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Can I Have 2 Payday Loans at Once?

Financial Advice

can I get another payday loan if I already have one

How many payday loans can you have at a time? The answer depends on the state you live in. The lending laws of most states (Alabama, California, Colorado, Hawaii, etc) says payday lenders shouldn’t provide more than one payday loan. However, some loan providers may offer loans to borrowers who already have payday loans with other lending companies.

If you consider taking out two payday loans simultaneously, you should know that lenders check your current loans to see your debt-to-income ratio and you are likely to be denied another loan.

Table of Contents

  1. Can I Get Another Payday Loan If I Already Have One?
  2. Do Payday Loans Appear on a Credit Report?
  3. Will Lenders Know Whether I Request a Second Payday Loan?
  4. How to Avoid Multiple Payday Loans?
  5. Payday Loan Alternatives
  6. Why We Don’t Recommend a Second Payday Loan?
  7. FAQ

Can I Get Another Payday Loan If I Already Have One?

Yes, you may get another payday loan if you already have one and live in the states where it is allowed (for example, Washington). The main thing to remember is that the loan will be due on your next payday, according to your loan agreement. But keep in mind, there are only a few payday loan lenders that accept this practice.

multiple payday loans

Do Payday Loans Appear on a Credit Report?

Payday loans are just the thing to help you get through a rough patch. But multiple payday loans can also be a source of stress. Most traditional lenders report your loan information to one or more credit reporting agencies (Experian, Equifax, and TransUnion) if they perform a hard credit check. If there is a soft credit check, it won’t affect your credit score. That’s why you should ask your lender whether it reports to the credit bureaus. If not, the loan won’t appear in your credit report if you repay it on time.

Will Lenders Know Whether I Request a Second Payday Loan?

The short answer is: yes; they will know you have multiple payday loans. There are two ways that lenders can find out about your request for a second payday loan. First, they may ask you directly. Second, lenders may be able to see that you have asked for more than one existing payday loan in their system.

If an individual payday lender asks you directly how many payday loans you got in the past, it is essential to tell them the truth during the loan application. They need to know to help protect themselves from illegal practices.

How to Avoid Multiple Payday Loans?

If you’re considering taking out multiple payday loans, here are some ways to avoid it:

  1. Ask yourself why you need the money from lenders in the first place. Maybe a loan isn’t worth getting into debt.
  2. Review your spending habits and cut off unnecessary expenses.
  3. Save money for emergencies.
  4. Consider other options like borrowing from family or friends.
payday loan alternatives

Payday Loan Alternatives

If you need a short-term loan from a payday loan lender to help cover your expenses but don’t want to be stuck with high-interest rates that could make it hard to pay off your debt, payday loans may not be the right option. While payday loans are often touted as a way to get quick cash when you’re in a pinch, they’re also one of the most expensive ways to borrow money. Stop asking yourself how many payday loans you can have at a time and consider these payday loan alternatives:

Second Job (Part-Time)

The most common reason for taking on a second job is to help pay off debt—specifically, payday loans, as they are high-cost financial products. Consider finding a part-time job that will bring you extra dollars in your pocket. You can try network marketing, babysitting, or a handmade hobby that helps you earn cash.

Pawn Shop Loans

Pawn shop loans are short-term secured loans at a pawn shop or jewelry store. They’re typically cheaper than traditional payday loans. The pawn shop loan amount depends on the object’s value you brought. They’re also easier to get because they don’t require a credit check or checking account, which means anyone who qualifies can take advantage of them.

Unlike payday loans, which are due in full after only two or four weeks, pawn shop loans have up to six months of repayment. As a result, it gives you more time to pay off your debt, lowers your interest rate, and helps you avoid late fees or other penalties that come with missing payments on payday loans.

Title Loans

A title loan is a short-term secured loan that requires the borrower to put up their car title as collateral. The borrower gets the money they need immediately and then pays back the loan proceeds with interest in equal installments over time (usually three or six months).

0% APR Introductory Credit Cards

Unlike payday loans, these cards offer an introductory period where you can use the card without paying interest on your purchases. After the initial period expires, you will be charged interest on your purchases if you continue using the card. It can be a great way to get yourself out of debt without having to pay any additional fees or interest charges immediately.

0% APR Cash Advance

0% APR cash advances from a bank or credit union are like payday loans in that they’re short-term loans that you pay back when you next get paid.

Cash advances from banks or credit unions can also be helpful if you need money immediately but don’t want to use your credit card or take out personal loans. You can use one without affecting your credit score. It makes them good options for people who don’t have many options because they have bad credit scores or no savings account!

Credit-Builder Loan

A credit-builder loan is a type of loan that helps you improve your credit score by allowing you to pay back the loan over some time. Credit-builder loans are typically short-term loans with low-interest rates and flexible repayment terms. The loan amount you borrow will depend on your income and savings, but most lenders offer amounts between $500 and $1,000.

The time you have to repay the larger loan depends on how much money they’re willing to lend you and what kind of payment plan they offer. Depending on your situation, you might have between 1 and six months to repay the loan.

second payday loan

Why We Don’t Recommend a Second Payday Loan?

We know “how many payday loans you can have” is not a fun topic, but if you find yourself in a financial bind, we hope you’ll have this information at your fingertips—and maybe share it with a friend or family member who needs our tips.

If you’re considering taking out another payday loan, we don’t recommend it because you could get into a debt trap that is hard to get out of.


Do Payday Loans Hurt Your Credit?

Payday loans can hurt your credit if you don’t pay them back on time. If you miss payments, it will appear as a default on your credit report and negatively impact your credit score. It also makes it harder to access similar loans in the future.

How Many Payday Loans Can You Have at One Time?

The number of payday loans you can have at one time depends on the regulations in your state. In most cases, you can have up to two payday loans at a time. But take care; it can affect your financial situation.

Can You Go to Jail for Not Repaying A Payday Loan?

No, you can’t go to jail for not repaying a payday loan. But if you can’t pay back the loan, that’s where things get tricky. You could get harassed by debt collectors who threaten legal action or even arrest if you don’t pay up.

The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.


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