Payday Loan APR Calculator
FinanceCalculate the true annual percentage rate (APR) of a short-term payday loan from its finance charge and term.
Annual Percentage Rate (APR)
The true annualized cost of this short-term loan, expressed as an APR for comparison against other credit products.
APR Amount (If Held a Full Year)
$391.07
Recurring Monthly Fee (If Extended)
$7.00
The extra fee typically charged for each additional 30-day period the loan remains outstanding beyond its original term.
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Frequently Asked Questions
How is payday loan APR calculated?
APR = (Finance Charge / Loan Amount) x (365 / Loan Term in Days) x 100. This annualizes the short-term finance charge so it can be compared to other forms of credit.
Why are payday loan APRs so high?
Because the finance charge is fixed regardless of the short repayment window, annualizing it over 365 days produces a very high percentage -- even a modest-sounding $15 charge on a $100, 14-day loan works out to about 391% APR.
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