Payday Loan APR Calculator
This online calculator shows a daily cost of the borrowed funds at the daily interest rate equal to 1.01% (minimum rate).
What is an online loan APR calculator?
It allows every client to quickly and easily calculate a payment schedule for a planned loan or a payday loan in order to assess your ability to fulfill obligations and repay debt. Knowing several parameters of a loan, you can choose the terms that are convenient for you.
What does the loan APR calculator provide?
- An online calculator for calculating interest on a loan agreement will help you easily determine the amount of the principal debt.
- It will calculate the amount of interest for the entire period of using payday loan, taking into account the interest paid and extra borrowings, regardless of who your lender is – an individual or a microfinance organization.
- It will help you choose the type of interest calculation that is more beneficial for you (for daily use or for annual use of the lender’s funds). The system will make an accurate calculation according to the selected criterion and provide you with correct data.
- With the help of the payday loan online calculator, you will find out the amount for the use of funds under the signed agreement.
- You can use the calculations obtained on the website to sign a contract, draw up a statement of claim or an objection to the court.
- You no longer need to study the complex aspects of legislation and judicial practice that regulate financial relations for a long time and painstakingly when using cash advance APR calculator.
- Our personal loan calculator for calculating interest on a loan agreement will instantly make the desired calculation.
- Fill in the required fields and see how simple and convenient it works.
APR loans calculator – bank vs payday lender
It is common practice in banks to determine the annual interest rate. The monthly repayment amount is already calculated on the basis of it and only in some cases the account is kept for days. In payday lending companies, however, everything is somewhat different. The number of days of using cash advance is taken as a basis including weekends and holidays. Thus, the online calculator can calculate the interest on a loan quite accurately, which is very convenient. Typically, you need to enter the following data:
- the total loan term;
- loan amount.
Sometimes other terms are additionally indicated, if they are relevant. For example, a grace period can be used, a loan is extended. And sometimes, using the APR loan calculator, you can even calculate the approximate amount of the penalty for late repayment.
Loan amount, rates, and terms
The maximum amount of loan is $600 taken from a single lender. Borrowers are allowed to have not more than two outstanding loans, although, from different lenders. Loans are given for the maximum term of 14-31 days. The law in Michigan allows every client to issue two consecutive loans not issued from a single lender.
An amount that does not exceed the aggregate of the following, as applicable:
- 15% of the 1st issued $100 of the deferred presentment transaction.
- 14% of the 2nd issued $100 of the deferred presentment transaction.
- 13% of the third issued $100 of the deferred presentment transaction.
- 12% of the 4th issued $100 of the deferred presentment transaction.
- 11% of the 5th issued $100 of the deferred presentment transaction.
- 11% of the 6th issued $100 of the deferred presentment transaction.
Michigan Payday Loan Terms:
- Maximum Loan Amount: $600
- Loan Term: Max: 31 days
- Finance Charge for 14-day $100 loan: $15
- APR for 14-day $100 loan: 390%
Use the online calculator to calculate the terms and rates. The online calculator for payday loans shows the minimum terms and rates, the APR calculates 370%. The daily interest charged ($15/14 days) is $1.071429. Convert the daily interest charged into an APR: $1.071429 x 365 days in a year = 391%.