Payday loan calculator
Choose an amount and a state to see the most a licensed lender may charge for a two-week payday loan, the total you would repay and the APR. Where a state bans payday loans or sets no fee cap, the calculator says so instead of showing a number.
What will it cost?
- You borrow
- $300.00
- Fee
- $45.00
- You repay in 14 days
- $345.00
Based on a typical fee of $15 per $100 borrowed, repaid in one payment after 14 days. Your lender's price may differ.
The short version
- The fee shown is the legal maximum for the state, or the typical $15 per $100 if no state is chosen.
- The APR is the fee annualized over a 14-day term.
- Rollover, late and bank fees are not included.
On this page
How the calculator works
Pick the amount you want to borrow and, if you like, your state. With no state selected, the calculator uses the fee most payday lenders charge across the country: $15 for each $100 borrowed. With a state selected, it applies that state’s own rule:
- A fee cap written into state law. The calculator applies the cap, including tiers and fixed charges such as a verification fee.
- A rate cap of 36% to 50% APR. It works out two weeks of interest at that rate.
- No payday lending. It tells you the loans are not legal there.
- A limit below the amount you picked. It tells you the state’s maximum.
- No fee cap, or a rule we cannot reduce to one formula. It says that no reliable figure is available instead of guessing.
The term is fixed at 14 days, the most common payday loan term, and the loan is repaid in one payment.
The formula for the APR
APR = fee ÷ amount borrowed × 365 ÷ 14 × 100, rounded to a whole percent. A $45 fee on $300 gives 45 ÷ 300 × 365 ÷ 14 × 100 = 391%. The guide to payday loan APR walks through more examples.
What the result leaves out
The figure is the price of one loan repaid on time. It does not include a second fee if the loan is renewed, a returned-payment fee if a debit fails, or your bank’s overdraft charge. Renewing a $300 loan once doubles the fee and leaves the $300 still owed. A lender may also charge less than the legal maximum, so treat the result as a ceiling and read the agreement for the real price.
Before you borrow
Compare the result with a credit union payday alternative loan, which is capped at 28% APR, and with the other payday loan alternatives. The state law table shows every state’s limits side by side, and your state’s page names the regulator that licenses lenders.
Common questions
How do you calculate the fee on a payday loan?
Multiply the amount borrowed by the fee rate. At $15 per $100, a $400 loan costs $60. Some states use tiers or add a small fixed charge, which the calculator applies for you.
Why is the APR so high when the fee looks small?
Because the fee buys only two weeks. Charged every two weeks for a year, a $15 fee per $100 adds up to 391% of the amount borrowed.
Does the calculator show what my lender will charge?
It shows the most a licensed lender may charge under state law, or a typical fee when no state is chosen. Your lender’s price is in the loan agreement and may be lower.
Is my information saved?
No. The calculation runs in your browser. Nothing you select is sent to us.
Check the rules where you live
Whether you can borrow, how much, and what a lender may charge all depend on your state.