Where Can I Get A Payday Loan If I Already Have One? (2023)

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When you need urgent cash in your bank on the same day or next business day, and you also have a bad credit score, one of the easiest ways to get a cash advance is by applying for a payday loan. In several states in the US, taking a payday loan before the salary date is legal.

Some direct lenders provide quick online payday loan with no need for faxing documents, Teletrack, or credit checks. This type of short-term loan is for two weeks to 30 days, repayable on the next paycheck date.

However, sometimes your financial needs may not end with one payday loan, and you may find yourself in a situation where you need more cash advance. So, the question is – where can I get a payday loan if I already have one. Let’s probe deeper into it.

Upon research, we found that you can take out multiple payday loans at a time from various direct lenders if needed. You may even take more than one payday loan from the same lender if they allow. However, let’s not forget that if the lender approves you to take several cash loans at once, this is not a favorable idea because the interest rates are high.

Instead of taking multiple cash loans that you will need to repay quickly with high-interest rates, consider opting for other alternatives such as borrowing money from members in the family, an auto title loan, part-time job, credit from the employer, and so on.

How Many Payday Loans Are Allowed at One Time

Where Can I Get A Payday Loan If I Already Have One? (2)

(Video) How To Get a Payday Loan Online Same Day - Easiest Method Ever!

The number of payday loans allowed at one time directly depends on the state laws and the lender’s discretion. The lender set many restrictions on the amount of money he provides as a loan at a time. The lender has the right reserved to decide how much credit to give to an individual.

In some cases, if you choose a short-term loan. The direct lender may allow as many as four different loans at a time. Those who are existing customers of credit giving companies and have a stable job can find it easier to apply for a second payday loan.

However, you must bear in mind that when you apply for a second payday loan, the lender may run your credit check to see how much you are capable of repaying, depending on your job. Based on this, they will decide whether or not they will give you a loan.

You should also not forget that payday loans are quick, and short-term loans to get emergency cash. It is not a long-term loan; hence the rate of interest is very high. Thus, you must consider a second payday loan when you already have one only if you have already exhausted the other ways.

Taking payday loans one after another may harm your credit score. Furthermore, it gets costly when you have to pay back the total loan amount from your salary. It may end up becoming a long-term financial disaster for you.

What Are Other Alternatives to Taking Second Payday Loan

Where Can I Get A Payday Loan If I Already Have One? (4)

When you already have a payday loan, taking a second loan from the same or another direct lender can put you in a tough situation. While it is possible to get more than one loan, the inability to repay on time can put you in a lot of trouble.

You would not want to get numerous calls from debt collectors or live under the stress of how to manage your finances. So, no matter how tempting it feels to take out a second payday loan, resist the temptation, and look for other ways to fulfill your credit requirement. We have suggested some ways.

Use Savings or Borrow Some Money

If you have any savings in the form of fixed deposits or bonds, consider breaking them and use the savings instead of taking an easy loan. You will save yourself from a lot of mental stress and harassment. If you don’t have any savings to fall back on, then maybe you can ask for money from friends and relatives. These loans will be interest-free and save you from a lot of trouble.

Sell Some Unwanted Items

There’s no better time to declutter your house and get off the things that you no longer need. Set up a garage sale and let your friends and neighbors know. Items that are not much use to you may be valuable or useful for others.

Items may range from old toys and books to DVDs or even an old bike. You will be surprised at how much money you can earn by merely selling the things you no longer need.

(Video) How Many Personal Loans Can You Have at Once

Cut Back on Expenses

Make a list of things you spend on in a month and try to cut back on the budget. We are all guilty of overspending on parties, treats, and entertainment. We suggest that you cut back on eating out too many times, ordering food from outside, Netflix, and so on. Cutting back on unnecessary expenses can also help you save a lot of money.

Seek out Free Debt Advice

When you find it hard to manage your finances, and things seem out of control, don’t get tempted to get another loan. Instead, we suggest that you seek free advice from online advisers to help you through a tight financial situation. They will be able to show you ways and solutions that exist, but you are not aware of them.

Check Local Resources

Try to check if you can find any financial help from local organizations such as government credit agencies, local charities, and nonprofits agencies. They may often provide free aid for paying rent, utilities, and food for those in need.

