Micro Loan Calculator
Calculate total repayment on micro loans with daily or weekly interest rates.
See the true cost of short-term borrowing.
Total Repayment
Micro loans charge interest daily or weekly, which can add up quickly.
Simple interest calculation:
Total Interest = Loan Amount × Interest Rate × Number of Periods
Total Repayment = Loan Amount + Total Interest
Annualized rate (APR equivalent):
- Daily rate × 365 = approximate annual rate
- Weekly rate × 52 = approximate annual rate
Example: A loan of 1,000 at 1% per day for 30 days:
Interest = 1,000 × 0.01 × 30 = 300
Total repayment = 1,300
Annualized rate = 1% × 365 = 365% APR
Warning: Short-term loans with daily/weekly rates often translate to extremely high annual rates. Always calculate the true cost before borrowing.
Typical micro loan rates:
- Microfinance (developing countries): 1–3% per month
- Payday loans (US/UK): 10–30% per 2 weeks
- Mobile money loans (Africa/Asia): 5–15% per month