Payday Loan Calculator

Table of Contents

Payday loans and calculators are engineered to get you out of financial hardships, covering ends until you receive your next paycheck. Life can come at you with many unexpected expenses such as a blown-out tire or a broken water heater. Don’t let these costs break the bank, use a payday loan calculator and save the day!

Lenders are required to be upfront about their fees and scheduling. Many lenders actually have their fees online so by using calculator you can calculate exactly how much you’ll end up paying.  With calculator, there is no guesswork involved. Don’t wait, figure out how much you can borrow and pay back with a payday loan calculator today!

A calculator can be a helpful tool if you’re considering taking out a payday loan. Calculator can help you estimate the total cost of the loan, including the interest and fees.

Payday loan calculator

What Are Payday Loans?

A payday loan is a small, short-term loan that you can take out to help you cover costs until your next paycheck arrives. That’s where a calculator comes in handy. In most states, payday loans are usually available for $100 to $1000, and you can usually get them in just a few minutes online with calculator. A good calculator will allow you to input different loan amounts.  A payday loan calculator can help you determine how much a payday loan will cost you, based on the amount you borrow, the interest rate, and the term of the loan. With the calculator you can easily assess how profitable it is to take a payday loan.

Why Do People Use Payday Loan Calculator?

People use payday loans and calculator for a variety of reasons. Sometimes people need a quick cash injection to cover expenses that came up unexpectedly, like groceries or car repairs. Other times people may need a short-term loan to tide them over until their next paycheck arrives.

Whatever the reason, payday loans are an easy and convenient way to get the money you need especially if you use the calculator beforehand. But before you apply, use the calculator to understand how much you will have to repay.

When used correctly, a calculator is a valuable tool for understanding the true cost of a payday loan. However, it’s important to remember that not all calculators are created equal. Some calculators only consider the interest rate when calculating the cost of a payday loan, while other calculators also factor in additional fees and charges.

Costs of Payday Loans with Calculator

There are several costs associated with payday loans, and understanding them with the calculator is important if you want to choose the best one for you.

What Is a Payday Loan Calculator?

A calculator can help you see how much you could end up paying in interest and fees, so with calculator you can make an informed decision about whether a payday loan is right for you.

Why Use a Calculator?

There are a few reasons you might want to use a calculator.

  • First, if you’re not sure how much you can afford to borrow, a calculator can help you figure out the maximum amount you can take out. With calculator you won’t put yourself in too much financial hardship.
  • Second, a calculator can help you compare different lenders to find the one that offers the best terms for your situation. By using a calculator, you can easily compare the interest rates and fees. Calculator also allows to compare repayment terms.
  • Third, a calculator can help you estimate your payments. Calculator allows you to see how much interest you’ll end up paying.

How to Use a Calculator?

When you are considering taking out a payday loan, it is important to know how much the loan will cost you. This is where a payday loan calculator can be very helpful.
A payday loan calculator will help you to calculate the fees and interest charges associated with a payday loan. It is important to remember that these calculators are only estimates, and the actual costs may be higher or lower than what is shown on the calculator.
To use a payday loan calculator, simply enter the amount of money you need to borrow and the length of time you need to pay it back. The calculator will then show you an estimated total cost for the loan.
When using a payday loan calculator, it is important to keep in mind that the fees and interest charges on payday loans can vary depending on the lender. Be sure to compare different lenders and use calculator before deciding on a loan.

What Is “APR”?

APR, or annual percentage rate, is one of the most important factors to consider when choosing a payday loan calculator. This is the interest rate that would correspond to the loan if it were taken for a year.

Some payday loans have high APR rates, which can quickly add up.  So make sure you first check the total amount with a calculator. A good calculator will allow you to input different interest rates.

Payday Loan Calculator by State

While many states have similar laws and regulations in regards to payday loans not all of them have the same fees and fee scheduling, as payday loan calculator shows. Most states have a maximum limit of $500 for payday loans and will allow you to pay it back over a 31-day period. A good calculator will allow you to input different loan terms. If you are not able to repay your debt in that time frame, some states will allow you to take an extension or apply for a rollover. Use the calculator to find out the exact amount you will have to repay.

Fees are unique in every state, places like Iowa and Mississippi charge flat fees while South Carolina charges no more than 15% of the total amount of the loan. In Iowa, for example, lenders can charge up to $15 on the first $100 borrowed and $10 on every $100 borrowed after that. To find out the exact amount of the loan, use the calculator. As you can see in the chart below if you were to borrow $100 in Iowa, the maximum you would have to repay is $115 according to the calculator. If you were to borrow $300, you would only have to worry about paying back $335. Seeing your payday loan journey from start to finish is one of the key reasons to use a payday loan calculator.  

Payday Loan Calculator Alabama Iowa Kansas Mississippi South Carolina
Loan Amount $100 $300 $100 $500 $200
Fee 17.5% of the total amount borrowed $15 on the first $100, $10 on the following $100 15% of the total amount borrowed $20 on the first $250, 21.95 on the following $250 15% of the total amount borrowed
Amount Owed $117.50 $335 $115 $541.95 $230

How to Get Your Payday Loan in 3 Simple Steps?

