrues only for the days you actually use the money. Early repayment must not carry a penalty.
How do I check that a lender is legitimate?
In the US, check the lender’s license with your state regulator and look up complaints in the CFPB database. In other countries, use the national register of licensed financial providers. Avoid lenders that demand upfront fees before disbursing money.
How is a payday loan different from a bank loan?
A payday loan is a small amount for a short term at a high daily rate with minimal requirements. A bank personal loan is a larger amount for a longer term at a lower annual rate, but with income verification and a credit check.
Is there a cap on how much I can owe?
In the UK, total charges cannot exceed 100% of the amount borrowed. In the US, caps vary by state — some limit fees and rollovers. Check your local rules: if the offer exceeds them, the lender is breaking the law.