If a borrower can't pay their payday loans online direct lenders only on its due date, the states above allow some reprieve. One of those options is to renew or roll over your loan.
These two terms are used interchangeably and mean that if you can't pay your loan balance in full on the date it's due, you have the option to pay just the fees that are associated with the loan and delay paying the principal balance until the next 14 or 30 day period is over. On the next due date you will owe the principal balance plus another set of fees and/or interest charges.
In lieu of loan renewals or rollovers, some states require guaranteed payday loans no matter what bad credit to allow borrowers to pay their balance over time without incurring additional fees or penalties.
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