How Many Payday Loans Can I have at Once ?
Sometimes even a single short term loan cannot be enough to meet emergency cash needs so popping up a question like “Can I have more than one payday loans at once ?” is very obvious. Paying off two payday loans on next pay date could be really bothersome along with managing the monthly budget. So, despite state legislation, it is not wise to take out more than one such loan at a time. Whether or not one can get two payday loans at once clearly depends on the payday lending regulations laid down in each individual state in the U.S. No doubt, that a payday loan is a huge help to meet short term cash need that is up to $1500 but it is always good to learn what the regulations say about loan services in the particular state in which you are planning to borrow.
Can I Have Two Payday Loans at Once?
The chances of receiving approval for a second payday loan are relatively low. However, there is a chance that you can get one and its probability depends on the state laws in which you apply for the loan and the lender you choose. However, it is legitimate that the lender should not grant two loans at a time. It lowers the chances of repayment on time and it could be too risky for the lender. So, if the lender he would be wise enough, he will deny to lend your another loan to save himself as well as you from being getting default on non-repayment.
Some states allow to take more than one payday loan at a time, but you will have to meet certain criteria to be eligible for the second loan which greatly varies from the first one. The difference exits due to the additional risk a lender agrees to take in lending you another payday loan. No lender agrees to lend another loan if he is aware of the fact that you cannot pay it back. So, he needs to be insure your ability to pay back the both the loans on time.
Nevertheless, it is again almost impossible to receive another short term loan guaranteed approval after taking the first one from the same lending agency or another agency. Lenders automatically deny the loan request from the applicant whose repayment is already due. As the payday loans are operated through central database so it is very for the lenders to determine the record of applicants before giving their decision.
In some states, you can take out a second payday loan after you repay the first one however your need to wait for next 24 hours to apply for the second loan. In case of joint bank accounts, it is not possible to take out another loans so the simplest solution to this situation is to have separate bank accounts. Before applying for another loan, ask yourself following questions:
1. How many payday loans do I have?
2. Why do I need a second payday loan and Is it so necessary?
3. Can I comfortably meet the repayment of both payday loans on the due date?
If you have positive answers for all the above questions, only then you should go for another loans, otherwise there is a great financial risk.
On a whole, if you monthly income is not much then it is not wise to take more than one loan because it will only increase your financial ambiguity. Worst chances are that you may get trapped into financial debt and may also lower down your credit rating.
