$15 per $100 for 14 days = 391% APR.

APR (Annual Percentage Rate) standardizes the cost of borrowing so you can compare products. A typical payday loan at $15 per $100 for a 14-day term has an APR of approximately 391%. Some states allow fees resulting in APRs over 600%. Federal law

The Math

How payday loan APR is calculated

Formula

APR = (Fee / Amount) x (365 / Term) x 100

For a $15 fee on $100 over 14 days: (15/100) x (365/14) x 100 = 391%. The short loan term is what makes the APR so high compared to monthly or yearly products.

Range

200% to 700%+ depending on state

States with $10/$100 caps: ~260% APR. States allowing $30/$100: ~780% APR. The national average is around 400% APR. State law

Comparison

Credit cards: 15%–30% APR

Even the most expensive credit cards charge 30% APR. A payday loan at 391% APR is 13x more expensive on an annualized basis.

Why It Matters

Most loans are not repaid in 14 days

CFPB data shows 80% of payday loans are rolled over or renewed. The effective cost over actual borrowing periods is much higher than a single-period fee suggests. Research

If you choose...

If you compare APR before borrowing:

You can see that a $60 fee on $400 is the same as paying 391% annually
You can compare directly to credit cards (15-30%), PALs (28%), or personal loans (10-36%)
You may discover the alternative costs 10-15x less for the same amount
You can make an informed decision about whether the cost is justified

If you ignore APR and focus on the flat fee:

$15 per $100 "sounds small" but is 391% when annualized
You cannot compare costs to other products without a common metric
If you roll over, you pay the fee repeatedly but only see each $60 charge in isolation
You may pay more in total fees than the original loan amount without realizing it

Here's what you can do today

Calculate the APR yourself: (fee ÷ amount) × (365 ÷ term in days) × 100.
Compare to your credit card APR (likely 15-30%) for the same dollar amount.
Ask your credit union about a PAL (capped at 28% APR by federal regulation). Federal law
Use Balance On Hand to see if the cash-flow gap is smaller than you think.
If you must borrow, choose the lender with the lowest APR available in your state.

Before paying 391%+ APR, check whether you actually need a loan.

Launch Free Cash Flow Map

Free. No bank login. No credit card. See your real cash-flow gap.