Payday Loan Cost Calculator

See the true cost of payday loans — and why they're so expensive

Loan Amount

Fee per R100 borrowed

Typical: R10-R25 per R100

Loan Term (days)

Times Rolled Over

Each rollover adds another fee cycle

Total Fees

Total Repayment

Effective APR

vs Personal Loan

// True APR

A R15/R100 fee for 30 days translates to an annual percentage rate of roughly 391%. That's 25x more expensive than a typical personal loan at 15% APR.

// Rollover Trap

If you can't repay on time and roll over, each cycle adds the full fee again. Two rollovers on a R2,000 loan can mean paying R900+ in fees on a R2,000 loan.

// Alternatives

Before a payday loan, try: negotiating with creditors, borrowing from family, credit union loans, employer salary advances, or a small personal loan from your bank.

// SA Regulations

The NCA caps short-term loan interest at 5% per month + initiation and service fees. Despite caps, the effective cost remains extremely high compared to any other credit product.