What happens if a borrower rolls over a payday loan?

Rolling over a payday loan incurs new fees every two weeks without reducing the principal balance, trapping borrowers in high-interest debt.

What are safer alternatives to payday loans?

Payday Alternative Loans (PALs) from federal credit unions (capped at 28% APR), 0% interest paycheck advances, or personal emergency loans.

USAPayday Loan True APR & Total CostFinanzen

US Short-Term Payday Loan Fee to True APR & Rollover Cost Calculator

Convert flat payday lender fees ($15 to $30 per $100 borrowed) into true annualized percentage rate (APR typically 391% to 780%) and calculate compounding debt costs if the loan is rolled over across multiple pay cycles.

Kredite & Darlehen Schulden & Verbindlichkeiten Finanzen & Investition

Eingabedaten

Echtzeit-Berechnung

Loan Principal Amount Borrowed ($)

Schnellauswahl:

Lender Fee per $100 Borrowed ($/100)15 %

10 %35 %

Loan Term (Days Until Next Payday)14 days

7 days31 days

Number of Times Loan is Rolled Over (Renewed)1 times

0 times12 times

Berechnetes ErgebnisPayday Loan True APR & Total Cost

True Annual Percentage Rate (APR %)

391.07%

Total Cash Repaid (Principal + All Cumulative Rollover Fees)

520 %

Total Finance Fees Paid

120 %

Detaillierte Berechnungsübersicht

Single 14-Day Fee

60 %

True APR

391.07 %

Cumulative Fees

120 %

Berechnungsmethodik

Interest Rate per Period = Fee / Borrowed Amount. True Annualized APR = (Fee / Borrowed Amount) * (365 / Term Days) * 100.

Wichtiger rechtlicher Hinweis

Under the Truth in Lending Act (TILA), lenders must disclose the APR. Payday loans carry high risk of cyclical debt trap rollover fees.

Dieser Rechner dient ausschließlich Informations- und Bildungszwecken. Die Ergebnisse stellen keine verbindliche Finanz-, Steuer- oder Rechtsberatung dar.

Häufig gestellte Fragen

A $15 fee on a $100 14-day loan sounds like 15%, but annualized across 26 two-week periods in a year, it translates to nearly 400% APR.

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US Short-Term Payday Loan Fee to True APR & Rollover Cost Calculator

Eingabedaten

Detaillierte Berechnungsübersicht

Berechnungsmethodik

Wichtiger rechtlicher Hinweis

Häufig gestellte Fragen

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