Payday loan
true cost.
Enter the loan amount, the fee, and the term. See the real APRAnnual Percentage Rate (APR)The yearly cost of borrowing money, shown as a percentage.Full definition and what happens if you roll it over.
Enter your loan details below to see the true cost.
The rollover spiral
The average payday borrower takes 8 loans per year. Each rollover adds another fee on the same principal. Here's what happens to your loan:
| Rollover | Fee this time | Total fees paid | Total cost |
|---|
APR = (fee per $100 / 100) × (365 / term in days) × 100
Fee per rollover = (loan amount / 100) × fee per $100
Each rollover adds the same fee on the original principal. You never pay down the principal, you just pay to keep borrowing it. After 8 rollovers (the national average), you've paid more in fees than you borrowed. Verify the methodology
Source: APR calculation per CFPB methodology. CFPB on payday loans · Disclosures