APR calculator: what a short-term loan really costs
Updated November 2, 2026
Lenders quote short-term loans in different ways: a flat fee, a "fee per $100", or a total to repay. This calculator turns any of those into an annual percentage rate (APR), the single number U.S. law requires lenders to show you so offers can be compared.
How the math works
The finance charge is everything you repay above the amount you receive. With a single repayment, APR is the finance charge divided by the amount borrowed, scaled to a year (multiplied by 365 and divided by the loan length in days). With several equal payments, the calculator finds the rate at which those payments exactly pay off the amount you received, which is how APR is defined under the federal Truth in Lending Act. Results are estimates; the APR printed on your loan disclosure is the legal figure.
What to do with the number
- Compare every offer on APR, not on the fee alone. A small fee over a short term can be a very high APR.
- Ask a local credit union about a payday alternative loan (PAL) before signing a high-APR loan.
- Check that the lender is licensed in your state; see our lender license guide.