# Calculate Annual Percentage Rate Percentage on Payday Loans

# APR Percentage Calculator

An online Annual Percentage Rate Percentage calculation on Payday loans.

days

### Formula

APR = ( Loan Fee x 36500 ) / ( Repayment Time x Loan Amount )

**Example:**You get a payday loan for $100, and you pay a fee of $10. The loan must be repaid within 14 days.

What is the APR?

The Consumer Federation of America explains how to calculate the APR on a short-term payday loan:

Divide the finance charge by the loan amount.

Multiply the result by 365.

Divide the result by the term of the loan.

Multiply the result by 100.

**To solve the example above:**

$50 divided by $500 equals 0.1.

0.1 multiplied by 365 equals 36.5.

36.5 divided by 14 equals 2.6071 (this is your APR in decimal format).

2.6071 multiplied by 100 equals 260.71% APR.