Can I Have 2 Payday Loans At Once? (Fast Cash Solutions) (2023)

In some cases, getting two payday loans at once may be possible, but recent Consumer Financial Protection Bureau (CFPB) rules have been put in place to protect borrowers and limit the ways people can access payday loans. Not to mention, certain states limit how much you can borrow in payday loans, while others ban them outright.

It’s not hard to see why once you dig into the details. Payday loans prey on the most vulnerable members of society — people who can’t get approved for traditional loans or credit cards.

Payday loans are short-term, high-interest (and high fee) loans that must be repaid within a few weeks. The name “payday loan” comes from the idea that you would pay off the loan as soon as you receive your next paycheck. Loan amounts generally vary from $500 to $1,000, but the high-interest rates and fees often send the total repayment well above $1,000.

We’re here to answer all your questions – whether you’re wondering about multiple payday loans or if you’re curious as to what happens if you don’t pay your payday loan.

Table of Contents

(Video) Payday Loans – Borrow Fast Money to Get Over with Small Cash Crisis

  • Do payday loans appear on a credit report?
  • Will lenders know if I already have a payday loan?
  • Payday loan best practices
  • Don’t become reliant on payday loans
  • Explore payday loan alternatives
  • Payday loans aren’t your only option

Do payday loans appear on a credit report?

Typically no. One of the reasons payday loans can be appealing, especially to those with less-than-perfect credit, is because they don’t require hard credit checks. However, this also means they won’t report your payments to credit bureaus. So if you’re consistent with making payments, your score won’t get a boost.

A safer, less expensive financing option that doesn’t require credit checks is Instacash. Instacash is MoneyLion’s 0% APR cash advance. With Instacash, You could access up to $250 with no interest, no hard credit checks, and only pay back what you owe when you get your next paycheck. Instacash is the smarter alternative to payday loans!

Will lenders know if I already have a payday loan?

One of the guidelines put forth by the CFPB is that all potential borrowers must be screened. Payday lenders aren’t as stringent as traditional lenders, but they must still confirm that a borrower has the capacity to repay the loan. Some payday lenders do this by asking for bank account or pay stub information, but now many will run a credit check.

Any outstanding payday loans will appear on your credit report. Your chances of being approved for a second are next to nothing. Even if the payday lender doesn’t pull your credit report, the lender can still discover an active payday loan through your bank statements and deny you.

In fact, any borrower who takes out three payday loans in quick succession must be cut off by the lender, according to the new CFPB guidelines. Payday loan lenders big and small have to follow certain rules and deny applicants. In some cases, you must wait a full 24 hours after repaying your previous payday loan before you take out a new one.

Payday loan best practices

Payday loans are oftentimes thought of as a last resort for borrowers in desperate need of cash – but they aren’t the only financial tools available to people with poor credit. Take Instacash from MoneyLion, for example.

MoneyLion members can access up to $250 instantly through a 0% APR cash advance. Once you sign up and receive approval, you can get your cash in a matter of minutes with turbo funding. And best of all, you only pay back what you borrow — not a penny in interest.

(Video) 5 Apps That Loan You Money Instantly Same Day! Сash advance quick FUNDING!

Additionally, MoneyLion Credit Builder Plus members get access to a credit builder loan up to $1000. Plus, there’s no hard credit check when applying!

Don’t become reliant on payday loans

Taking out a payday loan often gets you stuck in a cruel cycle. They come with triple-digit interest rates and high fees, making them difficult to pay back with a single paycheck. Your monthly spending allowance will become drastically reduced, and you’ll be forced to take out another payday loan – in turn creating a cycle. Don’t fall into this trap!

Explore payday loan alternatives

Payday lenders don’t have your interests at heart. Short-term loans with high rates and exorbitant fees are beneficial only to the lender. Using them repeatedly can inflict serious consequences on your financial health. You should always consider safer alternatives before settling for payday loans. Here are a couple payday loan alternatives we suggest.

Extra work

Pick up extra work or take on another job, even if it’s only a part-time gig. It also helps to sell off extra clothes or other items to bring in extra cash. Learn about more ways to bring in extra money here.

Bank loans

Personal loans from banks or credit unions are less expensive than payday loans and feature higher funding amounts. However, you’ll typically need solid credit to qualify. The application process can also take weeks, so it may not be your best bet if you need cash fast.

0% APR introductory credit cards

Signing up for a 0% introductory credit card offer tends to work fast. You can get approved as fast as a couple of days. However, you’ll need to have good credit in order to qualify for these types of sign-up perks. Make sure you pay off the balance before the 0% introductory period is over or you’ll face back interest and fees.


MoneyLion’s latest edition is a zero-fee installment loan for up to $600 with a flexible repayment plan designed around your finances. This plan is invite-only as of now, but you can reserve your spot here.

(Video) Fast Cash Payday Loan


MoneyLion’s Instacash is the ideal alternative to dangerous payday loans. There’s no credit check and funding is instant. You’ll never have to worry about triple-digit interest rates because MoneyLion’s Instacash always comes with a 0% APR.

