What is a loan rollover? Is it beneficial?

[Good-Person]

Loan rollover is a process when the borrower of the loan requests the lender to extend the due date of the loan. This may be done in order to make sure that the borrower may pay the loan later on, in case if the borrower is not able to pay the loan back at the right time. So, do you think that it can be really helpful?

 

[Kane]

If you are unable to pay your loan on time and if you want to save yourself from defaulting your loan, you can perform loan rollover. This will give you additional time to pay back your loan. This is a common practice for personal loans as well as business loans in my home country.