Most borrowers who roll over a payday loan four times will pay more in fees than they originally borrowed—and still owe the full principal. This simulator shows you exactly how that math unfolds before you sign. Think of it as a quick triage session: no judgment, just the numbers you need to make an informed choice.
How do I use this tool step by step?
Start by entering your loan amount and your state's fee per $100. The simulator will show you the cost of one cycle, then let you add rollovers to see how fees accumulate. Here's the most useful way to work through it:
- Enter your actual loan amount—not what you wish you could borrow, but what a lender has offered or what you see advertised.
- Input the fee per $100 for your state; this varies widely, so check your state's specific limits if you're unsure.
- Review the single-cycle cost—this is what you'd pay if you repaid on time in two weeks.
- Add one rollover at a time and watch the running total. Notice how the principal never shrinks.
- Stop when you hit your realistic repayment horizon—if you know you can't pay back for six weeks, see what four cycles actually costs.
Why does the principal stay the same?
Because a rollover is not repayment—it's a new fee to extend the due date. You pay the fee again, but you never touch the original $300. After four rollovers, you've paid roughly $262 in fees and still owe the full $300. This is why rollovers dominate the total cost of borrowing.
What should I do with these results?
Use them as a comparison point, not a prediction. If the simulator shows you'll pay $262 in fees to borrow $300 for ten weeks, ask yourself: is there any other way to cover this gap? Payday loan alternatives—from employer advances to credit union small-dollar loans—often break this cycle entirely. If you're already stuck, here's what happens if you can't repay and how to prioritize.
How accurate is this estimate?
The simulator uses a standardized 14-day term and flat per-cycle fee. Real lenders may structure products differently, and some states cap rollovers or require principal paydown. Treat this as a directional tool: if the estimate stings, the actual experience likely will too. For precise terms, read your loan agreement and verify your state's regulations.
Frequently asked questions
Is the fee per $100 the same as an interest rate?
No. The fee is a flat charge for the two-week term, not interest that accrues over time. The effective APR converts that flat fee to an annualized figure so you can compare it to other credit products, but the lender charges the same dollar amount each cycle regardless of how you annualize it.
Can I reduce what I owe by paying part of the principal during a rollover?
Some states require partial principal paydown after certain rollovers, but many do not. The simulator assumes no principal reduction because that remains the most common structure. Check your specific loan terms or your state's rules to see if you're in a jurisdiction with paydown requirements.
What if I already rolled over twice and I'm panicking?
Stop and breathe. The simulator shows that every additional rollover adds the same fee again—there's no discount for being a repeat customer. Use the tool to see exactly what one more cycle costs, then compare that to the alternatives in our guide to other options. Sometimes the math pushes you toward a hard conversation with a landlord or utility rather than another fee.