Pay Day Loan Calculator " Cash Advance"

Post date: Dec 07, 2011 4:58:32 PM

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Payday Loan Calculator Legend

MPR - Monthly interest rate:

This is the monthly interest rate accrued by the payday loan. It it the APR divided by twelve. Thus, if you must repay your $1000 payday loan back in 30 days and the total fee is $100, the MPR is 10%.

APR - Annual interest rate:

This measure is the most widely used measure when comparing loans. In the example above, you can see just how expensive these loans really are.

Payday Loan Amount:

This is amount of loan that you are requesting before any fees are applied to it.

Payday Loan Term in days:

The number of days before you have to pay back this loan.

Payday Loan Fee:

The amount you are being charged to obtain this short-term loan. This is the dollar amount of the cost associated with this loan and it is used in the computation of the interest rate (MPR and APR).

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