Payday Loan Calculator

- May 12, 2025

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Use this calculator to understand the true cost of payday loans and short-term advances. See how fees, interest rates, and rollover payments can impact the total cost you'll pay.

Loan Details

Loan Amount:

Loan Term (Days):

Fee Structure:

Fixed Fee Amount:

Percentage Fee (%):

Number of Rollovers:

Rollover Details

Additional fees for rollovers

Rollover Fee (per extension):

Display Options

Decimal Places:

Show APR calculation

Payday Loan Cost Breakdown

Total Repayment Amount

£0.00

Total amount you'll pay back

Fees & Interest

£0.00

0% of loan amount

Effective APR

0.00%

Annual Percentage Rate

Days to Repay

Including rollovers

Fee Breakdown

Component	Details	Amount

APR Calculation

Loan Comparison

About Payday Loans

What are Payday Loans?

Payday loans are small, short-term loans that are designed to be repaid on your next payday. They typically have high fees and very high annual percentage rates (APRs), often ranging from 300% to 700% or higher.

Risks of Payday Loans

High Cost: The fees and interest on payday loans are significantly higher than most other forms of credit.
Debt Cycle: Many borrowers find themselves taking out new loans to pay off old ones, creating a cycle of debt.
Short Repayment Terms: Loans must typically be repaid within 2-4 weeks, which can be difficult for many borrowers.
Additional Fees: Late payments or rollovers often incur additional fees, increasing the cost further.

Alternatives to Consider

Personal loans from banks or credit unions
Credit card cash advances (still expensive, but typically lower APR than payday loans)
Borrowing from friends or family
Negotiating payment plans with creditors
Seeking assistance from nonprofit credit counselling agencies
Emergency assistance programmes

Understanding the Payday Loan Calculator

The Payday Loan Calculator is a handy tool designed to help you figure out the total cost of payday loans. With this calculator, you can easily input your loan amount, term, and fees to see how much you’ll end up paying. This way, you gain a clearer picture of what a payday loan really costs and can make informed Financial decisions. It highlights important elements such as interest rates, fees, and repayment periods.

How to Use the Calculator

Using the Payday Loan Calculator is straightforward. You start by entering the loan amount and the term in days. You also select the fee structure, which could be a fixed fee, a percentage of the loan, or a combination of both. Additionally, you can input any rollover fees and how many times you plan to roll over the loan. Once you've filled in these details, the calculator does the hard work for you.

Key Inputs for Accurate Results

Loan Amount: This is the total amount you want to borrow. You can input amounts starting from £100.
Loan Term: Enter how many days you plan to have the loan, with a maximum of 365 days.
Fee Structure: Choose whether your loan comes with a fixed fee, a percentage fee, or both.
Rollovers: Specify the number of times you plan to extend the loan.

Breaking Down Fees and Charges

One of the most valuable features of this calculator is its ability to break down all fees and charges associated with payday loans. You can see the total repayment amount, which includes any fees and interest you've incurred. Additionally, the calculator highlights the effective Annual Percentage Rate (APR), giving you insight into how much the loan will cost you over time. This feature helps you avoid surprises down the line.

Understanding Rollover Fees

If you can’t repay your payday loan on time, you might need to roll it over. This means extending the loan for another term, but beware—this often comes with additional fees. The calculator allows you to include rollover fees in your calculations, so you can see the true cost of borrowing if you choose this option. It’s a crucial aspect to consider to avoid getting trapped in a cycle of debt.

The Importance of APR Calculation

The calculator has an option to show the APR calculation, which is vital for understanding the loan's cost over a year. This percentage tells you how much you'll pay in interest compared to the loan amount. By looking at the APR, you can more easily compare payday loans with Other types of loans or credit options. This can help you identify better choices for your financial needs.

Comparing Loan Options Visually

Another feature of the Payday Loan Calculator is its ability to visually compare loan options through charts. This helps you see the differences in costs between various loan amounts and terms. By comparing these options, you can make a more informed decision that best suits your financial situation. It’s a great way to weigh your choices without getting bogged down in numbers.

Why Use the Payday Loan Calculator?

The Payday Loan Calculator is an essential tool for anyone considering a payday loan. It not only simplifies complex calculations but also ensures you fully understand the costs involved. Whether you're looking to borrow a small amount or considering a rollover, this calculator gives you the insights you need to manage your finances wisely and avoid pitfalls associated with payday loans.

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