Rollover (finance)
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- This article is about a type of financial transaction. For other uses see Rollover (disambiguation)
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).
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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).
Reference: 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/
