This calculator requires the use of Javascript enabled and capable browsers. This script calculates the APR (annual percentage rate) for very short term loans, typically $1000 or less, known as Payday Loans or Payday Advances. These loans are not for a year (or the weak of heart); most often not even for a month or a week... just days. Hence, the APR when calculated is excessive and well beyond what would normally be termed as "loan sharking" or "interest gouging". This should be an eye opener for you. However, they are legitimate in most states, if not all; and in certain cases for many people, there is a place and need in life for these types of loans. They are certainly NOT for everyone. To use this calculator, make an entry in dollars and cents to the loan amount field, the loan fee (or fees and charges) in dollars and cents and a repayment time in days. Click on Calculate and see the (often terrifying, certainly expensive) APR for this loan. You may click on Clear Values and do another. You MAY enter a decimal for entries in all fields but do not enter any commas or dollar signs (, or $). You MUST have at least 1 day, some positive amount of a fee and a positive loan amount. In our example, you obtain a payday loan or advance in the amount of $250.00 for 10 days, "secured" by your personal check. The loan fee is $15.00 per week; being 10 days, that is more than one week but less than two weeks so the fee is for 2 weeks. The total amount due for repayment is $130.00 in 10 days. The APR calculated is a whopping 1095%! This is the formula: