Loan Calculator
Estimate your monthly payment, total cost, and effective APR for a payday, installment, or title loan. Adjust amounts and terms to find the right fit.
Estimates only. Actual rates depend on state, individual underwriting, and current Check City product offers. Not a loan offer.
Understanding the Output
Finance Charge
The actual dollar amount you pay on top of the principal. Usually more useful than APR for short-term loans because APR annualizes a short fee.
Effective APR
The annual percentage rate as required by the Truth in Lending Act. High numbers reflect annualization of a small fee over a short period.
Monthly Payment
For installment loans, your fixed monthly obligation. Must comfortably fit your budget alongside rent, utilities, and food.
Total Repayment
The full dollar amount you’ll pay over the life of the loan — principal plus all interest and fees.
How Check City Loans APR Is Calculated
APR (Annual Percentage Rate) annualizes the cost of borrowing. For short-term loans it can look extraordinarily high because the calculation annualizes fees charged over a much shorter period than a year.
The Formula
APR = (Finance Charge ÷ Loan Amount) ÷ Loan Term in Days × 365 × 100
A $300 payday loan with a $45 fee repaid in 14 days computes to: ($45 ÷ $300) ÷ 14 × 365 × 100 = 391% APR. The dollar cost ($45) is small in absolute terms; the APR is high because the math annualizes a 14-day fee.
Real-World Cost Examples
Why Your Actual APR May Differ
Calculator estimates are based on Check City’s published rate ceiling. Your actual offer depends on state regulations, individual underwriting (income, banking history, existing debt), and the specific product. Always read the TILA disclosure on your loan offer before signing — it shows your exact APR, total finance charge, and payment schedule.