Payday Loan Calculator

How Can You Calculate The Cost Using Payday Loan Calculator?

Calculating the cost of a loan using a calculator is as simple as possible. You can explore this with the example below:

1. Divide the finance charge (let’s say $60) by the loan amount ($300 – or any other amount you’re borrowing).
2. Next, you need to multiply the result (0.2) by the number of days in a year, that is, by 365 (this indicator remains unchanged).
3. Divide the total (73) for the term of the loan in days (30 – this can be any number of days allowed by the contract)
4. Multiply the result (2.433) by 100 and add a percent sign. The final value will be 243.3%.

What should I pay attention to when using the Loan Calculator?

• The cost of the loan is calculated based on the information you provide
• The loan decision should be based on several factors other than the loan calculator.
• The calculator is free and you can use it an unlimited number of times.
• Using the calculator does not mean that your application for funding will be approved.
• Interest rates and interest rates may vary depending on your state of residence and the lender you choose. Also rates may change.
• In addition to interest, the lender may charge additional fees.
• Using the calculator does not affect the application or approval process in any way.

How Does Payday Loan Work?

1. You fill out a simple and convenient online application and provide all the necessary information about yourself. Most often they are minimal. You can also choose a loan amount from $100 to $1000. You can check the total amount of the payment using the calculator on the lender’s website.
2. If you meet the requirements, your application will be approved within an hour. The lender will contact you to discuss the details.
3. After you sign the contract, you can get financing and manage the money as you see fit. Most often, the debt must be paid within 14-21 days.