Payday Loan Rollover Calculator
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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.