What lenders usually ask for
The Consumer Financial Protection Bureau says payday lenders generally want an active bank, credit union or prepaid card account, proof or verification of income, and valid identification, and you must be at least 18. The calculator checks those four. State law decides whether payday lending is allowed where you live, so check your state's rules before applying. We do not publish a state table because we have not verified one.
Worked example: $300 with a $15 per $100 fee
A payday loan is usually a flat fee per $100 borrowed for one short term, not a rate per year. The APR is the fee divided by the amount, multiplied by 365 and divided by the days of the loan.
Borrow $300 with a $15 fee per $100 and repay after 14 days: the fee is $45.00, the total to repay is $345.00 and the APR is 391.07%. The CFPB gives the same $15 per $100 two-week example as an APR of almost 400 percent.
The 36% Military Lending Act limit
No federal rate cap applies to most borrowers, but the Military Lending Act (10 U.S.C. 987) says a creditor may not impose an annual percentage rate greater than 36 percent on a covered service member, meaning active duty or active Guard or Reserve, or a dependent. Choose yes under service member or dependent and the calculator tells you whether the APR on this fee is above 36%. The statute's military APR counts more charges than an ordinary APR, so ask the lender for it.
Could you afford the repayment?
The calculator takes your monthly income, subtracts essential spending and other debt payments, then subtracts the total to repay. With income of $3,000, essentials of $1,800 and other debts of $200, repaying $345.00 leaves $655.00, and the repayment is 11.50% of your income. With income of $2,000 you would be $345.00 short and the calculator shows a stop message.
The CFPB says payday lenders do not generally verify your ability to repay the loan while meeting your other financial obligations, so this check is your own safeguard rather than the lender's. We apply no pass mark to the amount left. Look at the numbers and ask whether the money is really spare, and whether a lower-cost option, such as a credit union loan, is available.
To test a larger loan against your budget, use the can I afford this loan calculator.
To see how debts compare with income, use the debt-to-income loan calculator.
Use the right country page
This page stays in dollars and uses US terms: a flat fee per $100, APR as the nominal annualised rate and the CFPB's requirements. The country choices above the inputs open separate local pages. Choosing United Kingdom opens the UK payday loan eligibility calculator, which uses pounds and the FCA price cap. The inputs reset and amounts are not converted.
Inputs for the payday loan eligibility calculator
Account, proof of income and ID
Whether you have an active account, proof of income and valid photo ID, the requirements the CFPB lists.
Service member or dependent
Active duty, active Guard or Reserve, or a dependent. It switches on the 36% Military Lending Act warning.
Your age
You must be at least 18.
Monthly income, essential spending and other debts
Income after tax, then must-pay bills and other debt payments each month.
Amount and fee per $100
The loan before the fee, and the fee from the lender's offer. State law limits this fee.
Days until you repay
The days to your repayment in one payment. It sets the APR.
CALCULATOR QUESTIONS
US payday loan eligibility calculator questions
What do I need to qualify for a payday loan?
The CFPB says lenders generally want an active bank, credit union or prepaid account, proof of income and valid ID, and you must be at least 18. Each lender and state sets its own rules.
How is the APR of a payday loan worked out?
Fee divided by amount, times 365, divided by the days. A $45 fee on $300 for 14 days is 391.07%.
What is the Military Lending Act limit?
A creditor may not charge a covered service member or dependent an APR above 36 percent. The statutory military APR counts more charges than an ordinary APR.
Will the lender check I can repay?
The CFPB says payday lenders do not generally verify your ability to repay while meeting your other obligations, so check it yourself.
Is this an approval?
No. It is an indicative checklist and affordability view. Only a lender can approve a loan.
Is payday lending allowed in my state?
It depends on state law, and some states have no payday lending. Check your state's regulator before applying.