Is It Legal to Take Multiple Payday Loans At Once?

If Payday Loan is legal in your state of residence, then you may be able to get one or more loans from different lenders.

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Is It Legal to Take Multiple Payday Loans At Once?

Can You Get More Than One Payday Loan At Once?

Recently, more and more people are facing unexpected expenses and need additional funding. This can be anything, such as emergency medical treatment, a necessary purchase, rent or utility bills, and so on. However, unfortunately, most Americans cannot cope with the expenses on their own, so they are forced to look for additional sources of funding. The most popular emergency way to get money at the moment is the Payday Loan. Most Americans regularly use this loan to cover an emergency need. However, can you get more than one Loan at a time? Keep reading to find out the details.

What Is A Payday Loan?

A Payday Loan is a simple, unsecured type of financing that is designed to help borrowers with any type of credit to cope with an emergency. Since this loan is unsecured, no collateral is required to obtain approval. It is important to note that the Payday Loan is short-term, so you will need to pay off the debt on your next payday (often within 14-21 days).

Most often, payday lenders provide between $100 and $1,000 for any need. Since any borrower can find himself in a difficult life situation, payday lenders work with different types of credit. Due to the minimum eligibility criteria, Payday Loans are fairly easy to obtain.

How Does A Payday Loan Work?

At the moment, getting a Payday Loan has become as simple as possible. Now more and more lenders are offering a simple and convenient online application, which means the borrower does not have to go to the lender's shop and wait in line to get financing.

So, in order to receive financing, the borrower needs to do the following: choose a lender who offers the best offer, fill out an application and wait for approval. With online lending, the loan amount will be transferred directly to the borrower's bank account.

Can You Get More Than One Payday Loan At Once?

Recently, more and more borrowers are interested in such a question as “is it possible to get a Payday Loan if I already have one” since most often one loan is not enough. Most often, yes, the borrower is eligible for another loan even if he has an outstanding Payday Loan. However, it is important to pay attention to the fact that the new Payday Loan is from a different lender, and most often it will have even less favorable credit terms.

Is It Legal?

You probably know that Payday Loans are governed by the laws of the state where you live. It is important to note that Payday Loans are currently illegal in 15 states, but legal in the remaining 35.

In some States there are no restrictions on Payday Loans. For example, in Texas there is not even a limit on the amount that a lender can lend you. So, technically, you can get any loan from a lender up to Payroll in Texas. In other words, if you already have a Texas Payday Loan, you can easily get another one from the same or another lender.

In other states, on the contrary, there are some restrictions regarding Payday Loans. For example, in Virginia, the maximum loan amount you can get is $500. In California, borrowers can get as little as $255 to cover emergency needs. However, note that just because a state has limits on how much you can borrow, it doesn't mean you can only get that amount. This means that an individual lender can only lend you this amount. However, you can still apply and get the same loan from another lender. What's more, some lenders will also offer you to roll over your loan if you fail to pay your debt on time. However, you should understand that most often this entails additional fees and commissions.So, even if your state has a credit limit, you can still apply for and get a Payday Loan from another lender to meet your needs.

Can I Get Another Payday Loan From The Same Lender?

As already mentioned, if necessary, you can apply and get another Payday Loan. However, this does not mean that you can get another Payday Loan from the same lender.

Most likely, you know that before granting you a loan, the lender most often requests a review of your credit. So the major credit bureaus tell him how many loans you have (Experian, TransUnion and Equifax). Of course, any of the credit bureaus knows how much outstanding debts you have.

Based on the data received, the lender can decide whether you can repay the loan or not. More often than not, if a lender sees that you already have one outstanding loan, they are more likely to be reluctant to grant you another one. And, accordingly, if you have two, three or more loans, the chance of approval will be even less. In other words, the more Payday Loans you have, the less likely you are to get approved for a new one.

Should I Apply for Another Payday Loan?

As you know, Payday Loans often come with extremely high interest rates and unfavorable loan terms. That is why having even one Payday Loan is quite risky. If you fail to pay your debt with interest on time, you risk falling into a debt hole that will be very difficult to get out of.

If you cannot pay off your first Payday Loan and want to apply for another one, you will receive even less favorable credit terms. Thus, it will be more and more difficult for you to cope with debts. Explore all possible alternatives before taking this step.

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Up to $1000 Payday Loans

  • Bad Credit OK
  • Only direct lenders
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Find out if you qualify for a loan without any affect on your credit score

We keep your personal information secured!

By submitting my information, I acknowledge I have read, understand, and agree to the terms of the Privacy Policy and the Terms of Use,I understand that by submitting my information, I may be contacted by telephone by one lender.