Can You Have Multiple Payday Loans At Once? - Perfect Payday (2023)

Although payday loans can be somewhat of a burden, they’re not reported to the three major national reporting bodies in Australia: Equifax, Experian, and Illion. This makes them among the best scenarios for someone who’s behind on payments and can’t keep up with their instalments or payment arrangement.What is the loan meaning? Borrow money and repay it again later once you have earned enough to repay.

Additionally, there’s a good chance to make it through without ruining your credit profile or getting involved with debt collection agencies if you find the right payment plan. That said, getting multiple payday loans at once is a bit complicated, because at this point, things are getting out of hand, and there must be a million things going through your mind.

Lucky for you, you stumbled upon us so that you can get some answers to help you figure out which way to go.

How Many Payday Loans Can You Have At Once?

You can have as many payday loans as you want at one time if you already have one payday loan. However, practically, you won’t likely be able to obtain more than 2 or 3 cash advance or payday loans at once since the restrictions get tighter the more loans you have.

Many payday lenders will have no problem approving you for multiple loans if you need them, but excessive payday lending at once may put you in endless debt.

Can You Have Two or More Payday Loans at Once?

Can You Have Multiple Payday Loans At Once? - Perfect Payday (1)

(Video) Best Way To Pay Off Multiple Payday Loans

Yes, one can take out multiple payday loans at once if they need to. Yet, it’s not that easy because the requirements for the second loan are a bit restricted so as to identify the eligible group.

There are a couple of things to bear in mind here; first, payday loans make a short-term solution for a financial crisis, so you should be paying them as soon as you get your next paycheck. They shouldn’t, by any means, be your plan to sort out long-term financial issues. The difference between secured and unsecured loan is that a secured loan requires collateral whereas an unsecured does not. The loan repayment formula will cost more if you get an unsecured loan.

Secondly, applying for a second payday loan is a red flag that you’re struggling with your finances, so it’s only fair that the ASIC (Australian Securities and Investments Commission) put some additional requirements for your request to be accepted.If you need a loan been refused everywhere, apply today for a loan with Perfect Payday.

Technically, it’s the only way to protect lenders and ensure that you’ll be able to keep up with extra repayments that come on top of the ones you already have. This is, of course, with your best interest in mind, as you shouldn’t be left under substantial hardship to pay off your debts. You can learn how to pay off loans fast here.

Lastly, ensuring you meet the requirement for a second payday loan is a relatively long process, so you probably won’t take the money on short notice. In such a case, it’s better to think of an alternative. What is a payday loan? It is a loan you get when you are low on funds and cannot wait until your next paycheck. Apply for a payday loan and repay it once you have received your pay.

Do I Meet the Requirements for a Second Payday loan?

As far as we’re concerned, most people struggling with their finances are not eligible for getting a second payday loan. However, you’re in luck if you meet the ASIC requirements.

(Video) Too Many Payday Loans? Here's How You Can Get Rid Of Them Once And For All

For starters, you must know that these requirements apply not only if you’ve had more than one payday loan during the last 90 days, but also if you’re currently repaying any other payday loans, you’re in default under another payday loan, or you’re applying for this payday loan to repay a previous one.

As mentioned earlier, the goal is to accept those who can repay the loan without any substantial hardship; otherwise, it makes more sense to try getting a low or even no-interest loan. Wow do loans work? Learn more about how loans work at the previous link.

Lenders have to review your current financial situation, so they’ll go through your credit profile to check your financial history, and they’ll also consider your income, investments, and whether you’re receiving a Centrelink payment or not.

Can Another Lender Know if I Already Have a Payday Loan?

Yes, even though most payday lenders don’t report to credit reference bodies, if you fail to repay any of these lenders, it’ll show on your credit profile. Your bank statement is another indicator of how you handle your finances and whether or not you’re currently struggling with repaying other loans.

Do Multiple Payday Loans Negatively Affect My Credit Profile?

Can You Have Multiple Payday Loans At Once? - Perfect Payday (2)

Not if you’re compliant. Surprisingly, payday loans can improve your credit score if you managed to keep up with your payments and pay them off on time. In fact, this is what lenders are looking for, someone who needs some money and is capable of handling their finances properly without getting themselves into more debt. What happens when you default on a loan? It is bad for your credit history. Avoid this if at all possible. Ultimately if you are wondering can I get a loan with a paid default, the answer is most likely yes, but will depend on your circumstances.

(Video) Pay Off Multiple Payday Loans - It's Fast And It's Easy!

However, if we’re talking about how bad it looks on your application, no one would say it looks good because it leaves the impression that you’re not handling your finances so well. Regardless, lenders know that things might not be going as planned, so they’ll do the math anyways, and you can still get a decent fund.

What Are the Risks of Applying for Multiple Payday Loans at Once?

To make an informed decision, you should know the consequences that come with late payments and the risks you’ll take by applying for multiple payday loans.

Debt Default

If you couldn’t repay the lender, you’ll get yourself into more debt because there’ll be a late payment fee. Because payday loans tend to be a bit expensive, you should have a solid plan before applying for a second loan.

Unaccredited Lenders

If you’re getting a second loan from a different lender, make sure they’re accredited by ASIC or AFS (Australian Financial Services) by checking their credit licence. Otherwise, you might be handling your credit history and bank statements to a scammer. You can search ASIC registers here.

Affecting Your Credit Profile

Can You Have Multiple Payday Loans At Once? - Perfect Payday (3)

If you apply for multiple payday loans at once, it won’t look good on your credit profile. Although you might be able to repay all your loans on time, until you do, other lenders will probably refuse to lend you more money, let alone if you weren’t able to repay any of these loans.

(Video) Paying Off Multiple Payday Loans - It’s So Easy

How to Decide If I should Get a Second Loan from a Payday Lender?

Payday loans aren’t all the same. There are some rules that every lender set up according to the regulations of the ASIC. To compare loans, you should consider these factors:

Loan Cost

Payday loans come with established fees that you pay in addition to the actual debt. These fees should be within what the ASIC allows, so prospective borrowers must check these fees to ensure they’re not being charged more than they should. What if you are only 17? Can you get a loan at 17? Learn more about getting a loan when you are 17 here.

Late Fees

Can You Have Multiple Payday Loans At Once? - Perfect Payday (4)

Although you’ll be paying upfront and an established fee with each instalment, you should check how much you’ll be paying if you fail to comply with the agreed payment terms. If the late payment fees are extensive, you can find yourself drowning in debt in no time. How long will it take to pay off my loan? It depends on the length of time you have borrowed for.

Approval SLA

Knowing the time frame during which your application will get approved or denied can have a significant influence on deciding which payday lender to opt for. If you need funds on a short term, you must make sure your payday party can offer you the money on such short notice. If you need to know how to calculate interest rate on a loan, learn more about it here.

Where Can I Get A Payday Loan If I Already Have One?

You can get a second Payday Loan if you already have one payday loan. However, payday lenders have more restrictions on payday loans if it’s the second or third one in the same month. Lending multiple loans are more of a concern to lenders than a single payday loan.

(Video) How To Pay Off Multiple Payday Loans - It's So Easy!!

Nevertheless, you can still become eligible for a cash advance pay day loan if you’re not in a major financial crisis.

Bottom Line

Multiple Payday loans are double-edged. If you’re eligible for getting a second loan, and you’re confident you can repay them on time without substantial hardship, they’ll be an excellent way to increase your credit score, and fix some of the collateral damage caused by having a temporary financial issue that led to an outstanding balance. Learn how to apply for a loan at this link.

On the other hand, if you couldn’t keep up with the repayment plan, the consequences would be catastrophic, and you’d be getting yourself into more trouble. So, unless you know where you’re going with these loans, it’s best to steer away. If you need to borrow money quickly, get started on the loan application process with us today.


Can you have 2 payday loans at once? ›

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.

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 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.

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 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.

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.

Can you have 3 loans out at once? ›

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.

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

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.

Can you get a payday loan to pay off another payday loan? ›

Payday loan consolidation means borrowing money to pay off multiple payday loans, hopefully breaking the cycle of re-borrowing high-interest debt. You can seek payday loan relief with a personal loan or payday alternative loan, for example.

What happens when you apply for multiple loans at once? ›

Applying for multiple personal loans in a short period of time can cause your scores to dip slightly, but any decrease is usually temporary. This happens when a lender checks your credit—called a hard inquiry or hard pull. That kind of credit check can shave a few points off your credit score.

What do I do if I have too many payday loans? ›

  1. Try a Payday Loan Consolidation/Debt Settlement Program.
  2. Prioritize High-Interest Loans First.
  3. Ask for Extended Payment Plans.
  4. See If You Can Qualify for a Personal Loan.
  5. Get a Payday Alternative Loan (PAL) from a Credit Union.
  6. Look into Nonprofit Credit Counseling.
  7. Ask Friends and Family for Money.
  8. Ask for a Pay Advance.

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.

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.

Can you get a payday loan if you defaulted on one? ›

In some states, like the state of Washington, lenders are required to report any customer in Default to a state database. As a result, this will prevent customers from obtaining new payday loans as other lenders, by law, cannot offer the customer a new loan until the original loan has been paid in full.

How long should you wait between loans? ›

Wait for a 30 day cycle before applying for a loan.

Each time you apply for new credit, that credit application shows up as an inquiry on your credit report, which can lower your credit score. Don't apply for a loan and get rejected.

Does it hurt to apply for multiple loans? ›

What's more, if you apply for more loans after the 14- to 45-day period is up, it can actually hurt your credit score. Multiple applications outside a short rate-shopping period may indicate to the lender that you're a risky borrower.

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 is the easiest payday loan app? ›

6 Loan Apps in 2022: Cash Advances and Overdraft Protection
  1. Earnin: Best for low fees. ...
  2. Dave: Best for repayment flexibility. ...
  3. Brigit: Best for budgeting tools. ...
  4. Empower: Best for fast cash. ...
  5. Chime: Best for overdraft protection. ...
  6. MoneyLion: Best for existing customers.
7 Nov 2022

Who is the easiest to get a personal loan from? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

Do payday loans approve everyone? ›

You can get approved for a payday loan even with a bad credit score or no credit score at all. However, no lender can fully guarantee a cash loan. Bad credit loans have a high approval rate, and most people get their payday loan request approved with no credit check.

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 is a flex loan? ›

A flex loan is an unsecured line of credit that gives you easy and flexible access to cash. With a flex loan, you can borrow as much or as little money as you'd like up to your set credit limit. If you take out this type of loan, you'll only pay interest on the amount you borrow.

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.

Can you apply twice for a loan? ›

The short answer is, yes. You can most certainly take out a second personal loan but there are a few conditions that need to be met before it becomes reality. You still need to qualify for the second personal loan before a lender will disburse it into your bank account. All the same eligibility criteria still apply.

How many loan applications is too many? ›

In general, six or more hard inquiries are often seen as too many. Based on the data, this number corresponds to being eight times more likely than average to declare bankruptcy. This heightened credit risk can damage a person's credit options and lower one's credit score.

Do payday loans go away after 7 years? ›

The good news for you, Gabriela, is that the statute of limitations for written contacts where you live in California is four years. If the payday loan collection account is for a debt from 2014, then it seems like it is well past the statute of limitations. This means that the collector cannot take you to court.

What happens if you stop paying payday loans? ›

If you don't repay your payday loan, the payday lender or a debt collector generally can sue you to collect the money you owe. If they win, or if you do not dispute the lawsuit or claim, the court will enter an order or judgment against you. The order or judgment will state the amount of money you owe.

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.

Will multiple loans hurt my credit? ›

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 more than 4 loans? ›

The Bottom Line On Multiple Mortgages

Fannie Mae makes it possible for borrowers to conventionally finance anywhere from 4 –10 mortgages at the same time. This may be a great option if you're looking to take on a real estate investment strategy for multiple properties.

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

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.


1. Best Way To Pay Off Multiple Payday Loans
2. How Do I Get Rid Of Multiple Payday Loans? Here's How
3. How Many Payday Loans Can I Get At Once
(Personal Loans)
4. How Can I Payoff Multiple Payday Loans?
5. How Many Payday Loans Can I Get At One Time
(Personal Loans)
6. How to get the best payday loan
(Finder - UK)
Top Articles
Latest Posts
Article information

Author: Jonah Leffler

Last Updated: 03/26/2023

Views: 5980

Rating: 4.4 / 5 (65 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Jonah Leffler

Birthday: 1997-10-27

Address: 8987 Kieth Ports, Luettgenland, CT 54657-9808

Phone: +2611128251586

Job: Mining Supervisor

Hobby: Worldbuilding, Electronics, Amateur radio, Skiing, Cycling, Jogging, Taxidermy

Introduction: My name is Jonah Leffler, I am a determined, faithful, outstanding, inexpensive, cheerful, determined, smiling person who loves writing and wants to share my knowledge and understanding with you.