Payday loan calculator

required field

Loan details

AMOUNT BORROWED:(MAX $2,000)

LENGTH OF LOAN:

(MIN 16 DAYS, MAX 1 YEAR)

Amount borrowed: $0.00

Establishment fee (20% of amount borrowed): $0.00

Monthly fees: (4% each month) $0.00

Total to be repaid: $0.00

Weekly repayments: (0 payments) $0.00

*Fees are set at the maximum a lender can charge.

Useful Tips

Please consider the following suggestions before you apply for a payday loan:

Use a payday loan calculator to assess repayment options and affordability.
Always verify your repayment capability to avoid additional fees and debt cycles.
Email calculated loan details to yourself and reflect for a few days before borrowing.
Consider banks or financial institutions that might offer lower-cost alternatives.
Ensure timely repayments to maintain financial stability and avoid extra charges.

Disclaimers:

This is a model, not a forecast. Figures are only estimates, actual values could be higher or lower
The results are based on the details you provided and do not reflect your individual situation.
It is not meant to be your only source of information when making financial decisions. You might consider seeking advice from a licensed financial professional.
Using this calculator does not ensure loan eligibility. You must meet your lender’s criteria for approval.
Consult a financial advisor for personalized financial guidance and decision-making.

About Payday Loan Calculator

A Payday Loan Calculator assists borrowers by clearly outlining the costs associated with payday loans, including fees, interest, and repayment structures. It helps users evaluate affordability, avoid financial pitfalls, and make informed borrowing decisions.

How Payday Loans Work?

Payday loans provide quick cash, usually repaid within your next paycheck cycle. The typical process involves:

Income Verification: Lenders require proof of income to determine loan eligibility.
Loan Term Setup: Usually aligned with your upcoming paycheck date, typically lasting a few weeks.
Bank Details: Necessary for direct fund deposits and automatic repayment debits.

Funds are usually accessible within 24 hours post-approval. However, payday loans involve higher fees and risks compared to traditional bank loans, which may offer more favorable terms.

Repayment Calculator and Support Tools

Important Factors to Consider

Prior to securing a payday loan

Use loan calculators to explore various repayment scenarios.
Understand and accept all loan terms clearly before borrowing.
Review multiple repayment options carefully to select the most manageable solution.

Calculating the APR of Payday Loans

Calculate Annual Percentage Rate (APR) using the following formula:

APR = [(Fees ÷ Loan Amount) × 365 ÷ Repayment Term] × 100

Example: For a $250 loan with $37 fees over 14 days:

$37 ÷ $250 = 0.148
0.148 × 365 = 54.02
54.02 ÷ 14 = 3.86
3.86 × 100 = 386% APR

This calculation clearly illustrates the high cost of payday loans, reinforcing the need for careful financial planning.

Common Payday Loan Fees:

Be aware of typical fees:

Borrowing Fee: Flat charges per loan, similar to interest on traditional loans.
Late Fees: Penalties for missed or delayed repayments.
Rollover Fees: Additional costs incurred when extending loan terms.
NSF Fees: Charges applied for insufficient account funds during repayment.
Prepaid Card Fees: Costs associated when lenders use prepaid cards for loan disbursement.

How to Use CashDirect’s Payday Loan Calculator

Follow these steps for accurate calculations:

Enter Loan Amount: Typically ranges from $100 to Rs. 500 or more.
Include Fees: Enter lender-specific fees (generally $10-$30 per $100 borrowed).
Set Repayment Term: Usually two to four weeks.
Calculate: View detailed APR and repayment breakdowns to compare options effectively.

Utilizing APR comparisons through this calculator aligns payday loans with common financial products, such as home loans or credit cards, helping you make responsible financial choices.

For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn’t apply. These are fee-based only, and so they don’t have an APR. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed.

For example, a loan of $1,000 repaid over 4 months equates to a total payable of $1,360. This is comprised of $1,000
principal (the amount borrowed), $200 establishment fee, and a total of $160 in monthly fees.

For our Medium Loans between $2,001 and $5,000. The base interest rate may vary depending on the loan product. The maximum rate we use is 48% and an Establishment Fee of $400.

Terms for our Small Loans are up to 3-12 months, and for our Medium loans, it is 3-24 months. With each, you can
repay your loan any time without being charged additional fees, and it will reduce your interest and fee cost overall.

Cash Direct Pty Ltd (ACN: 129 259 605; Australian Credit Licence 393862) is a specialist in providing cash loans to its customers when they need it

Warning about borrowing

*Cash Direct is not affiliated with, or endorsed, by Services Australia. We do, however, provide Cash Loans, Personal Loans and Vehicle loans for people receiving Centrelink Benefits.

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