Most banks and credit unions offer payday loans. So do many check cashing stores and online sites. You can find payday loan calculators online, but as far as I can find, they don’t give the option of telling you if the fee or interest charged is upfront or at the end of the loan.
For example, the image of the Excel worksheet below shows a loan fee of $7.50 for each $100 borrowed for 30 days. The $7.50 fee however, is taken upfront, so the APR is 98.65%.
If the $7.50 fee is taken at the end of the 30 day loan, the APR is 91.25%.
If you are making payday loans you will need to show an APR. By looking in each cell of the calculator, you can see how easy it is to calculate an APR for short-term (less than one year) loans.
Look for “APR_Payday”