# Payday Loan EMI Calculator

A payday loan or cash advance is the term used when the borrower writes off a cheque to the lender in return for cash for a short period of time. Here are some ways to get the exact same amount for a payday loan or small cash loan.

• The borrower must know the required loan.
• He/she has should know the interest rate charged by the bank.
• The time provided by the lender for loan repayment.

If the individual is well aware of the above given prospects, he/she just has to use the online small cash loan calculator. With this information, one can calculate the EMI, total interest, amount and the interest to pay on the loan.

## Payday loan EMI calculation is done keeping in mind:

• The interest rates
• The job profile of the borrower
• Tenure
• The loan amount
• Other EMI loans
• Where the borrower works
• Borrower's credit history

## Formula for EMI calculation:

EMI Amount = [P x R X (1 + R) ^ N] / [(1 + R) ^N - 1]

Here, P stands for principal loan amount, R stands for interest rate and N stands for number of instalments (monthly). If the yearly interest rate is 9%, then the monthly rate of interest will be 9/ (9 x 100).

Do check our small cash loan/payday loan eligibility calculator for knowing your loan eligibility.

The personal loan EMI calculator can perform complicated calculations within a few seconds and there are many other merits of using a small cash loan EMI calculator:

• All the calculations performed are accurate. Using the online calculator is a better option than doing calculations manually, as the former saves time.
• One can compare between different EMI loans provided by the financial institutions and can choose from it.
• Payday loan calculator will advise the user on choosing the loan amount on the basis of his/her monthly expenses.
• There is no limit set for calculating EMIs; he/she can recalculate the EMI n-number of times.

## Looking for some good loan offers?

#### Need Help?

• Small Cash Loan arrow_drop_down
• Gold Loan arrow_drop_down
• L A Parrow_drop_down
• Home Loan arrow_drop_down
• Personal Loan by City arrow_drop_down
• Business Loan by City arrow_drop_down
• Gold Loan by City arrow_drop_down
• L A P by City arrow_drop_down
• Toolsarrow_drop_down
• Resource Centerarrow_drop_down