This calculator translates confusing percentages into the only number that matters: the dollars leaving your pocket. Slide the bars for your state and loan amount to see exactly what you'll repay and how four cheaper options compare. Borrow $400 in most unrestricted states and you're looking at $528 back—not 661%.
Is APR the number I should watch?
No.
The APR figure is mathematically accurate for a 14-day loan, but intuitively useless. You do not budget in percentages. You budget in dollars. The calculator front-loads the dollar cost because that is how you actually decide: Is $528 worth solving a $400 gap, or would a $5 EWA fee handle it? The industry's APR-first habit obscures the choice that actually matters. Borrowers make the loan decision in dollars, not percentages. Focus on the hard cash leaving your account.
Do all states charge about the same?
Not even close.
In Alabama, the legal cap is $17.50 per $100 borrowed. In California, it is $17.65. In Texas, the Credit Access Business model layers a CAB fee on top of a small lender fee, capping out at roughly $22.10 per $100 every 14 days; see Texas details for how this stacks. Meanwhile, eighteen states—including Colorado, Illinois, Nebraska, South Dakota, Montana, New Mexico, and the District of Columbia—cap all consumer loans at 36% APR or ban them outright. Ohio took a different path in 2018, capping loans at 28% APR with a $20 monthly maintenance fee and requiring a 60-day minimum term; see Ohio specifics. Illinois followed in 2021 with a straight 36% cap; view Illinois rates. Florida is not among the capped states; check Florida costs. Where the 36% cap applies, our calculator switches automatically to that computation regardless of your input. We refresh the Compliance Matrix quarterly and push emergency updates within 14 days of any regulator announcement.
Is a payday loan cheaper than my credit card?
Almost never.
Credit card cash advances charge 25–30% APR plus a 3–5% transaction fee. That beats $528 to borrow $400. The calculator's alternatives layer includes credit cards, PAL II loans (28% APR, $20 application fee, 1–12 month terms), and earned wage access ($3–$5 per advance or $9.99 monthly). PAL I and PAL II were created by the NCUA in 2010 and 2019 respectively. They typically fund in 1–3 business days. If you have plastic in your wallet, compare the numbers before you commit.
I don't have alternatives, do I?
You probably do.
Most borrowers who think they have no options have not yet asked their HR about a same-day hardship advance (often $200–$1,000), their utility about a 14-day grace period, or their landlord about a 5-day rent extension. The calculator lists four alternatives: credit union PAL II loans, EWA apps with limits usually of $100–$500 per pay period, employer advances, and credit cards. United Way 211, Modest Needs, and faith-based networks also fund small emergency grants. Check these before you pay $528 to borrow $400.
If I qualify, should I take it?
Use the gap rule first.
Compare the payday loan's dollar cost to the cheapest alternative. If the gap is under $20, speed may be worth it. If the gap is between $20 and $100, the alternative is almost always the right call—unless your paycheck is genuinely tomorrow and the alternative cannot fund in time. If the gap is over $100, taking the payday loan is a rational mistake only if you have absolutely no other choice. Look at the difference, not the approval.
How to read your results
- Select your state. Remember that some cap a single loan at 30 days, others at 31.
- Enter the amount you need.
- Read the total dollar repayment, not the percentage.
- Check the four alternatives column.
- Apply the gap rule: under $20, $20–$100, or over $100.
- If the gap is small and you proceed, visit See my options. If you're already stuck, see the crisis guide.
Common questions about the calculator
Why does my result show 36% when I entered a higher fee?
Eighteen states cap small-dollar consumer loans at 36% APR or ban them outright. Where that cap applies, the calculator overrides your input and computes at 36%.
Why is Texas different from California?
Texas uses a Credit Access Business model that layers a CAB fee on top of a small lender fee. The combined cap in our matrix is roughly $22.10 per $100 per 14 days. California caps at $17.65. Check Texas and California for full details.
What's an Extended Payment Plan?
Some states require lenders to offer an Extended Payment Plan (EPP) every 12 months. This lets you repay in installments without new fees. The calculator notes if your state requires this.
How fast is the PAL II alternative?
PAL II loans from credit unions typically fund in 1–3 business days. If you need cash same-day, this may not work.
I live in Florida. What are my caps?
Florida is not among the eighteen states that cap rates at 36%. See Florida specifics for current fee structures.
Where to go next
If you want the full state-by-state breakdown beyond the calculator, the 2026 Payday Loan Cost Index ranks all 50 states by total dollar cost. If you want to apply, the form at See my options takes 30 seconds. If you've already taken a loan and repayment is hurting, the guide at crisis help walks through your next 72 hours step by step.