Payday Loan Calculator
Payday loans are engineered to get you out of financial hardships, covering ends until you receive your next paycheck. Life can come at you with many unexpected expenses such as a blown-out tire or a broken water heater. Many people simply don’t have the funds available to pay for anything last minute. Don’t let these costs break the bank, use a payday loan calculator and save the day!
Lenders are required to be upfront about their fees and scheduling. Many lenders actually have their fees online so you can calculate exactly how much you’ll end up paying with no guesswork involved. Don’t wait, figure out how much you can borrow and pay back with a payday loan calculator today!
Payday Loan Calculator by State
While many states have similar laws and regulations in regards to payday loans, not all of them have the same fees and fee scheduling. Most states have a maximum limit of $500 for payday loans and will allow you to pay it back over a 31 day period. If you are not able to repay your debt in that time frame, some states will allow you to take an extension or apply for a rollover.
Fees are unique in every state, places like Iowa and Mississippi charge flat fees while South Carolina charges no more than 15% of the total amount of the loan. In Iowa for example, lenders can charge up to $15 on the first $100 borrowed and $10 on every $100 borrowed after that. As you can see in the chart below if you were to borrow $100 in Iowa, the maximum you would have to repay is $115. If you were to borrow $300, you would only have to worry about paying back $335. Seeing your payday loan journey from start to finish is one of the key reasons to use a payday loan calculator.
|Payday Loan Calculator||Alabama||Iowa||Kansas||Mississippi||South Carolina|
|Fee||17.5% of the total amount borrowed||$15 on the first $100, $10 on the following $100||15% of the total amount borrowed||$20 on the first $250, 21.95 on the following $250||15% of the total amount borrowed|
How To Get Your Payday Loan in 3 Simple Steps
Getting a payday loan has never been easier. Going in person or staying at home and applying online, the modern borrower has more than enough options! Hidden fees are also a thing of the past, using a payday loan calculator you can see exactly how much you will owe. Getting a loan can be done in just a few short steps:
Understand the rules and requirements
You’ll need to be at least 18 years of age and a current resident of the state in which you want a loan. You will also need identification, a physical address, a social security number and an active bank account. Most lenders will also ask for an email address and a phone number for contact information as well. Finally, lenders will want to see your proof of income, they need to know how you’ll be able to pay the loan back.
Choose your lender
Once you’ve gathered your documents and identification, you can go ahead and choose who you will be doing business with. While you can go in person to a brick and mortar store, many payday loan centers can take your application online! With your bank account information, you can even have them deposit the funds directly into your account.
Once your application has been submitted and approved, the funds should be sent directly to your account! Looking over the payday loan calculator again you can see exactly how much you will owe and when the payments are due.
Frequently Asked Questions
I have bad credit, can I get a payday loan?
- Yes you can! Having bad credit doesn’t necessarily mean you’re not qualified for a loan. Many lenders have bad credit payday loans, payday loans where your credit doesn’t need to be perfect.
What if I don’t have any credit whatsoever?
- Not a problem, those same lenders that have bad credit payday loans can also approve you for a loan without a credit check at all! They will still want to see your proof of income to make sure you are able to repay the loan in its entirety.
I need to borrow $500 right away in Iowa, how much will it cost me and how long can I have the loan for?
- If you’re needing $500 quickly in Iowa, you can use the payday loan calculator to expect to repay a maximum amount of $555 and you have a total of 31 days to do so.