PayDay Loan

Payday Loan Calculator See the true cost of payday loans — including rollovers, fees, and APR — with state-specific rules...

Payday Loan Calculator

See the true cost of payday loans — including rollovers, fees, and APR — with state-specific rules and safer alternatives.

Loan Amount ($)

Fee per $100 ($) $15 (CA, TX, etc.) $20 (Avg.) $25 (FL, OH) $30 (NC, SC)

Term (Days) 14 days 30 days

Rollovers / Reborrows

State No Restrictions (e.g., AL, TX) Extended Repayment (e.g., CA, OH) Banned (e.g., NY, NJ, CT)

$0

Total Due (After Rollovers)

0.00%

Effective APR

Extremely High Risk

$0

Total Fees Paid

—

Days to Double Debt

Debt Spiral: Rollover Impact

How Payday Loans Work

A payday loan is a small, short-term, high-cost loan that must be repaid on your next payday — typically 2–4 weeks.

Typical Terms**:

• Borrow $100 → Pay $115–$130 in 14 days
• Fee = $15–$30 per $100 borrowed
• APR = 391%** (for $15/14-day loan): $$\text{APR} = \frac{15}{100} \times \frac{365}{14} \times 100\% = 391\%$$

⚠️ **The Trap**: If you can’t repay, most lenders let you “rollover” — pay just the fee to extend the loan. Each rollover adds another $75 fee on a $500 loan → debt grows fast.

The Rollover Spiral (CFPB Data)

According to the Consumer Financial Protection Bureau (CFPB):

• 76% of loans are re-borrowed within 14 days
• Average borrower takes out 10 loans/year
• 80% of loan volume comes from borrowers taking 10+ loans/year
• Median borrower is in debt for 5 months/year

Example**: $500 loan @ $20/100, 30-day term, 2 rollovers:

• Start: $500 + $100 fee = $600 due
• Rollover 1: +$100 → $700 due
• Rollover 2: +$100 → $800 due
• → Pay $800 to borrow $500 for 90 days (**322% APR**)

Safer Alternatives

✅ Payday Alternative Loans (PALs)** — NCUA-regulated credit unions offer: • $200–$2,000 • 1–12 month term • **Max 28% APR** • No rollovers

✅ Other Options**:

• Payment Plans** — Ask utility/landlord for extension (often free)
• Side Gig** — Uber, TaskRabbit, Fiverr (earn $100 in 2–3 hrs)
• Nonprofit Help** — United Way (211), Salvation Army, Catholic Charities
• Credit-Builder Loan** — Self, Credit Strong ($5–15% APR, builds score)

❌ Avoid**:

• “No credit check” lenders (code for high-risk)
• Lenders demanding ACH access (risk of overdraft fees)
• Loans with balloon payments or >36% APR

How to Use This Calculator

1. Enter your **loan amount** ($50–$1,000 typical)
2. Select **fee per $100** (state-dependent)
3. Set **term** (14 or 30 days)
4. Enter number of **rollovers** you might need
5. Choose your **state type** for compliance notes

You’ll see:

• Total amount due after rollovers
• True APR (not just fee rate!)
• “Days to Double” debt (Rule of 72 ÷ monthly rate)
• Visual debt spiral chart

Note: Assumes full fee charged per rollover. Some states cap total fees (e.g., CA: 2.5x loan max).