Our Monthly Repayment Calculator helps consumers make responsible decisions about borrowing. It factors in all of the variables relating to a payday loan offer in order to calculate the cost per month to repay the loan.
Before taking a loan that may be offered to you by one of the lenders within the PaydayLoansOnline.net network, it is a great idea to let the calculator tell you whether or not you can afford the loan repayments. By using our calculator, it can indicate whether or not a particular loan would incur monthly repayments that are too high for you to comfortably manage, or would be perfectly within your range.
All you need to do is input some figures relating to the pay day loan you are considering and our calculator will do the hard work for you!
How the Monthly Repayment Calculator Works
STEP 1: Type in the amount you want to borrow (in dollars): First, tell the calculator the amount that you want to finance (borrow). For example, if you are considering a loan that is $450, input the number ‘450.’
STEP 2: Enter the Annual Percentage Rate (APR) for the loan: If the lender hasn’t provided you with the APR yet, you can calculate this using our APR Calculator. If you have it, enter the number here. For example, if the APR of the loan you are considering is 26.8%, enter ‘26.8’
STEP 3: Select the repayment frequency: Will you be making repayments weekly or monthly? Select the appropriate choice from the drop-down menu,
STEP 4: Enter the number of repayments that you want to make: The number of repayments affects the total cost of each repayment. For example, if you want to repay the loan over 3 monthly payments, input ‘3.’
STEP 5: Enter the number of days until the first payment: Next is to specify the number of days until the first loan repayment is made. For example, if you don’t need to start paying the loan back for two weeks, type in ‘14’ for 14 days.
STEP 6: Click on ‘Calculate’: That’s it, you’re done! The Calculator will now quickly tell you the total amount you will need to repay each month for this loan.