However, every loan has commissions, fees and interest rates. How to calculate the cost of your loan and are there simple tools that will help you determine your interest rate or APR? Keep reading for more details!

Your $500 loan + $79 fee = $579 Total*

* The total cost of borrowing the stated amount at the average (or required by your lender) APR is the amount you must pay back over the period of the chosen term.

Interest rates and fees can vary depending on the lender and state law. You should always check the finance charges in your loan agreement before signing it.

However, every loan has commissions, fees and interest rates. How to calculate the cost of your loan and are there simple tools that will help you determine your interest rate or APR? Keep reading for more details!

Loan Calculator is a simple online tool that will help you to estimate the interest or APR in that loan amount you wanna borrow. Such a calculator is your indispensable assistant when you choose between several lenders and want to understand which one offers the best interest rates. Most lenders have loan calculators on their websites that you can use for free.

Below you can learn a few basic definitions to make it easier for you to work with the Payday Loan Calculator:

- The principal – the amount you borrow
- Repayment term is the time when you must repay your loan with interest (counted in days)
- APR (stands for Annual Percentage Rate) – the annual rate which is charged for borrowing the amount of money. APR is expressed as a percentage which expresses the true value of funds.
- The total cost is the amount you need to pay. It includes the loan amount, interest, as well as all possible fees and commissions on the loan.

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

- Divide the finance charge (let’s say $60) by the loan amount ($300 – or any other amount you’re borrowing).
- 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).
- Divide the total (73) for the term of the loan in days (30 – this can be any number of days allowed by the contract)
- Multiply the result (2.433) by 100 and add a percent sign. The final value will be 243.3%.

- 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.

- 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.
- If you meet the requirements, your application will be approved within an hour. The lender will contact you to discuss the details.
- 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.

“Fantastic to deal with and quick and easy. Saved my holiday vehicle within a few minutes of applying for a loan. Thank you so much, 123moneyloans”

“Very easy and convenient I’m really happy using your loan service Thanks”