To compare Payday Loans and Lenders we need to put loans in common terms. We can compare payday loans and lenders APR. APR stands for Annual Percentage Rate. You can calculate the APR of your payday loan by using our Payday Loan Calculator. In order to use this calculator, please fill in the following:
- Loan Amount: This is the amount of money that you will get from the lender.
- Finance Charge: This is the amount of money that you will need to payback to the lender in addition to your loan amount
- Loan Term: This is how many days you have until they withdrawal the total amount (loan amount + finance charge) from your checking account.
Use this Payday Loan Calculator to Compare Lenders
This is a good tool to use if you want to choose a loan with the lowest APR. Low APR’s mean better financial health overall. If, for example, one lender says they will give you a loan for $500 plus a $55 finance charge (an example taken from our Check into Cash Review) and another says they will give you $850 for an $85 finance charge for the same loan term period, which is better? You may think that that $500 loan is better because the finance charge is less. However after calculating, you will see that the APR is actually lower on the loan with an $85 finance fee.