Getting a payday loan has never been easier and even more so with a calculator. Hidden fees are also a thing of the past, as using a payday loan calculator you can see exactly how much you will owe. 

Payday loan calculator application

  • Understand the Rules and Requirements

You’ll need to be at least 18 years of age and a current resident of the state in which you want a loan. You will also need identification, a physical address, a social security number and an active bank account. Most lenders will also ask for an email address and a phone number for contact information as well. Finally, lenders will want to see your proof of income, they need to know how you’ll be able to pay the loan back. 

  • Choose Your Lender

While you can go in person to a brick-and-mortar store, many payday loan centers can take your application online and offer to use payday loan calculator! With your bank account information, you can even have them deposit the funds directly into your account. 

  • Get Funded!

Once your application has been submitted and approved, the funds should be sent directly to your account! Looking over the payday loan calculator again you can see exactly how much you will owe and when the payments are due. 


Before you take out a payday loan, make sure that you understand the terms of the loan and that you have enough money to pay back the loan along with the interest, and a calculator will help you calculate how much you can afford to borrow.

Terms of Payday Loans

The terms of a payday loan vary, but most loans have a term of 14 to 31 days.

When you choose a payday loan, make sure you understand the terms and conditions and use the calculator beforehand. By using payday loan calculator, make sure you understand how much you will have to pay back and whether there are any fees or interest rates associated with the loan.

What If I Can’t Repay My Payday Loan?

Payday loans are short-term loans, so you are expected to pay them off as soon as you get your paycheck. So use the calculator to estimate how much you will have to pay back by deadline. However, what happens if you can’t repay the loan by the deadline? For one thing, the lender could charge you extra fees, which would increase the total amount you you previously estimated with the calculator. Second, the payday lender might contact a collection agency to get their money back. Third, the lender might even sue you.

But you will have a much less chance of failing to pay the loan if you use the calculator to estimate the total amount in advance.

Facts about Payday Loans

There can always arise a need for a quick financial fix. And when that fix comes in the form of a payday loan, it can be lifesaving. But, like anything else in life, there are some things you should know before taking one out, besides calculating the amount of debt using the calculator.

Payday Loan Laws in Your State 

Payday loans are an affordable and, by using calculator, convenient way to get the money you need fast. However, as with any form of borrowing, it’s important to be aware of the risks involved before taking out a payday loan and this is where a calculator will be useful. By looking at the list of states that offer payday loans, you can get an idea of which states have the most lenient regulations on these types of loans and which ones are more strict. And then you only have to calculate the amount of credit you can afford with the calculator.

Payday loan calculator in my state

States Where Payday Loans are Legal

Most states have laws governing the use and availability of payday loans. In addition, many states have specific regulations governing the fees that payday loan companies can charge consumers that you can take into account with the calculator. Here you can see which 37 states out of 50 allow payday loans:

  • Alabama
  • Alaska
  • California
  • Colorado
  • Delaware
  • Florida
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

To find out how much you have to repay in interest, use the calculator.

States Where Payday Loans are Illegal

Payday loans are banned in the remaining 13 states, including the District of Columbia. You can see a list of these states below:

  • Arizona
  • Arkansas
  • Connecticut
  • Georgia
  • Maryland
  • Massachusetts
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Vermont
  • West Virginia
  • The District of Columbia

If you live in a state that bans payday loans, don’t worry, you can still have them. You can apply for payday loans online from companies affiliated with financial institutions outside of your state. But first, don’t forget to use the calculator.

Payday loan calculator by the state

Frequently Asked Questions

I have bad credit. Can I get a payday loan?

Yes you can! Having bad credit doesn’t necessarily mean you’re not qualified for a loan. Many lenders have payday loans and online calculators where your credit doesn’t need to be perfect. Just be sure that you calculate how much you will owe the lender with a calculator.

What if I don’t have any credit whatsoever?

Not a problem, those same lenders that have bad credit payday loans can also approve you for a loan without a credit check at all! They will still want to see your proof of income to make sure you are able to repay the loan in its entirety. And don’t forget to use the calculator.

I need to borrow $500 right away in Iowa, how much will it cost me according to the calculator and how long can I have the loan for?

According to the calculator, if you’re need $500 quickly in Iowa, you can use the payday loan calculator and expect to repay a maximum amount of $555. You have a total of 31 days to do so.

Do payday loans affect my credit score?

In most cases, no. So you should not expect to improve your credit score with payday loans, because payday lenders do not usually report to the credit bureau. However, if you are unable to pay back your loans, it can hurt your credit history since the lender can report the default to the credit bureau. Use the calculator to know how much you have to pay back.

If you find yourself in a situation where you need a little extra money to get by, a payday loan calculator can be a useful tool. Calculator can help you determine how much you will need to borrowed based on your current income and expenses. Calculator can give you an idea of whether or not a payday loan is right for you and calculator also can help you avoid getting into more debt than you can handle.