However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan. This may be offered to you in addition to options like repaying your loan in full at a later date or repaying your debt in installments over time. The minimum term for an automatic renewal is 15 days and you will likely be required to pay renewal fees and additional interest charges. The APR associated with your loan stands for the annual percentage rate, or the amount of interest you will be expected to pay in relation to the length of your loan term. Most of the time, the APR for short term loans ranges from 260. Although the APR associated with short term loans is higher than that associated with other forms of credit, it is still considerably less than the charges associated with overdrafts and nonsuffic