STEP 01 OF 04
What does this loan actually cost?
Start with a simple flat-fee illustration. The written loan agreement controls—not the example.
The tool starts with invented entries. Review every amount and date before using your own scenario. The fee illustration is optional; a known current balance can still be compared below.
What the example means: Complete the optional illustration to see its assumptions and fee totals.
The annualized rate is a simple mathematical estimate: fee ÷ principal × 365 ÷ days. It is not a verified Truth in Lending Act APR or a state-law compliance test. The total assumes the same fee for each past renewal and a final fee on payoff, without partial principal payments, penalties, or other charges.
Now enter the amount that matters today.
Use a written payoff statement or your loan records. It may differ from the illustration above.
Will the money be there when it's needed?
A month can end with money left even if a bill causes a shortage before payday. Enter what happens and when. Each line can repeat.
Your pay and bill entries
Enter the next known occurrence of each item.
Twice-monthly pay: add two income entries that repeat monthly, one for each payday. For irregular income, use separate one-time entries. Don't count the same bill in two entries. Monthly dates are kept exactly; nonexistent dates stop the comparison. Use one-time entries for paydays or bills that move at month end, on weekends, or on holidays.
Money in your account isn't always available before a withdrawal is processed. Choose an ordering to examine that timing uncertainty.
Which assumptions create a cash gap?
The original due date is compared with two unapproved, hypothetical payment arrangements. Never assume you can change repayment terms without your lender's agreement.
See the dates behind the result
Projected events for the selected scenario, not a bank statement.
| Date | Money in | Other bills | Loan | Lowest that day | Cash after |
|---|
It assumes the pay and spending entries continue as written. It does not predict income loss, late fees, bank holds, collection action, approval of a payment plan, or unlisted costs. A positive result does not establish that a loan arrangement is legally available or affordable in real life.
Take the next step with clear information.
You do not have to solve every part at once. Use this checklist to identify facts to confirm, questions to ask, and reliable places to get assistance.
- 1
Get the exact amount and terms in writing.
Request your current payoff balance, itemized charges, next debit date and amount, and a copy of your loan agreement. Record any disagreement.
- 2
Ask whether a repayment arrangement is available.
Ask about an extended repayment plan, every due date, added charges, and whether an automatic withdrawal will change. Availability depends on the lender and applicable law. Ask for written confirmation before relying on changed terms.
- 3
Protect essential payment timing.
If an automatic debit could disrupt rent, utilities, food, or transportation, read the CFPB guidance on revoking authorization or requesting a stop-payment order. Stopping a debit does not erase the loan or prevent possible lawful collection. Contact the bank promptly about fees, timing, and next steps.
- 4
Check assistance before taking another high-cost loan.
Ask about nonprofit credit counseling, local bill assistance, and lower-cost credit-union alternatives. Compare eligibility and total costs; none is guaranteed.
- 5
Re-run the dates after anything is confirmed.
Use only the actual payment amounts and dates in the final version of your plan. Save copies of your communications and check your statements.
STARTING POINT FOR A LENDER CONVERSATION
I am reviewing my payday loan and want to understand my repayment options. Please confirm my current payoff balance, charges, due date, and scheduled withdrawals in writing. Do you offer an extended repayment plan? If so, what are the payment dates, amounts, and all additional fees?
Consumer Help And Official Resources
These links go to independent organizations. SWD is not affiliated with or endorsed by them. Check the latest rules with the relevant authority.
State law and special protections
Consumer lending rules vary considerably by state, lender type, and loan structure. Verify any legal conclusion with your state financial regulator or an attorney. Ohio's short-term lending provisions include specific permitted charges and limits; they should not be confused with the flat-fee example in this tool.
Ohio Revised Code §1321.40 ↗ · CFPB borrower rights ↗
Active-duty service members and covered dependents may have additional protections. Check the CFPB’s military consumer resources or military legal assistance.
Keep a copy of your planning notes.
Download a plain-text scenario summary, or print this page. The summary includes only the numbers and assumptions shown here.