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.

EUAPayday Loan True APR & Total CostFinanças

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.

Empréstimos e Crédito Dívida e Obrigações Finanças e Investimento

Dados de Entrada

Em tempo real

Loan Principal Amount Borrowed ($)

Seleção rápida:

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

Resultado CalculadoPayday 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 %

Detalhamento do Cálculo

Single 14-Day Fee

60 %

True APR

391.07 %

Cumulative Fees

120 %

Metodologia de Cálculo

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

Aviso Legal e Educacional

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

Esta calculadora destina-se a fins educacionais e informativos. Os resultados não constituem consultoria financeira ou jurídica vinculativa.

Perguntas Frequentes

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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EUA

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

Dados de Entrada

Detalhamento do Cálculo

Metodologia de Cálculo

Aviso Legal e Educacional

Perguntas Frequentes

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