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Maximum Length of Payday Loans and Rollovers

Payday loans are designed to tide you over with a small amount of money for a short period of time. But sometimes life gets in the way of our plans and we can’t make the full payment on time. How long can you take out a payday loan and what happens when you can’t repay by the due date? We’ve got the answers to make the process simple and stress-free for you.

Maximum Term for Repayment
Most payday loans last for a period of about two weeks, the amount of time it takes the borrower to get paid and be able to repay the loan. However, this time limit is not set in stone and varies based on your lender and the state in which you live. As a general rule of thumb, most states allow for payday loans to last between 30 and 60 days.

When to Rollover
You can rollover your loan when you don’t have the funds to cover the initial amount you borrowed. This usually happens in one of two ways. The first option is to renew or extend your loan for another two weeks (or however long the loan term was). You’ll have to pay another fee, but you also buy more time to repay what you owe.

The other option is to take out a new loan, which covers your initial loan while adding a new fee. The outcome is the same, it just depends on which methods your lender offers. The number of times you can rollover your loan varies by state, so always check with your lender to see what regulations apply to you.

Payday loans help get us through emergency situations that are tough to prepare for. While you always want to pay off your loan as quickly as possible, using a rollover is an effective way to extend your loan when you still need time to gather your funds for repayment.

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Grace Chen
Grace Chen - Writer & Editor
A graduate of the Haas School of Business, University of California, which is one of the top three (3) business schools in the U.S., Grace Chen has 10 years of experience in this field and have been delivering stellar business content through her written word. She’s the chief editor of Communicate Better and has written and edited thousands of content published in various online and printed media, including the NYSE-sponsored research studies and MEC Global. Connect with Grace on LinkedIn, https://www.linkedin.com/in/grace-chen-9254ab8/

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