what does no rollovers mean regarding payday loans

what does no rollovers mean regarding payday loans

4 Answers

Some get around it by charging a fee to write you a new loan.  This is technically not considered a "rollover."   Others get around it by acting as CSOs rather than PDLs.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

But a state law States rollovers are not allowed how can they still do it


I agree with Ohio. Some states don't allow rollovers. Don't ever get into a rollover trap. It may drain all the funds from your account. 


It means, if your loan is due, you can't just pay an "extension fee" and "roll the loan over" to be due on your next pay date.

 

Many lenders get around this by simply having you pay a fee to generate a new loan, hence bypassing the "rollover" on a technicality.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

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