A rollover (or renewal) lets you pay only the fee on the due date to push the loan out another term. It feels like relief, but the principal never shrinks.
How the Cost Builds
Take a $300 loan with a $50 fee. Pay $50 to extend and you still owe $300. Extend again and you have paid $100 and still owe $300. After three extensions the fees equal half of what you borrowed.
What the Law Says
Many states restrict or ban rollovers. Florida prohibits them and requires lenders to check a statewide database so a borrower holds only one payday loan at a time. See our Florida guide.
Better Moves Than Rolling Over
- Ask for an extended payment plan, where your state requires one.
- Use a credit union payday alternative loan to pay off the original loan at a lower APR.
- Talk to a nonprofit credit counselor at nfcc.org.
Bottom Line
If you cannot repay on the due date, a rollover is the most expensive way to buy time. Read what to do if you cannot repay.
Ready to Apply?
Use the secure form below. If approved, you see the fee, due date and APR before you accept. Approval is never guaranteed.
Cred Qualify does not guarantee approval. Loan availability, amounts, fees and terms vary by state. Payday loans are meant for short-term needs and are not a long-term financial solution.