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By Alex Diaz · How we calculate this
A typical payday loan charges $15 to $20 in fees per $100 borrowed over a two-week term. Annualized, that works out to something like 390% to 600% APR, an order of magnitude beyond even a high-rate credit card. Because the full balance is usually due back in a single lump sum, this calculator weighs the total repayment you enter against roughly three months of your budget rather than a single month's income.
These key factors affect payday loan affordability
The true cost, expressed as an APR
The fee framing is part of what makes payday loans easy to underestimate: $15 on a $100 loan reads like a modest one-time charge, not a percentage rate. Annualize it the way any other loan is measured, though, and it lands at roughly 390% to 600% APR, far beyond what even the highest-rate credit cards charge.
The full balance is due all at once
Unlike an installment loan, the entire amount plus fees is typically due back in one lump sum on your very next payday, usually within two to four weeks, leaving no way to pay it down gradually if that paycheck is already spoken for by rent, groceries, or another bill.
The rollover and reborrowing cycle
CFPB research has found that most payday loans get reborrowed within two weeks of the original loan, with the typical borrower spending about five months of the year in this kind of debt, paying fee after fee along the way. It's part of why a little more than a dozen states now ban payday lending outright and several others cap rates around 36% APR, similar to the cap that already protects active-duty servicemembers and their families under the federal Military Lending Act. Checking what's legal and what it costs where you live is worth doing before assuming a payday loan is your only option.
How to use your results
- Treat the total repayment amount, including fees, as the real cost - not just the amount you're borrowing
- Confirm you'll have enough left over after repayment to cover your other bills for that pay period
- Consider whether you'd need to reborrow immediately after repaying, which is common with this type of loan
Ways to make a payday loan more affordable
- Check with your bank or credit union for a small-dollar or paycheck advance loan, which typically carries far lower fees
- Ask your employer about an earned wage access or payroll advance option before turning to a payday lender
- Look into local nonprofit or community assistance programs for the specific bill you're trying to cover
- If you do borrow, repay it in full by the due date rather than rolling it over, since rollover fees are where the cost multiplies
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Sources
Consumer Financial Protection Bureau (typical payday loan APR)
Starting points to compare against, not real-time quotes.
Peer comparison data
Bureau of Labor Statistics (median income by age), Experian (credit score by age)
Used by the “how you compare” figures in the sidebar, not by the costs on this page.
Every figure on this site, with its source and the date it was last verified
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