Loan Calculator
A payday loan calculator is a useful tool that can help you determine the total cost of a payday loan, including interest rates and fees. Here's an example of how to use a payday loan calculator:
Enter the loan amount: Start by entering the amount of money you want to borrow. This is the principal amount of the loan.
Enter the interest rate: Next, enter the annual percentage rate (APR) of the loan. This is the interest rate that you will be charged on the loan.
Enter the loan term: Enter the length of the loan in days. Payday loans are typically repaid within 14 to 30 days.
Enter any fees: Some payday lenders charge additional fees, such as application fees or late payment fees. If your lender charges any fees, enter them into the calculator.
Calculate the total cost: Once you have entered all the necessary information, the calculator will provide you with the total cost of the loan, including interest and fees. This will give you an idea of how much you will need to repay on your next payday.