How this payday loan calculator works
This page uses a daily-rate repayment model rather than amortised instalments. Interest accrues each day and the full balance is repaid at the end of the term.
Interest is calculated daily over your selected term and added to principal. This tool estimates the single repayment due at term end rather than periodic instalments.
Assumptions and limitations
- Daily interest rate is fixed at 0.80%.
- Interest estimate uses a linear daily-rate model over total days.
- No additional fees, rollover costs, late charges, or penalties are included.
Frequently asked questions
How is payday loan interest calculated?
Interest is calculated using a daily rate applied to the loan amount for the total number of days in your term.
Is this calculator monthly or end-of-term repayment?
This calculator is end-of-term repayment. It estimates one final repayment that includes principal and accrued interest.
What changes the total amount payable?
The loan amount and total term length drive total interest. Longer terms increase interest cost under a fixed daily rate.
Does this include lender fees or penalties?
No. This tool models principal plus daily interest only and excludes lender-specific fees, default charges, or penalties.