PayDay Loan Calculator

The Payday Loan Calculator shows the cost, interest rate (APR), and total payment for any payday loan. Payday loans are short term loans meant to cover expenses prior to your next paycheck. Use the payday loan calculator to:

  • Estimate the cost of a payday loan
  • Calculate the Interest Rate
  • Compare Payday loan costs from different lenders


Payday Loan Calculator Input

Loan Amount: $
Loan Fee: $
Loan Length in Days:

Payday Loan Calculator Benefits

The Payday Loan calculator allows you to calculate the interest rate (APR), due date, and total payment for any payday loan. Benefits include the ability to compare different Payday loans and dates to help find the best payday loan company. 

How do Payday Loans work?

Payday loans work by providing funding for short terms that are repaid with your next paycheck. Typically, payday lenders charge a fixed fee for borrowing money for a short period. This usually corresponds to the date of your next paycheck. 

Entering the fee in the payday loan calculator, along with the loan length, will compute the APR. Because of the very short time period, payday loans can have a very high APR. 

Payday Loan Alternatives

As shown in the payday loan calculator, the interest rates can be very high. This makes finding an alternative a good idea. Two alternatives include a Payday Alternative Loan (PAL) and a car title loan. 

Payday Alternative Loan

PALs are starting to be offered by credit unions and banks. These are very similar to payday loans, except the interest rate is much lower. It is a good idea to check with your bank or credit union to see if they offer these options. Doing so can save you a significant amount of interest and fee costs. 

Car Title Loan

Another alternative to a payday loan is a car title loan. This can be a good alternative if the required loan amount is higher than what a payday loan can provide. Car title loans can be expensive, so find a lender with reasonable rates. Use the car title loan calculator to get an estimate