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Payday loan
true cost.
Enter the loan amount, the fee, and the term. See the real APR 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 |
|---|
How this is calculated
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
Every cheaper alternative
Before taking a payday loan, exhaust these in order: full list with details →
Source: APR calculation per CFPB methodology. CFPB on payday loans · Disclosures