Credit builder loan

MoneyLion also offers a low-cost, credit builder loan for up to $1,000 that’s designed to boost your credit score. Use it to get your hands on extra cash fast or to improve your credit score with consistent, manageable payments.

Payday loans aren’t your only option

It’s important to seek safer, more affordable alternatives than predatory payday loans when you need funding fast. MoneyLion’s Instacash, Overtime, and Credit Builder Loans can be great resources.

Another solid strategy is to prepare for emergencies ahead of time. Start by getting your finances in order, cutting back on unnecessary spending, and begin dedicating an amount of your paycheck towards an emergency fund or safety net.Make sure to explore MoneyLion’s RoarMoney banking account with in-app budgeting tools and consider saving with MoneyLion’s Safety Net account and fully-managed investment portfolios.

Frequently Asked Questions

Do payday loans have high fees?

Yes. Payday loans are particularly predatory because they are known to have triple-digit APRs which make them difficult to pay back.

Can you go to jail for not paying a payday loan?

No, you won’t go to jail if you do not pay a payday loan. However, payday lenders can pursue collection through the civil courts and you risk jeopardizing any assets you own, such as your car, house, etc.

Do payday loans hurt your credit?

Typically, payday lenders don’t report to the credit bureaus. Therefore, payday loans don’t hurt your credit, but they don’t improve it either.

(Video) #Tip 44 - A Loan Shark's Perspective On Fast Cash Payday Loans!

Can I Have 2 Payday Loans At Once? (Fast Cash Solutions) (1)

Jacinta Sherris Jacinta Sherris is a full-time writer with a B.A in Economics from New York University. Since 2017, she has contributed numerous lifestyle and finance articles to a wide range of companies and publications, including MoneyLion. In her free time, she enjoys pursuing her artistic passions and traveling.



Can I get 2 payday loans at the same time? ›

So yes, the law allows you to get a second payday loan if you already have one. But that does not mean a lender will give you a second loan. Before a lender gives you a loan, you give them permission to do a credit check on the loan application.

Can you have more than one cash loan? ›

You can have more than one personal loan with some lenders or you can have multiple personal loans across different lenders. You're generally more likely to be blocked from getting multiple loans by the lender than the law. Lenders may limit the number of loans — or total amount of money — they'll give you.

How do I combine payday loans? ›

If you want to consolidate payday loans, you'll need to apply for a personal loan from a credit union, online lender or bank. Once approved for a personal loan, you'll receive a lump sum of money that you'll use to pay off your payday lenders.

How long do you have to wait to get another payday loan? ›

Once you pay off your payday loan, you can get a new one the next business day. After you get seven payday loans in a row, you will have to wait two days before you can takeout a new loan.

Can I get a loan even if I already have one? ›

Yes. Many lenders allow multiple outstanding personal loans. You can take out a personal loan from multiple banks or online lenders, as long as you qualify. If you already have a lot of outstanding debt, however, a lender might not approve you for an additional loan.

What happens if you apply for 2 loans at the same time? ›

While multiple loan applications can be treated as a single inquiry in your credit score, even that single inquiry can cause your credit score to drop. However, the impact on your credit score should be the same as if you'd applied for just one loan.

Can you have 3 payday loans at once? ›

3) Limits on number of loans: If a borrower takes out three payday loans in "quick succession," lenders must cut them off for 30 days. Also, unless they can prove an ability to pay it all back, borrowers cannot take out more than one payday loan at a time.

How many loans can you have out at once? ›

You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders.

How much loans can I have at once? ›

You can have as many personal loans as you want, provided your lenders approve them. They'll consider factors including how you are repaying your current loan(s), debt-to-income ratio and credit scores.

How many payday loans can you get in a row? ›

There is also a rule about whether you can have more than one payday loan open in a particular state. But whether you are in Ohio, Florida, Illinois, California or Texas, you should only be able to get one or two loans open at any point. This is the same rule whether it is from a store or payday loans online.

What are 3 alternatives to getting a payday loan? ›

Best Alternatives to Payday Loans to Consider During a Crisis
  • Local nonprofits and charities.
  • Medical bill assistance.
  • Bad-credit online loans.
  • Credit union loans.
  • Payment plans for monthly expenses.
  • Other ways to make money.
  • Lending circles.
  • Family loans.
14 Nov 2022

How long does unpaid payday loan stay in the system? ›

But, just like any lender, payday lenders keep records and defaulted payday loans will remain on your credit report for six years. And this default gets reported and affects your credit score. If your credit is already less-than-perfect, defaulting on a payday loan could damage your credit history for several years.

Why do I keep getting denied for payday loans? ›

The most common reasons you would get denied for a payday loan (or any loan) would be your credit score, your income, and your past borrowing history. While many payday lenders do cater to borrowers with less-than-average credit scores, some won't lend to you if they know you don't have the ability to repay the loan.

Is it a good idea to apply for multiple loans at once? ›

Every time you apply for a personal loan, the lender will carry out a hard credit check. Too many inquiries in a short time can lower your credit score, making future borrowing more difficult and expensive.

What is the biggest loan one can have? ›

The largest personal loan available is about $100,000. Many lenders limit borrowing to less than that, however, and the maximum you can borrow is typically impacted by your income and debt obligations.

What is a top up loan? ›

A top-up loan is a loan given by the bank over and above your home loan. Just like you top-up your mobile balance if you are running low on balance, similarly banks give top-up loans over your current balance. This might have increased your curiosity to know more about the product.

What's the easiest payday loan to get? ›

The easiest payday loan to get would be an online payday loan. But keep in mind that whether you get one online or in person it will likely come with extremely high interest rates, and a very short repayment term. Many payday lenders even use predatory tactics to get borrowers to pay more over time.

What is the easiest kind of loan to get? ›

The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.

What's the easiest app to get a cash advance? ›

Here are the top 10 apps for cash advances.
  • MoneyLion — Best for multiple options.
  • Current — Best for checking and spending.
  • Dave — Best for highest cash advance.
  • Empower — Best for quick cash advances.
  • PayActiv — Best for short-term loans.
  • Vola — Best for same-day cash advances, up to $300.
  • Albert — Best for no late fees.
20 Oct 2022

What happens if you cant pay payday loans? ›

Payday loans come with exorbitant interest rates and fees that often make them very difficult to repay. If you can't pay back a payday loan, the account may be sent to a collection agency, which will damage your credit.

Can payday loans access your bank account? ›

The loan is typically due by your next payday, generally in two to four weeks. If you don't repay the loan plus finance charges by the due date, the lender can cash your check or electronically debit your bank account. Many states that allow this type of lending set a cap on the loan amount and accompanying fees.

How do you get out of a payday loan nightmare? ›

It's hard, but the steps you'll need to take to get out of payday loan debt include:
  1. Request a repayment plan from your lender.
  2. Use lower-interest debt to pay off a payday loan.
  3. Commit not to borrow any more.
  4. Pay extra on your payday loan.
  5. Consider debt settlement or bankruptcy.

Does Speedy Cash approve everyone? ›

Anyone who meets the application requirements is eligible to apply for a Payday Loan, and may qualify for cash. Requirements to apply for a payday loan: Meet minimum age requirements in your state (18 in most states) Have an open and active checking account.

How do I get approved for a cash advance? ›

Qualifications for Cash Advance

To qualify for a cash advance, you must have the following: Valid Social Security Number or Individual Taxpayer Identification Number. Bank account. Steady source of recurring income payments.

What to do when you cant get a loan? ›

6 Actions to Take If You Were Declined for a Personal Loan
  1. Review your decline notice. The very first thing you should do is understand why you were declined for a personal loan. ...
  2. Review your credit report. ...
  3. Boost your credit score. ...
  4. Find a co-signer. ...
  5. Apply for a smaller loan amount. ...
  6. Shop around.

Can we merge two loan accounts? ›

Put simply, yes, you can combine the total amount of multiple loans into one single loan. And having just a single monthly payment to worry about can make all the difference in your budget. Plus, you might be able to save money by securing a lower interest rate.

Can I put all my loans together? ›

What is a debt consolidation loan? A debt consolidation loan is a type of loan that's used to combine all your existing debts into one pot. All you'll need to do is apply for a loan for the amount you owe in existing debt and if approved, you can use the funds to pay off your other borrowing.

What is it called when you combine multiple loans? ›

Debt consolidation refers to the act of taking out a new loan to pay off other liabilities and consumer debts. Multiple debts are combined into a single, larger debt, such as a loan, usually with more favorable payoff terms—a lower interest rate, lower monthly payment, or both.

Can two loans merge? ›

Debt consolidation loan is a process of taking a new single loan to pay off your several existing loans. This is very helpful especially when you are unable to manage several loans with regard to repayments, interest rate, and delinquency.

Can I get a second personal loan if I already have one? ›

Yes, an individual can avail of more than one personal loan. Similar to the first loan, an individual will have to meet the eligibility requirements of the second loan set by the lender. Loan providers consider several factors, such as your existing loans and current income before approving loan applications.

How can I put all my loans in one payment? ›

Debt consolidation combines multiple debts into a single new debt that you repay with one monthly payment. You may be able to do this with a debt consolidation loan, balance transfer credit card or home equity loan. Debt consolidation can simplify your finances and may even help save you money.

What do I do if I have multiple loans? ›

Let's look at some proven tips to manage multiple personal loan accounts.
  1. Pay off personal loan EMIs before your monthly credit card dues. ...
  2. Don't create additional credit card debt. ...
  3. Focus on pre-closing one loan at a time. ...
  4. Opt for a balance transfer or a debt consolidation loan.
16 Sept 2018

What are the easiest loans to get approved for? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit. They're also very expensive in most cases.

Is loan stacking legal? ›

It is not illegal to “stack” loans, but financial institutions lose billions of dollars every year to the process because many loan stackers commit application fraud – intentionally default on the loans they take out. There are three types of loan stacking: credit shopping, credit stacking, and fraud stacking.

What are overlapping loans? ›

Overlapping loans may occur when a transfer student took out loans at another institution just before transferring to ours. The Department of Education requires that an Academic Year be AT LEAST 30 weeks in length.


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