If you have a payday loan and have come to the end of the loan term, the lender might offer to roll over the debt for you. This can be very tempting if you are struggling to pay, as it will give you more time to settle the balance. When a payday loan is rolled over, it means the debt is extended until a later date. The idea of rolling over a payday loan might sound good, but it often incurs very high charges and additional interest. Think very carefully before choosing a rollover for your payday loan as next month, the repayment amount will be higher, and you could be in the same position again. Payday loan lenders are only allowed to roll over the debt twice; after this, you must make your repayments.
2