Payday Loan True Cost Calculator
See the real APR & total cost of a payday or tribal installment loan — and what it costs elsewhere
Payment schedule
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Annual summary
| Year | Principal | Interest | Cum. interest | Balance |
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Compare the same amount borrowed across common alternatives. Edit the rate/term to match a real quote — see the full eLoanWarehouse review for reported ranges.
Formula: APR = (fee ÷ amount borrowed) × (365 ÷ repayment days) × 100. This mirrors the standard "cost per $100" disclosure convention used to compare short-term credit costs — it is an approximation, not a regulatory Truth in Lending APR.
Independent verification of the payment formula and amortization accuracy.
Before you sign anything, run the real numbers
Convert any fee into an APR first
If a lender quotes "$X per $100 borrowed" instead of an APR, use the Fee → APR tab above. A rate that looks like 15% per period can be 300%+ once annualized.
Check the new-borrower cap, not the headline number
Many tribal and payday-style lenders advertise a top loan amount (e.g. $3,000) that only unlocks after a repayment history. First-time borrowers are usually capped far lower.
Ask your credit union about a PAL first
Federal credit union Payday Alternative Loans are capped at 28% APR under NCUA regulation 12 CFR §701.21 — a fraction of what tribal or payday-style lenders typically charge for the same amount.
Read the sovereign-immunity disclosure
Tribal lenders often claim they aren't bound by state interest-rate caps. That structure is legally contested, not settled — understand it before you sign away your right to sue in regular court.
Watch the term, not just the payment
A smaller monthly payment stretched over more months usually means more total interest paid. Check the Schedule tab to see how much of each payment is interest early on.
Keep the payment within a comfortable share of your budget
Enter your monthly budget in "Fees & budget check" to see the payment as a percentage of it. A payment over roughly 10% of your monthly budget is worth reconsidering.
Frequently asked questions
How do I turn a payday loan fee into an APR?
Divide the fee by the amount borrowed, then annualize it over the loan's repayment days: APR = (fee ÷ principal) × (365 ÷ days) × 100. Use the Fee → APR tab above to do this automatically.
Why is my installment loan's APR so much higher than advertised?
Lenders often advertise a loan amount or flat fee rather than an APR because the fee looks small in isolation. Spread over the actual term, real-world rates on tribal and payday-style loans are commonly 300%–700%.
What's a credit union Payday Alternative Loan (PAL)?
A small-dollar loan offered by federal credit unions, capped at 28% APR under NCUA regulation 12 CFR §701.21 — designed as a lower-cost alternative for members who qualify.
Is a tribal lender like eLoanWarehouse legal?
It operates under a claim of tribal sovereign immunity that it argues exempts it from state rate caps. That claim is being challenged in ongoing litigation — "licensed" doesn't mean the rate is enforceable everywhere.
What's cheaper than a payday loan for a small emergency?
Roughly in order of cost: an employer paycheck advance (often free), a credit union PAL (capped at 28% APR), a 0% promo credit card paid off in time, then a cash advance app charging a flat fee or tip.
Want the full breakdown before you apply?
This calculator estimates the numbers, but the lender's real-world track record matters just as much. Our review covers eLoanWarehouse's actual reported APRs, its new-borrower loyalty tiers, the pending class-action lawsuit over its tribal structure, and lower-cost alternatives worth comparing first.
Read: eLoanWarehouse Payday Loans Review →Comparing several loan offers side by side? Try FinToku's general-purpose Loan Comparator.
Sources
- NCUA / eCFR 12 CFR §701.21 — the regulation capping federal credit union Payday Alternative Loans (PALs) at 28% APR, $200–$2,000, 1–12 month terms
- CFPB: Payday Loans consumer guide — general payday loan cost and rights information used for the Fee → APR framing
- FinToku: eLoanWarehouse Payday Loans Review — reported APR ranges, loyalty-tier caps, and BBB/class-action figures used as calculator defaults, itself sourced from Finder, Financer.com, BBB, and ClassAction.org
Default rates in this calculator (450% for the tribal/payday preset, 28% for the PAL preset, 0% for the promo-card preset) are illustrative starting points drawn from the sources above — always replace them with your own lender's actual disclosed terms.
Disclaimer
This calculator is provided for general informational and educational purposes only and does not constitute financial, legal, or tax advice. It is not affiliated with, endorsed by, or a substitute for consultation with any lender or a licensed financial advisor.
All figures — including monthly payment, total interest, total repayment, estimated APR, and the fee-to-APR conversion — are approximations based on the numbers you enter and standard amortization or simple-interest formulas. They do not account for lender-specific rounding, underwriting conditions, promotional terms, prepayment penalties, or credit-based pricing that may apply to your actual loan.
The "Est. APR" and "Fee → APR" figures reflect interest or fees spread over the amount borrowed and repayment period; they are not the regulatory Annual Percentage Rate disclosed under Truth in Lending / consumer credit laws. Always confirm the actual APR, fees, and total cost in your official loan agreement before signing.
FinToku is not a lender and does not broker, originate, or guarantee financing. Use of this tool does not create any financial relationship between you and FinToku. You are solely responsible for decisions made using these estimates. See our full Financial Disclaimer.
Free tool by FinToku · Results are indicative. Confirm exact figures with your lender.