Payday Loan Calculator

Payday Loan Calculator

Payday loans 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. Many people simply don’t have the funds available to pay for anything last minute. 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 you can calculate exactly how much you’ll end up paying with no guesswork involved. Don’t wait, figure out how much you can borrow and pay back with a payday loan calculator today!

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. In most states, payday loans are usually available for $100 to $1000, and you can usually get them in just a few minutes online.

The main advantage of payday loans is that they are easy to get. You don’t need to go through a long application process or wait long for a decision. Plus, payday loans are usually very affordable compared to other types of loans.

There are a few things to keep in mind when choosing a payday loan.

  • First, make sure the loan is appropriate for your situation.
  • Second, be sure to calculate the total cost of the loan before you take it out.
  • And finally, always pay back your payday loan as soon as possible.

Why Do People Use Payday Loans?

People use payday loans 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. All you have to do is visit a payday loan company or apply online. You’ll need to provide your name, address, and Social Security number, as well as some information about your income. After that, you’ll be given a loan amount and deadline.

Costs of Payday Loans

When you take out a payday loan, you are borrowing money from a lender in order to cover your expenses until your next paycheck. There are several costs associated with payday loans, and understanding them is important if you want to choose the best one for you.

What Is “APR”?

APR, or annual percentage rate, is one of the most important factors to consider when choosing a payday loan. 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. If you are unable to pay off your loan in full, your outstanding balance will only grow.

The main cost of a payday loan is the interest that you will be charged. This interest rate can range from about 300% to over 400%, and it will be quoted as an annual percentage rate (APR). The higher the APR, the more you will spend in interest over the course of the loan.

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. Most states have a maximum limit of $500 for payday loans and will allow you to pay it back over a 31-day period. 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.

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. 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. 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. Going in person or staying at home and applying online, modern borrowers have more than enough options! Hidden fees are also a thing of the past, as using a payday loan calculator you can see exactly how much you will owe. Getting a loan can be done in just a few short steps.

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

Once you’ve gathered your documents and identification, you can go ahead and choose who you will be doing business with. While you can go in person to a brick-and-mortar store, many payday loan centers can take your application online! 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. 

Repayment

If you’re struggling to make ends meet and need a quick financial fix, a payday loan may be the answer for you. But 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.

Terms of Payday Loans

A payday loan is a short-term loan that you can borrow money from to cover your unexpected expenses. 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. Read the entire loan agreement before signing it. 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. However, what happens if you can’t repay the loan by the deadline? In this case, the consequences can be quite unpleasant. For one thing, the lender could charge you extra fees, which would increase the total amount you owe. Second, the payday lender might contact a collection agency to get their money back. Third, the lender might even sue you.

If you can’t repay your payday loan, there are a few options available to you.

  • The first is to contact the lender and try to work out a repayment plan.
  • If that doesn’t work, you can file for a bankruptcy discharge.

If those options don’t work, you can also ask the lender to help you find other financial assistance, such as government aid or a low-interest loan.

Facts about Payday Loans

No matter what time of year it is, 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.

Payday Loan Laws in Your State 

Payday loans are a convenient and affordable 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. 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.

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. 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

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.

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 bad credit payday loans, payday loans where your credit doesn’t need to be perfect.

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.

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

If you’re needing $500 quickly in Iowa, you can use the payday loan calculator to expect to repay a maximum amount of $555 and 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.

Menu