What a payday loan repayment is
A total repayment is what you pay back on a payday loan. It is the amount borrowed plus the fee. You enter the amount borrowed. You also enter the fee as a percent. The tool adds the fee on top. The result sits in your currency. One step gives the full amount.
Why the total repayment matters
The repayment shows the real price of the loan. A small fee can hide a steep cost. Knowing the total helps you budget. It also warns you before you sign. The total repayment is the figure to watch. It is the true price of borrowing.
How to use this calculator
Enter two values. Put in the amount borrowed in your currency. Then enter the fee as a percent. The tool adds them at once. You read the total repayment at the top. Change either figure and it updates.
How it is calculated
The math is one step. Total = amount borrowed × (1 + fee). You take the loan and add the fee. The answer is what you owe. It sits in your currency. The fee rides on top of the loan.
A worked example
Say you borrow five hundred. The fee is fifteen percent. Fifteen percent of five hundred is seventy-five. The total repayment is five hundred seventy-five. That is due on your next payday. Seventy-five is the cost of the loan.
Reading the result
The total is your repayment. The gap above the loan is the fee. A short term makes that fee bite hard. Compare it to the cash you receive. Use it to judge the deal. A bigger fee means a worse deal.
The true cost of payday loans
A flat fee looks small at first. Over a short term it is huge as a rate. A fifteen percent fee for two weeks is steep. Annualised, the cost can be enormous. Treat payday loans as a last resort. Cheaper credit is usually better.
Common mistakes to avoid
One slip is judging only the fee, not the rate. Another is rolling the loan over. People also ignore late charges. Each error hides the real cost. Read the full terms before you borrow. The fee alone hides the rate.
The limits of this tool
This calculator shows a single fee. It does not annualise the cost. It ignores rollovers and penalties. It also assumes one clean fee. Use it as a quick guide. Real costs can be higher.
Using the figure to plan
Check the repayment against your next pay. Make sure you can clear it in full. Look for a cheaper option first. A clear total guards against surprises. Borrow only what you can repay. Clear it from your next pay.
A final tip
Run the numbers before you commit. A quick check shows the cost. Compare a few lenders to plan. A clear figure keeps you in control. Borrow only what you can clear.