What’s the real cost behind a payday loan?

Calculate yours below.

  • $.00
 

You will pay an equivalent interest rate of % per annum.

That amounts to an extra $ on top of what you initially borrowed.

How did we work it out?

You borrowed: $.00
Your loan was for: (s)
We used an establishment fee (the maximum the law allows) of: $.00 (20% of the amount you borrowed)
We used a monthly fee of (the maximum the law allows): $.00 (4% per month)
Your repayments will be: $ per

This calculator uses the formula for calculation of an annual cost rate set out by s32b of the National Credit Code (National  Consumer Credit Protection Act 2009 – Schedule 1) and rounds to the nearest percentile.

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