What Is a Payday Loan Rollover and Why Is It Dangerous?
A payday loan rollover is when you pay a fee to extend a payday loan instead of paying it off in full. It is risky because repeated fees can trap you in a longer, more expensive debt cycle.
A payday loan rollover is when you pay a fee to extend a payday loan instead of paying it off in full. It is risky because repeated fees can trap you in a longer, more expensive debt cycle.
The most useful payday loan debt statistics show a pattern of high costs, repeat borrowing, and rollover risk. That pattern helps explain why payday debt can last much longer than borrowers expect.
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