The purpose of our payday loan calculator is to assist you in determining what loan size and repayment period are best for you. You can use the APR of the amount you want to borrow to ensure that it’s the correct answer for your financial concerns.
APR for Payday Loans and Advances
You can also use our payday loan calculator to work out your repayments so that you know exactly what to expect. When it comes time to pay back the money, this will help things go smoothly and prevent any problems arising in repayment.
For example, if you took out a payday loan of $500 over 18 months with an APR (Annual Percentage Rate) of 3958%, then based on our payday loans calculator above here are the calculations for how much you would need to repay each month:
$485 = Total amount owed after one month; $491 = Total amount owed at end of the second month; $484 = Total amount borrowed by the third month, etc.; $495 = Amount needed per payment starting sixth-month onwards.
By using this payday loan calculator and knowing exactly how much you need to repay, then there won’t be any surprising costs or incorrect calculations. When it comes time to pay back the money, everything will go smoothly and without problems.
When deciding what payday loan size is right for you over a certain period of time take into consideration things like your monthly income as well as expenses such as rent/mortgage, bills, etc. The APR of the amount you want to borrow should also factor in whether that’s appropriate for your financial situation or not. If you find yourself unable to afford other basic living expenses while repaying a payday loan at an extremely high APR rate, then perhaps another type of personal finance solution would work better for you.