What Happens When You Can’t Pay A Lender Back

Yikes! So, you’ve borrowed money and now you’re unable to pay it back. Plenty of people fall into this situation. If you happen to do it with a payday loan, you simply borrow the money for 2 more weeks.

This is called “rollover” or “rolling over” the loan. You will be responsible for another fee when you do this making your tab a lot higher. For example, if you borrow $400. You pay a $60 fee to get the money. If you can’t pay in 2 weeks, you will pay another $60 to roll over the loan. So, you’ll still owe the fee, plus the amount you borrowed.