Payday Loan APR Calculator

APR Calculator: If you just want a payday loan APR calculation without doing the math or digging into details, use this app APR Calculator for a quick calculation.

Why is the APR for payday loans so high?

Payday Loans up to $1000 or less, known as Payday Advances. These loans are most often a week or just days. Hence, the APR when calculated is excessive.

Usually term length for a payday loan is only 14 days. You are essentially taking the cost of the loan for that 14 days period. If using APR, that you’re assuming that that cost would be applied again every 14 days.

There are a little over 26 suchlike periods in a year. That’s why payday loan have such a high APR.

How to Calculate the APR for a Payday Loan?

To use this APR Calculator, make a select in dollars to the loan amount field, the loan fee in dollars and a loan term in days. Tap on Calculate and see the APR.