Calculator
Payday vs Installment Loan Calculator
This calculator funds the same amount two ways and shows what each really costs. It reports the total repaid and the APR under a payday advance and under an installment loan, then states the difference in total cost.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Both options put the same amount in your hands, but they price it very differently. The payday side charges a flat fee per $100 over a short term. The installment side charges an annual rate spread across fixed monthly payments.
The calculator converts each into a total repaid and an APR so the two can be compared on equal terms. The payday APR annualises the flat fee over the term, while the installment APR is the annual rate you enter. Compare the total repaid and the APR, not the size of the payment, because a smaller payment over a longer term can cost more.
Enter the terms you were actually offered. Rates and fees vary by state, lender, and credit profile, so your numbers are the ones that matter.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.