Our APR Calculator is a great at-a-glance way for consumers to immediately see the Annual Percentage Rate (APR) for their payday loan. APR is metric for determining the yearly cost of a loan in the standard terms that most lenders and banks use. APR is a benchmark calculation – the higher the APR, the more expensive the loan costs in real terms over the period of a year. The lower the APR, the cheaper the loan costs.
The calculator requires only very basic details to compute the percentage rate for you and can help you to understand the true cost of your loan. It is useful to consumers wanting to compare deals from various lenders. You can use the calculator to pitch lenders against one another to see which is offering you the most competitive loan and take the one with the lowest rate!
How the Payday Loan APR Calculator Works?
STEP 1: Input Payday Loan Amount (in dollars): Here you should enter the total amount of the payday loan. For example, if a lender has offered you a payday loan of $500, you should enter ‘500’ into this box.
STEP 2: Input Payday Loan Term (in days): This is the box for the total length of the loan term being offered to you, in days. For example, if the lender offers you a 2 month loan, you should enter the number ‘60’ corresponding to 60 days. If the loan is 3 months in term, you should enter the number ‘90’ corresponding to 90 days, etc.
STEP 3: Input Payday Loan Fee (in dollars): Next, you need to supply the total number in dollars of fees that will be applied to the loan you have been offered. For example, if they lender quotes you loan fees of $25, you should enter the number ’25.’
STEP 4: Click ‘Calculate’: Finally, click on the ‘Calculate’ button for our calculator to take all of this data and accurately process the numbers to give you the result.
STEP 5: The Calculator will tell you the APR for the loan: That’s it, you’re done! Now you know the APR for the loan and can compare against others in order to make a fully informed decision on what no obligation loan to accept.