Rollover (finance)

Rollover (finance)

Rollover is a process whereby a financial instrument such as a CD is reinvested at maturity. It may also refer to the transfer of the balance of a 401k or IRA into another 401k or IRA account (i.e. rolling over a conventional IRA into a Roth IRA or a 401k from a former employer into a conventional IRA).

When talking about Payday Loans, a roll-over can be referred to as what happens when a borrower does not have enough money to pay back the loan when it is due. The borrower then borrows more money and the same rules apply (i.e. interest).

References

Peterson, C. L. (2005). Military families targeted for high-interest loans, UF professor says. University of Florida News. Retrieved May 9, 2006 from University of Florida News [http://news.ufl.edu/2005/03/29/military-payday/]


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