Source: MoneySmart
Open the original Payday loan calculator on MoneySmart
MoneySmart
Open Loans Native Calculator
Payday loan calculator
Work through the fees, repayments and total cost of a payday loan before committing to short-term borrowing. It is designed to show how quickly these loans can become expensive.
Best for
- Maximum 20% establishment fee and 4% monthly fee model
- MoneySmart-style term caps across days, weeks, fortnights and months
- Fortnightly repayment framing for easier borrower comparison
Loan details
Use the same capped fee structure MoneySmart shows, but run it entirely inside Open Loans.
Loan length adjusted to 26 fortnights to match the MoneySmart payday-loan limits.
Results
Fees are shown at the maximum level a payday lender can charge under the MoneySmart assumptions mirrored in this project.
This scenario is billed across 12 months and assumes 26 fortnightly payments.
Monthly fees are calculated at $40.00 per billed month.
How these estimates work
- Monthly fees apply for each commenced month.
- Establishment fees are capped at 20% of the borrowed amount.
- Monthly fees are capped at 4% of the borrowed amount per month.
- Loan length is normalized to the allowed range for the selected frequency.
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