Payday loan calculator.

Helps you:

  • Review fees associated with borrowing.
  • Identify the total costs for the loan and fortnightly repayment amounts.
  • This is not a general personal loan calculator.

*Note: The results from this payday loan calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan. This is a rough guide only for ease in simulation.

Payday Loan Calculator

Amount Borrowed
Length of loan(min 16 days, max 1 year)
Total to be repaid: $1,240.00
Fortnightly payments: $620.00 (x2)
Principle: $1,000
Loan Fees: $240

Amounts are estimates only. The maximum Establishment fee your lender is allowed to charge is 20% of the amount borrowed. The maximum monthly fee your lender is allowed to charge is 4% of the amount borrowed each month. Source: MoneySmart.gov.au Payday loan calculator

How to use this payday loan calculator

  1. Add in the amount you’d like to borrow in $50 increments up to $2,000. Use the ‘Length of loan’ field to pick the time frame you’d like to borrow for. Insert the number of days, weeks, fortnights or month.
  2. The minimum time frame for borrowing is 16 days and the maximum is 1 year.

When considering a payday loan make sure:

  • You are fully informed across terms and pros/cons of the loan.
  • Your repayments are manageable.
  • You are aware of all fees, costs and total amount to be repaid.

Whilst payday loans are quick and flexible
– there are other options

Short-term loans can be an expensive way of borrowing. Depending on what the funds are needed for, there may be better options. For assistance with general bills consider services from Financial Counselling Australia (FCA). Also, consider non-profit lending for white goods and Dealing With Debt for any debt related assistance.

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