Payday Loan Fee Cost CalculatorFree online financial calculator — instant results, no sign-up
Calculate a payday loan fee and its simple annualized rate on a 365-day basis.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
Sign in to save results and favorites.
About the Payday Loan Fee Cost Calculator
The Payday Loan Fee Cost Calculator calculates the finance charge and total repayment for a payday loan using a fee quoted per $100 borrowed. It also converts that fee into a simple annualized fee rate on a 365-day basis, showing how the borrowing cost compares with the loan amount and its short repayment term.
- Loan amount ($)
- The principal borrowed in dollars, with a default of $500.
- Fee per $100 borrowed ($)
- The dollar fee charged for each $100 of principal, with a default of $15 per $100.
- Term (days)
- The number of days from borrowing to scheduled repayment, with a default of 14 days.
Formula and method
F = (P / 100) × f; T = P + F; R = (F / P) × (365 / d) × 100%. With the default inputs: F = (500 / 100) × 15 = $75.00; T = 500 + 75 = $575.00; R = (75 / 500) × (365 / 14) × 100% = 391.07%.
- PLoan principal in dollars.
- fFee in dollars per $100 borrowed.
- dLoan term in days.
- FFinance charge in dollars for the stated term.
- TTotal repayment in dollars, including principal and the calculated finance charge.
- RSimple annualized fee rate expressed as a percentage on a 365-day basis.
Divide the loan amount by 100 and multiply by the fee per $100 to calculate the finance charge. Add that charge to the principal to find total repayment. Divide the charge by the principal to obtain the fee rate for the loan term, then multiply by 365 divided by the term in days and express the result as a percentage. Display dollar amounts and the annualized percentage to two decimal places.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Loan amount500 $
- Fee per $100 borrowed15 $
- Term14 days
Results
- Finance charge$75.00
- Total repayment$575.00
- Simple annualized fee rate391.07%
How to use the Payday Loan Fee Cost Calculator
- 1Enter the loan amount in dollars; the default is 500.
- 2Enter the dollar fee per $100 borrowed; the default is 15, not a flat $15 fee for the entire loan.
- 3Enter the repayment term in days; the default is 14.
- 4Calculate and review the finance charge, total repayment, and simple annualized fee rate.
- 5For the default inputs, confirm the outputs are $75.00, $575.00, and 391.07%, respectively.
Reading your result
Finance charge is the fee paid for borrowing over the entered term: $75.00 with the defaults. Total repayment is the amount needed to repay principal plus that fee: $575.00. Simple annualized fee rate scales the term's fee-to-principal ratio to 365 days: 391.07%. This annualized figure is a comparison measure, not the percentage charged during the 14-day loan and not an additional amount owed.
Limitations
The calculation assumes a single advance, one repayment at the end of the term, and a fee that scales proportionally with principal, including fractional $100 amounts. Principal and term must be greater than zero, and the fee must be nonnegative. It excludes extra charges, late fees, renewals, rollovers, partial payments, and compounding. The simple annualized fee rate is not an effective annual rate and may differ from a legally disclosed APR because of applicable rules, included charges, or transaction details. The calculator does not assess loan legality, fee caps, eligibility, or affordability.
Common questions
Why does a $15 fee per $100 produce a $75.00 finance charge?+
The default $500 loan contains five $100 units. Multiplying five by the $15 fee gives a $75.00 finance charge, which brings total repayment to $575.00.
Why is the annualized fee rate 391.07% when the fee is only 15% of the loan?+
The $75.00 charge is 15% of the $500 principal for just 14 days. Multiplying that term rate by 365 / 14 gives a simple annualized fee rate of 391.07%; it does not mean 391.07% is charged during those 14 days.
Does changing the term change the finance charge?+
Not when the loan amount and fee per $100 stay fixed. In this calculator, the term affects only the annualized rate: a shorter term raises that rate, and a longer term lowers it.
Does this calculator show what repeated payday loan rollovers would cost?+
No. It calculates one loan term and one finance charge. Its annualized rate does not model repeated fees, capitalized charges, or changes in principal from rollovers.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
You might also like
Credit Utilization Calculator
Measure revolving utilization and the payment needed to reach a target percentage.
Minimum Payment Trap Calculator
Compare a percentage-of-balance minimum payment with a fixed monthly payment.
Balance Transfer Promotion Calculator
Calculate the payment needed to clear a zero-interest transfer before its promotion ends.
Monthly Debt Interest Cost Calculator
Estimate one month's interest on two unchanged balances at their stated annual rates.
Daily Simple Interest Cost Calculator
Calculate simple interest using a selected annual day-count denominator.
Pawn Loan Redemption Cost Calculator
Estimate pawn redemption cost with simple monthly interest and a fixed fee.
Results are estimates for informational purposes and are not financial, medical or legal advice.