Payday Loan Example

Payday loan applicants may write a post-dated personal check for a certain amount as payment for the initial loan. The lender would then agree to hold the borrower's check until the next payday. At that time the borrower would have the option to go ahead and redeem the check by paying off the loan in cash. Or, the borrower may decide to roll-over the loan the loan by paying a fee to extend the loan for another loan period.

If the borrower chooses to not refinance the loan, then the lender would deposit the check. Some states do not allow rollovers or may limit the number of rollovers.

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