Payday Loan Calculator

Don’t guess — calculate your payday loan cost before you apply.

Cash Loans Bear’s calculator gives you a clear understanding of the loan cost in seconds. Instead of guessing or relying on rough estimates, you can see your total repayment, fees, and APR, so you know what you’ll repay before deciding.

It’s a great tool to help you compare terms and lenders, as well as give you a more realistic view of what you’re signing up for.

Adjust the sliders to see the true cost of borrowing

Loan amount $200
$50$1,500
Term (days) 14 days
7 days90 days
Finance charge $30
$1$500
Total repayment in 14 days
$230
This is the full amount you’ll repay — your loan plus the finance charge.
Principal $200 (87%) Charge $30 (13%)
Daily cost of borrowing
Finance charge spread across the loan term
$2.14
Effective APR
Annualised cost — useful to compare loan products
391%
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See also:
Free Claude Payday Loan Calculator

How to Use This Calculator

There is no need to have any financial background to estimate interest rates for a payday loan with our APR calculator. It’s extremely simple. All you need to do is:

1

Enter the amount

Type in how much you want to borrow — for example, $100, $450, or $1,000.

2

Select the term

Most payday loans last anywhere from a week to about a month.

3

Set the expected fees

Most lenders have a finance charge of $10 to $30 per $100 borrowed.

Once you enter that, the calculator does the rest.

Here, you’ll see not just what you repay, but the loan’s APR (Annual Percentage Rate) and its true cost. Our cash advance loan calculator turns confusing fees into numbers you can easily compare.

 

How Payday Loans and Cash Advances Work

Payday loans and cash advances are small, short-term loans meant to cover urgent financial needs until the next paycheck. Borrowers can get as little as $100, up to a maximum of $1,000, depending on the lender and state laws.

These loans should be repaid quickly, typically within 7 to 31 days. Due to the short term, lenders don’t charge traditional interest. Instead, there is a fixed finance fee — often around $10 to $30 per $100 borrowed.

Eligibility Requirements

Payday loans are considered one of the most accessible ways to get money fast. Most lenders have simple requirements.

To qualify for a short-term loan, you’ll typically need to:

  • Be at least 18 years old
  • Demonstrate a steady source of income
  • Have an active checking account
  • Provide valid identification

Income doesn’t necessarily have to come from a job. It may also be other regular payments, such as social benefits or rental income.

Repayment: Postdated Checks or ACH

Repayment is arranged in advance, before you even sign an agreement. Most lenders set up an automatic withdrawal (ACH debit) from your checking account. Some may ask for a postdated check.

Once the date is due, the full amount, including fees, is withdrawn in one payment. Make sure the required amount is in your account. If not, your bank can charge you additional NSF (non-sufficient funds) or overdraft fees.

The Payday Loan APR Formula

Payday loans may look cheap at first glance when you just look at the fees. But when you start calculating, APR shows how expensive it really is.

The standard APR formula used in a payday loan calculator is:

$$ APR = \left(\frac{\text{Fee}}{\text{Loan Amount}}\right) \times \left(\frac{365}{\text{Loan Term}}\right) \times 100 $$

Let’s break it down with an example, so you can better understand how repayments work.

Let’s see how much a $1,000 payday loan would cost, given that it’s due in 14 days. If a finance charge is $17 per $100, the total fee would be $170. Applying the formula, the APR for such a loan will be 443%.

Payday Loan and Cash Advance Fees

The standard finance charge isn’t the only fee borrowers may pay when taking out a payday loan.

Here are some of the fees you may encounter:

Finance fee

It is the main cost of the loan, a fixed fee charged by a lender.

Late fee

This one is charged in case of a missed or late payment.

Rollover fee

Extending the loan typically comes with a new fee.

NSF fee

If there isn’t enough money in the account when repayment is attempted, the bank may charge extra fees.

Other fees

Some lenders may charge verification, processing, or prepaid card fees.

Even though they may seem minor individually, all fees add up quickly, especially if you roll the loan over or don’t repay on time. Because of that, it’s crucial to review all the terms and fees carefully before you sign anything.

What the Average APR Reveals about Short-Term Borrowing

The average APR for a payday loan typically ranges from 300% to 500% and varies depending on the lender, fees, state laws, and loan term.

This number can seem extreme, but it’s mainly due to how short these loans are. When a fixed fee is applied to a loan that lasts only a few weeks, the annualized rate becomes much higher.

It doesn’t mean you will pay 300% of the loan amount in a couple of weeks. However, it does highlight how expensive this type of borrowing can be. APR helps borrowers see the real cost of the loan, which is why using a payday loan calculator makes a big difference before submitting a request.

Payday Loan Regulations by State

Short-term lending is strictly regulated at the state level. That’s why all the terms, fees, and overall availability vary depending on the borrower’s location.

Here is how payday loan rules differ from state to state*:

StateMax amountFeesAPR
California$255Up to $45~460%
Florida$50010% + $5 verification fee~260%
Illinois$1,000$30.58~36%
Maine$1,000Up to 30%~780%
Maryland$1,0002.75% per month~32%
Ohio$1,00028% interest + monthly fee (capped)~198%
Oregon$1,00036% interest + 10% origination~153%
Texas$1,000Up to $30 per $100~664%
Wisconsin$1,000$14.80 per $100~385%

*Illustrative APR, based on typical fee structures. Real values depend on the lender, the loan term, and the individual’s credit profile.

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Lower-Interest Alternatives to Payday Loans

Situations may be different, but depending on urgency and financial profile, there may be more affordable ways to get the money.

You may also consider:

Employer paycheck advance

Some employers may allow accessing a portion of the salary before the payday with zero interest.

Credit union PALs
(Payday Alternative Loans)

These small-dollar loans are offered by credit unions and come with capped fees and lower rates than those of payday loans.

Buy Now, Pay Later (BNPL)

This option lets you split a purchase into smaller payments, often without interest if paid on time, and works well for planned purchases.

Borrowing from family or friends

If arranged and discussed in advance, it’s the best option for covering unexpected costs, as you won’t have to pay any fees.

Selling unused items

If timing allows, selling things you no longer use will help you get the money you need without taking out any loans and paying interest.

Frequently Asked Questions

In most cases, these terms are used interchangeably because they both offer quick access to small-dollar loans. However, they differ in the source they come from. Payday loans are provided by lenders and are due on your next payday, while cash advances are usually taken from a credit card or financial app and may have different fees and terms.

The average APR for a payday loan typically ranges from 300% to 500%, depending on the lender, loan term, and state laws. With a good credit score, you may receive more favorable fees.

Availability of payday loans depends on your state and local regulations. Some states have strict caps, while others prohibit short-term lending entirely. You can contact our support team to check on that, or consider an installment loan with a more flexible repayment structure.

Yes, SSDI can be accepted as a source of income as long as you meet the eligibility criteria. Actual terms and requirements depend on state, lender, and overall financial profile. Learn more about emergency loans with no job.

If you decide to roll over a payday loan, you’ll have to pay additional fees. In such a way, you increase the total repayment cost and make it harder to clear the balance.

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