Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Oct 21, 2021

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Payday loans have a bad reputation because of the negative impact they can have on individuals who turn the use of this emergency tool into a way of life.

A rollover payday loan calculator is designed to help borrowers visualize the impact of rolling over their short-term financing.

“Rolling over” occurs when a borrower extends a payday loan beyond the agreed upon duration, which is usually two weeks. Whenever a borrower extends that duration by another term, they’re charged a fee equal to the fee required to originate the loan.

For instance, if a borrower takes out a $100 cash advance and is charged a $15 origination fee, they will be charged $15 each time they “rollover” or extend their loan by another two weeks.

So a payday loan of $100 taken out for two 2-week periods would essentially cost $30. If that financing arrangement were rolled over again, it would cost an additional $15, amounting to $45 for a mere $100 cash advance.

As one can imagine, these rollovers can quickly add up. It’s largely due to this mechanism that short-term loan borrowers find themselves in a sinking hole of debt. Similarly, it’s due to these rollovers that consumer advocates have such a problem with short-term financing since borrowers—who are already in a bad financial situation since they need a paycheck advance—often wind up in a worse financial situation than before they borrowed any money.

Payday loan calculators help reveal how costly multiple rollovers can be.

To use a payday loan rollover calculator, enter data like the amount you need to borrow, the days you intend to borrow the money for, the amount a lender will charge you to borrow, and the amount of rollover you expect you may need.

If you find a payday loan is still affordable, despite the costs that could arise if rolled over, go ahead and apply using the application below the calculated results.