Payday Loan Interest Rates Calculator by Advance SOS
Estimate the interest rate or APR for all payday loans. The Payday Loan Calculator saves precious time and money, allowing you to know what to expect from any loan. Also, you will be able to steer clear of bogus lenders who only want to rip you out of cash by charging high interest rates and fees.
Payday Loan Calculator Tool
APR for Payday Loans and Advances
How Are Payday Loan Costs Calculated?
Check how much any payday loan will cost by the following steps:
- Divide annual percentage rate (APR) by 12 months = monthly interest rate
- Multiply loan amount by monthly interest rate and divide it by 100 = monthly repayments
- Multiply the monthly interest amount by loan term = total interest repayable
- Add loan amount and total interest repayable = amount repayable
Keep in mind the following when using AdvanceSOS’ Payday Loan Calculator:
- Loan Amount – The amount you borrowed
- Annual Interest Rate – The interest rate payable on a loan for a year
- Loan Term – How long you will hold the loan until you pay it in full
- Total Interest Payable – The estimated charge you will pay your lender
- Total Interest Cap – The maximum interest rate your lender can charge you
- Amount Repayable – The total amount due to your lender for the loan
- Monthly Repayments – The monthly payment due to your lender
What Are Some Examples Using a Payday Loan Calculator?
For instance, you borrow $100 for a 360% APR for four weeks:
- Divide the 360% by 12 for the monthly interest rate = 30%.
- Multiply $100 by 30 and divide it by 100 for the monthly repayments = $30.
- Multiply $30 by one month for the total interest repayable = $30.
- Add $100 and $30 for the amount repayable = $130.
So, borrowing $100 for four weeks at 360% APR costs $30 in interest, totaling $130. Replicate the steps above for any loan terms you are curious about.
What to Consider Before Getting a Payday Loan?
Consider your loan amount, period, and APR to ensure you can afford your repayments and pay them on time. You can align your expectations with our payday loan estimator so you can choose loans based on your actual repayment budget.
What Look Out for in Online Payday Loan Calculators?
Our payday loan calculator is only a guide. Know the tool’s limitations and how to best use it by considering these factors:
- Actual fees and rates may vary
- Some lenders charge extra costs for verification and documentation
- Our estimations are based on your input on our online portal
- Our loan calculator should only be used as a guide
- Using our loan calculator has no impact on your loan application
FREE Expert Loan Advice and Loans Online from AdvanceSOS
Be the smartest borrower who gets the best loan deals for miles. With AdvanceSOS’ Payday Loan Calculator, discover same day payday loans with the lowest interest rates from reliable direct lenders to get the perfect loan for your essential cash needs.