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# APR Calculator

Payday Loan is also referred to as cash advances, payday advances, salary loan etc. It is a loan obtained from the employer from the salary pay in advance. It is a short term unsecured loan. Payday loans legislation varies widely between different countries, and in federal systems, between different states or provinces. Given here is an online PayDay Loan calculator for the calculation of cash advance. Just input the loan amount, its fee and the repayment time, the APR Calculator will automatically update you with the result.

## PayDay Loan calculator

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Payday Loan is also referred to as cash advances, payday advances, salary loan etc. It is a loan obtained from the employer from the salary pay in advance. It is a short term unsecured loan. Payday loans legislation varies widely between different countries, and in federal systems, between different states or provinces. Given here is an online PayDay Loan calculator for the calculation of cash advance. Just input the loan amount, its fee and the repayment time, the APR Calculator will automatically update you with the result.

#### Formula:

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

### Example:

Find APR for a payday loan amount of 12000 \$, loan fee of 1000 \$ and repayment time of 5 years.

#### Solution:

= (1000 x 36500 ) / (5 x 12000)
= 608.3333