This extra fee is what is called 'rollover', and each month you miss then another rollover is applied until you can owe more than twice what you borrowed in a very quick period of time. It doesn’t matter if pay 'something'. A full rollover is applied because the agreement you made was to make payment in full. It is a 'payday' loan, to be paid at your next payday, not a regular term loan.

So, while online payday loans can be the answer to a prayer if you are in urgent financial need, you must make the repayment as agreed. Don't over-borrow, and make sure that the loan is paid first from your wages before any anything else. If you do that then you will be fine, and the online payday loan will work as intended, but if you don’t . . .

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