Payday Loan Calculator
Last updated on July 22nd, 2024 at 10:52 pm
You can use the PDLoans247 calculator to estimate your loan payment based on the fees and costs. Often people talk about the annual interest rate calculator or the Annual Percentage Rate (APR) calculator. But we recommend that you concentrate on the fee you will have to pay for the loan. This is usually $10 to $30 for every $100 provided, and you must pay back the loan on time. In such a case, the annual interest rate is not relevant.
Please note! Different lenders offer various rates. In addition, the APR may vary between states. This means that the loan conditions may change over time. Make sure you discuss all loan-related information with your lender before signing an agreement.
Online Payday Loan Calculator
Estimated Total Loan Cost: $
Estimated Total Amount Due: $
Payday loans’ interest rates can vary significantly from state to state. They can also change over time.
Be sure to check your state’s official website for all the nuances of the legislation, including the information about APRs. It is usually displayed in the Secretary of State section of each state’s website.
What Is Payday Loan Calculator?
The PDLoans247 calculator will help you determine what interest rate or APR is for a suitable payday loan.
Here are explanations of the basic terms.
- The principal – the amount you get
- Repayment term (how many days) – the repayment period
- APR – the annual rate taken for borrowing the required amount. It is measured as a percentage meaning the loan’s annual cost
- The total cost – the amount you have to repay, including all fees
How Do You Calculate the Cost?
Let’s consider the formula applied for APR calculation using the following example.
- Divide the finance charge ($50) by the loan amount ($250)
- Multiply the result (0.2) by the number of days in a year (365)
- Divide the result (73) by the number of days given for loan repayment (30)
- Multiply the result (2.433) by 100. Add a percent sign to get 243.33%.
What Do You Have to Note?
- The calculation is only an estimation. The final cost may differ
- The amount is calculated based on the data you provide
- Do not make a final decision about taking a loan based on calculations
- Using a calculator will not affect the application approval process
- Fees and rates may change over time. Also, rates may vary from state to state
- Extra fees may be charged, such as verification, documentation fees, etc. Ask your lender about all the fees applied
Before deciding to take out a loan, check the legislation specifics for your state.
