Compare two schedules for the same cash need
Enter your own terms or explore the illustrative defaults. These scenarios are not available offers.
Model: principal = cash needed ÷ (1 − deducted fee percentage). The fee is withheld from principal; fixed monthly payments repay that principal with interest. Enter the annual interest rate, not APR. Equal monthly periods, no extra charges, no early repayment. Actual lenders may restrict principal amounts or round differently.
Worked example and calculation
At 0% interest and no fee, $1,000 over 12 months is about $83.33 per month and $1,000 in total. A 5% deducted fee requires about $1,052.63 principal to leave $1,000 cash. For interest-bearing payments: P × r ÷ [1 − (1 + r)^−n], where r is the annual percentage rate of interest ÷ 1,200 and n is monthly payments. Totals use unrounded modeled payments.
A useful loan price contains more than a rate. It shows the cash made available, the charges, the timing of payments and the total obligation. Compare those items together before relying on an advertised monthly amount.
This page explains the fields and provides labeled calculations. It is not a provider rate sheet. No example below is a quote, a personalized price or evidence that a particular loan is available.
Keep the important fields together
| Field | What to read | Common comparison mistake |
|---|---|---|
| Principal or face amount | The balance or amount identified in the agreement | Treating it as cash received in every product |
| Cash proceeds | Money actually made available after deductions | Ignoring an upfront fee |
| Contract interest rate | The rate used for the interest calculation | Replacing it with fee-inclusive APR in an exact payment model |
| APR | The disclosed annualized cost under applicable rules | Comparing it without checking amount and schedule |
| Finance charge and other fees | Amounts and conditions stated in the disclosures | Assuming an omitted field means zero |
| Payment schedule | Every scheduled amount and date | Comparing only the smallest periodic payment |
| Total of payments | The disclosed scheduled repayment total | Ignoring the full term |
Interest rate and APR can differ when relevant charges are included. Use the lender’s required disclosure, not a percentage reconstructed from a marketing headline. 1
A deducted fee changes the money available
In an illustrative $5,000 loan with a 5% fee withheld at funding:
Fee: $5,000 × 0.05 = $250.
Cash proceeds: $5,000 − $250 = $4,750.
The fee has not reduced the contractual principal to $4,750. How the balance is repaid depends on the agreement. A fee financed on top of a requested amount or paid separately needs a different cash-flow treatment. 2
To calculate the principal needed to net a target amount after a proportional withheld fee, divide the target by one minus the fee rate. A $5,000 target at 5% gives approximately $5,263.16 before lender amount increments and rounding. That calculation is not a recommendation to increase a loan.
Interest rate is the monthly calculator input
Our basic amortization example uses a fixed nominal annual interest rate divided by 12, equal monthly periods and no fees. For $5,000 at an assumed 18% over 24 months, the result is approximately $249.62 per month and $5,990.89 in total payments.
Under this simplified fee-free model, the nominal APR coincides with the annual interest rate. Once relevant fees, irregular periods or other features are introduced, the same shortcut may not describe the legal APR. The calculator method states those limits.
Payday pricing needs the cash received and period
In a generic single-payment illustration, $300 received plus a $45 charge gives $345 due. Over 14 days, charge ÷ cash received × 365 ÷ days × 100 gives approximately 391.07%. 3
That denominator changes in California’s maximum-charge deferred-deposit example: a $300 check amount minus a $45 fee leaves $255 received. Do not copy the first percentage onto the second transaction. State law and the actual offer determine which figures belong in the calculation. 4 5
Read the complete payday cost explanation
Optional, conditional and late charges need separate treatment
Ask whether a charge is mandatory to obtain credit, optional, conditional on a later event or already included in another figure. Examples can include origination charges, selected expedited delivery, returned-payment charges or late charges where applicable. Do not assume all products have these fees. 2
If a discount depends on a payment method or another relationship, compare the conditions and the price without the discount. A rate that requires an action is not an unconditional offer.
Compare the same cash need—not just matching headlines
Two agreements can show the same principal but provide different cash after fees. Two schedules can show the same monthly payment but run for different lengths. Compare proceeds, dates, total repayments and any separately paid charges before deciding which is less expensive.
For a debt-consolidation decision, also compare the payoff amount of the existing debt with the new proceeds. A lower payment can reflect a longer obligation rather than a lower cost.
Where actual prices belong
An actual offer should identify the lender, product, state, amount, applicable APR, fees, schedule and disclosure date. If rates or fees differ between the provider’s offer, product page and application, ask the provider to confirm the current terms in writing before proceeding.
Until provider terms are verified, examples stay labeled and no rate range is presented as the site’s price. The licenses page explains whose authorization to check, while State rules & checks separates legal rules from coverage.
Questions about rates and fees
Why not show one rate for every visitor? Price and availability belong to an actual provider and offer. A made-up national range would not answer your question accurately.
Does a calculator include origination fees? The standard monthly model does not. A separate proceeds calculation shows a deducted fee; read the model before comparing it with an agreement.
Is a no-fee loan necessarily cheaper? Not without comparing the interest rate, term and total cost for equivalent proceeds. This page does not claim that a no-fee product is available.
Does a fee-free example waive a real fee? No. It simply sets an assumption for the arithmetic.
Which document should I rely on before accepting? Read the actual lender’s offer and required disclosures, then ask about any disagreement with the marketing page before agreeing.