- APR = fee ÷ amount × 365 ÷ days in the loan term.
- A $15 fee per $100 for 14 days is about 391% APR.
- The shorter the term, the higher the APR for the same fee.
Payday loan cost calculator
Simple APR estimate for a single-payment loan. Your lender’s Truth in Lending disclosure shows the exact APR.
How payday loan APR is calculated
APR expresses the cost of credit as a yearly rate so you can compare loans of different lengths. For a single-payment loan:
APR = (fee ÷ amount borrowed) × (365 ÷ number of days) × 100
Example: a $45 fee on $300 for 14 days is 0.15 × 26.07 = 3.91, or 391% APR. This matches the CFPB's example of a $15 per $100 two-week loan.
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What common fees mean as APR
| Fee per $100 | 14-day loan | 30-day loan |
|---|---|---|
| $10 | 261% | 122% |
| $15 | 391% | 183% |
| $20 | 521% | 243% |
| $25 | 652% | 304% |
| $30 | 782% | 365% |
Why rollovers matter more than APR
If you cannot repay a $300 payday loan and roll it over three times at $45 each, you pay $180 in fees and still owe the $300. The CFPB found that most payday borrowers cannot repay in full by their next payday. Before you borrow, make sure you can repay on the due date without skipping rent, food or other bills.
APR is useful for comparing loans, but the dollar figure is what leaves your pocket. A 28% APR credit union loan over 3 months can cost less than a two-week payday loan, even though it lasts six times as long.
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Request a loanFrequently asked questions
What is the APR on a typical payday loan?
At the common fee of $15 per $100 for two weeks, the APR is about 391%. Fees range from about $10 to $30 per $100, so APRs vary.
Why is payday loan APR so high when the fee is small?
Because the term is so short. A $15 fee every two weeks adds up to about $391 a year for every $100 borrowed.
Do lenders have to tell me the APR?
Yes. Under the federal Truth in Lending Act, lenders must disclose the APR and the finance charge in dollars before you sign.