If you borrow an extra loan with the same lender — the lender could tack on a rollover or renewal fee on high of every part else you owe. The application course of is fast and you can get entry to your funds instantly. Nonetheless, a rollover normally means you make a brand new settlement with the payday mortgage firm. The mortgage must be repaid in full, in one payment, on your subsequent payday—which is why they're called payday loans.