Worked examples / Borrowing

Payday loan

$400 for two weeks at the typical fee of $15 per $100.

Very expensive money

That is 391% a year.

Your other option$3at 22% a year

This deal$60the fee

The fee is $60 on $400 for 14 days.
The same money at 22% a year would cost $3.38.

Put in your own numbers

This is a worked example with illustrative figures, not data about any real person or company. Change any of them in the calculator and the answer changes with them.

How this answer was worked out

Fee	$460 - $400 = $60
Yearly rate	$60 / $400 x 365 / 14 = 391%
Other option would cost	$3.38

Every formula is written out on the formulas page.

What the calculator asks you

Cash you get
Total you pay back
Days until you pay it back
Yearly rate of your cheapest other option

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How this answer was worked out

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