Payday Loan Rollover Calculator

Calculator about to be rolled over
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.

Our 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.

This payday loan calculator will reveal how costly multiple rollovers can be.

To use this payday loan rollover calculator, enter 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.

By default, the loan term is set to 14 days since most cash advances are given for two-week terms, but feel free to change that term to fit your particular situation.

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.