What does rollover a payment mean?

[Dingo]

Can someone please explain, in simple words, what does it mean "to rollover a payment"? If you could add any extra information that concerns the rollover of a payment, it would be great! Thanks!

 

[Smith Smithers]

I'm not an expert, but I need to ask: are you talking about rolling over a payday loan? Or rollover of a retirement plan?
Anyway, in simple terms, to rollover a payment basically means to postpone it. When you have a loan to pay off, for instance, rolling off a payment means you will delay paying the loan off, but you'd have to pay a fee. That fee will NOT reduce the amount you need to pay (the installment) though! So, in other words, it's best to avoid doing it.

 

[AlyssaGarcia]

In short, rolling over a loan payment means you pay a fee to delay paying back the loan.

 

[Kenneth Bennett]

When getting a payday loan you need to pay it back from your next paycheck. There are situations when you can't pay the money back on the required payback date and here is where rollover can be of help. A rollover means you’re extending the period in which you’re required to pay the money back to the lender. What is important to know about the rollover is that prolonging the repayment date you’ll receive an additional fee to be paid.