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.

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.

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:

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:

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*:

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