Loan Costs: Compare Cash Received With Total Repayment
Compare usable cash, charges, payment dates and total repayment with the same fields across every offer.
On this page · 9 sections
Use the same fields for each written offer.
| Field | What to record | Comparison mistake to avoid |
|---|---|---|
| Cash received | Money available to spend after any deductions at funding. | Using the starting balance when a fee was withheld. |
| Finance charge | The lender’s disclosed cost of credit and applicable itemization. | Looking only at a quoted interest rate. |
| APR | The provider’s annual percentage rate disclosure. | Replacing the legal disclosure with a rough calculator result. |
| Payments | Number, amounts, dates and the total of scheduled payments. | Comparing a monthly payment with a single final payoff. |
| Additional scenarios | Early payoff, late payment, returned payment and optional services as applicable. | Assuming an example includes charges it never modeled. |
Example: one Florida payday repayment
See the cash, fee and single repayment
Example: $300 cash + $30 service fee + $5 verification fee = $335 due after 14 days; annualized fee comparison 304.17%.
Florida single-payment educational example. The wheel changes only the example cash amount; the exact field lets you enter any value up to the statutory $500 limit. Fee caps are not an offer. Annualized comparison = total fees ÷ cash received × 365 ÷ days × 100. Compare any real offer with the provider’s required disclosures.
Model an installment payment separately from a payday fee.
Explore a monthly payment schedule
Example: $1,000 at 36% annual interest over 12 monthly payments is about $100.46 per month, with a rounding-adjusted final payment.
Hypothetical fixed-rate monthly amortization with no fees. Enter the interest rate, not an APR that includes fees. Payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is annual rate ÷ 12 ÷ 100. At 0%, payment = P ÷ n. Interest is rounded to cents each period; the last payment adjusts. Not a Florida deferred-presentment installment fee model or a loan quote.
| Compare | Single-payment payday example | Installment / personal-loan example |
|---|---|---|
| Cash received / principal | Use the actual cash you receive. | Use principal/amount financed and separately note any withheld fee. |
| Price input | Dollar finance charge and required APR disclosure. | APR/interest plus any origination or other disclosed fees. |
| Payment pattern | One payoff date. | Multiple scheduled payments. |
| Total cost view | Total fees and single repayment. | Monthly/periodic payment, total interest/fees and total paid. |
| Best apples-to-apples check | Same cash amount and actual term. | Same amount, then compare total paid and dates — not only the monthly payment. |
A Florida statutory ceiling is not the same thing as the rate in your offer.
| Product framework | Current cited ceiling / mechanic | What to compare in the actual agreement |
|---|---|---|
| Single-payment deferred presentment | Up to 10% service fee plus permitted verification fee; 7–31 days. | Cash received, dollar fee, total repayment, due date and required APR disclosure. |
| Deferred-presentment installment | Up to 8% of outstanding balance per biweekly period; 60–90 days. | Each scheduled payment, declining balance, total charges and deferral rights. |
| Licensed Chapter 516 consumer-finance loan | 36% / 30% / 24% annual-interest tiers by principal band through $25,000. | Amount financed, APR, finance charge, fees, payment schedule, total of payments and early-payoff terms. |
A withheld fee changes the comparison.
Illustration: an agreement has a $2,000 starting balance and a $100 fee withheld at disbursement. The borrower receives $1,900. If twelve scheduled payments are $190 each, the total paid is $2,280. The difference from usable cash is $380.
That difference is a simple cash-flow comparison, not a legal APR calculation or a statement about a permitted charge in a particular product. It helps expose a problem that a “$2,000 loan” headline alone would miss.
For an offer with additional charges or irregular payment dates, use the actual disclosures and ask the provider for an explanation of anything that does not reconcile. Do not force it into a no-fee example.
Use annualization carefully.
APR expresses credit cost on an annualized basis under the applicable disclosure rules. Dollar fees show another important part of the decision: the actual money paid for the period. The payment schedule then tells you when the obligation affects your budget.
The simple annualized fee comparison in the payday tool is total modeled fees divided by cash received, multiplied by 365 divided by days. It is clearly labeled an educational comparison, not a replacement for a provider’s Regulation Z calculation.
For monthly installment illustrations, the schedule explorer uses a stated annual interest rate with no fees. An APR that includes fees should not automatically be entered as that interest rate. A calculator is useful only when its assumptions match the question.
Ask about costs outside the on-time example.
| Scenario | Question for the provider | Planning action |
|---|---|---|
| Early payoff | What is the payoff calculation and can any penalty or retained fee apply under this product’s rules? | Obtain a dated payoff amount instead of estimating from remaining installments. |
| Missed or returned payment | What charges and collection steps are described in the agreement and applicable law? | Use the support route before the payment deadline where possible. |
| Faster transfer or optional service | Is there a separate charge, is it optional, and what does it actually change? | Compare total cost with and without the service. |
| Changed payment schedule | What written modification or statutory relief applies? | Keep the confirmation; do not rely on an informal assumption. |
The Florida deferred-presentment category has specific restrictions, including a prohibition on prepayment penalties and defined relief routes. Other products should be checked on their own terms. See the relevant Florida rules.
Cost is only half of affordability.
Two obligations with the same total dollar cost can put different pressure on the next income payment. Conversely, a smaller monthly payment may require paying for many more months.
After comparing costs, place the full scheduled payment into the budget stress test. Keep all inputs in one period and leave a realistic margin for variable expenses. A lender’s willingness to offer credit does not answer that household-budget question.
Cost questions
Are the maximum fees in the calculator advertised Catapult fees?
No. They are sourced Florida single-payment parameters used for educational examples. There is no active Catapult pricing or offer table in this website.
Does a positive budget result mean the loan is safe?
No. The arithmetic depends on complete, realistic inputs and does not cover every uncertainty. It is a decision aid, not a suitability certification.
What should I keep from an offer?
Keep the actual agreement, itemized disclosures, payment schedule, payment authorization and provider contact details. An example from another site does not replace those documents.
Ready for the next step?
Review the repayment and provider disclosures, then continue to the application when you are ready.