Payday Loan Fee Calculator: Fee on a Single Advance
Work out the fee on a payday loan and what you owe back — the all-in cost of a single short-term cash advance before any rollovers or extensions.
Adjust the inputs and select Calculate for a full breakdown.
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Payday loan fee | Total owed back |
|---|---|---|
| $500 · 15% fee | $75.00 | $575.00 |
| $1,000 · 15% | $150.00 | $1,150.00 |
| $300 · 20% (high-rate state) | $60.00 | $360.00 |
| $200 · 10% (capped state) | $20.00 | $220.00 |
How This Calculator Works
Enter the loan amount and the fee rate per $100 (US standard: $15 per $100 = 15%). The calculator multiplies the two to give the fee and shows the total owed back (principal + fee). A two-week $500 advance at the standard rate owes $575 in two weeks.
The Formula
Percentage Add-On
Rate is the tax or tip percentage applied to the amount
Worked Example
A $500 payday loan at the standard $15-per-$100 (15%) fee costs $75 in fees, for a total of $575 owed in two weeks. That fee structure annualizes to about 391% APR — far above any other consumer borrowing. Rolling the loan over because you can't repay in two weeks doubles the fee on the same $500. A few rollovers and the fees exceed the original loan.
Key Insight
Payday loan fees are presented as small per-period numbers ($15 per $100, sounds modest) but represent some of the highest effective APRs in consumer finance. A 391% APR loan is roughly 18x the rate of even a high-APR credit card. Credit-union small-dollar loans, employer pay advance programs, and even moderate-APR personal loans almost always beat payday lending on real cost. The only honest case for payday loans is when no other option exists — and even then, plan the exit aggressively.
Frequently Asked Questions
How is a payday loan fee calculated?
Multiply the loan principal by the fee rate per $100. A $500 loan at $15 per $100 (15%) costs $75 in fees, for $575 owed back.
What APR does that translate to?
$15 per $100 (15%) over a two-week term annualizes to roughly 391% APR. ($15/$100) × 26 two-week periods per year = 390%. The fee structure makes the rate look small at the per-period level — annualized, it's enormous.
What happens if I can't repay in two weeks?
Most payday loans allow rollover — paying just the fee to extend another two weeks. Each rollover adds another full fee on the same principal. After 4 rollovers on a $500 loan, you've paid $300 in fees and still owe the $500. After 7, fees exceed the original loan.
Are payday loan rates capped?
By state. Some states cap APR at 36% (effectively banning payday loans). Many cap rates at $15 per $100 per pay period. Some have no effective cap. Online payday lenders sometimes operate from tribal jurisdictions that bypass state caps.
What are better alternatives?
Credit-union small-dollar loans (often capped at 28% APR), employer pay-advance programs (interest-free, deducted from next paycheck), credit card cash advance (high but lower APR than payday), or family/friend lending. All are typically far cheaper than payday loans even at their worst.
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Methodology & Review
The fee is the principal multiplied by the fee rate (expressed as a percentage). The 'total' is what the borrower actually owes back. A standard $15 fee per $100 (15%) over a two-week term is roughly 391% APR — the fee structure consistently understates the true cost when compared against monthly or annual borrowing.
Written by Ugo Candido · Last updated May 17, 2026.