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What is a rollover?
Rollover (payday loan (definition, opens in a new tab))
A rollover, also called a renewal, is when a payday loan comes due and only the fee gets paid. The lender pushes the due date out another term and charges the fee again, while the whole amount borrowed is still owed. Each rollover adds a full fee and pays down nothing.
Example
A $300 loan at $15 per $100, rolled over once, costs $90 in fees for four weeks and still owes the $300.
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General education, not financial advice.