PayDay Loan Consumer Information

Calculator

Calculate the Cost of Using Payday Loans

How much does it cost to borrow money from a payday lender? Many companies quote the cost of loans as the cost to borrow $100, such as $15 per $100 or $20 per $100. Since the loan must be paid in a week or two, consumers may not realize how much loans cost under typical use.

Very few borrowers get just one payday loan in one year. Payday loans are single payment loans, but many lenders will permit borrowers to just pay the finance charge to renew the loan for another pay period. Others make a new loan on the same day a consumer brings in cash to buy back her check.

Select the loan fee option below that is quoted by lenders in your area. The options are the legal maximums for states that allow payday lending.

Loan fee

Select the amount of money you would borrow (A typical payday loan is $300)

Select either a seven day or a fourteen day loan term (The majority of loans are due in about two weeks)

Select how many loans or loan renewals you expect to have in a year from all lenders. Count each time you pay the fee for a loan, whether you pay off the loan amount or just extend the loan another pay period. If you borrow from more than one store, count those loans, too. (The average customer has eight to thirteen payday loans or loan renewals from a single lender in one year)