Payday loan interest calculator
How much interest will a payday loan cost you? The cost of a payday loan is usually quoted as a fee per $100 borrowed and the pay day loan must be paid back in a short period of time. In most cases, these fees translate into extremely high interest rates when compared to the Annual Percentage Rates (APR) of other loans.
Very few borrowers obtain just one payday loan in one year. Most consumers end up renewing their loans. Many lenders will permit borrowers to just pay the finance charge, then renew the loan for another pay period.
To calculate the APR and total interest paid for a series of payday loans, enter the amount you're borrowing, the loan fee per $100, the loan term and number of loan renewals you expect in a year.