Seek Payment Extensions

If you have outstanding electricity or phone bills that are making you think about another loan, we suggest that you consider seeking a payment extension from the service providers. Talk to the companies to determine if they can give you an extension on your due date or a more extended payment plan.

Take up Some Side Jobs

You can opt for a part-time job; however, this will not give you immediate cash but save yourself from having to take multiple cash loans. In the digital marketplace, there are several types of goods and services that you can sell. Sign up for a rideshare service, food delivery, or write articles for someone to get side income.

What Things You Must Consider Before Taking Another Loan

If the above alternatives do not work for you and taking a second loan is the only option you have in front of you, the lender will want to ensure that you are capable of repaying the loan. You will need to review your financial situation and consider the various factors such as credit checks, employment, an alternative source of income, and so on.

In case you already have a lot of debt in the form of a home loan, car loan, and so on, the lender may not consider you eligible for the new credit. If you have lost your current job and do not have any other alternative source of income, you may also have a tough time qualifying for the loan. So, here are a few things that you may need to consider:

Re-Evaluate Your Eligibility Criteria

You may be eligible for the loan earlier, but your current scenario may say a different story altogether. Some payday loan direct lenders may tell you that you cannot use a second payday loan to repay the first one.

Consider Your Monthly Commitments

You must check your budget to see if you can afford to repay the loans that you are applying for now. Make a list of your monthly commitments and whether or not you can fit in the repayments within the budget. If you find yourself struggling to make multiple loan payments, consider other financial assistance programs.

Don’t forget Rollover Fees

If you are refinancing a short-term loan with a second loan with the same lender, keep in mind that you will still need to pay the original amount with the interest rates and fees, plus the extra charges of the new loan.

Frequently Asked Questions

How Many Payday Loans Can You Have out at Once?

In most cases, you can get only one payday loan at a time. However, in some states, you may apply for short-term loans from different payday lenders and get approved at the same time without credit checks. So, you may end up getting more than one payday loan.

There may be some payday lenders (very few) who may agree to give you a second payday loan when the first loan is still active. However, it may be hard to find a lender who gives you a second payday when you already have one.

Can I Get a Payday Loan at Two Different Places?

The rules and laws for a payday loan vary from state to state. While generally, a person is not allowed to take payday loans outside their location, there may be exceptions. If you live in a US state where cash advance on your pay is illegal, but you are a permanent resident of another US state where it is allowed, you may still apply for payday loans.

While this makes you eligible to get a loan, the chances of getting a second loan may still be slim because the first loan is still unpaid. Most lenders prohibit this practice to stop borrowers from falling into a vicious debt cycle.

Can You Get a Payday Loan When You Already Have One?

If you want to get another cash advance while you already have one running, the chances may be slim. However, you can get another one after you pay back the first loan. You need to wait for at least three business days before you apply for a new cash advance.

What to Do if I Cannot Pay Back the First Loan?

When borrowers find it difficult to first loan, they consider taking a second payday loan while they already have to repay the first one. This type of loan cycle can put you in a highly viscous state with a rollover interest rate.

So, instead of seeking credit in the form of a second payday loan, we suggest that you talk to the lender. The lender may be in a position to help you find ways to consolidate your payday debts, thus getting a lower interest rate.

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

Can I Have More Than One Cash Converters Loan?

Yes, you can get another loan from Cash Converters if you already have one active. However, your eligibility may depend on your affordability and current financial situation.

(Video) 3 Simple and Easy Ways on How To Get a Payday Loan Without a Bank Account!

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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.

Can I get another loan 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.

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.

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 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.

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 have 2 loans at the same bank? ›

The simple answer is yes – it is possible to have multiple loans at the same time. However, there are certain problems that may arise if you wish to do this. One of the first things you'll need to work out is whether your lender will actually let you.

How many 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.

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.

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.

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 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.

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 would be a better option than a payday loan? ›

Get a personal loan

Another draw of personal loans is that they're unsecured, so you won't have to offer collateral such as a house or car. You can find personal loans through banks, online lenders or credit unions, which may offer lower rates for members.

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 largest payday loan you can get? ›

Payday loans are short-term personal loans that you can use for unexpected expenses. Typically, borrowers receive loan amounts between $500 and $5,000, though some providers offer amounts up to $35,000 or higher.

Does the cash Store approve everyone? ›

Yes! We want to help you get a fair deal — even if you have bad debt, no credit score, or no credit history.

What is the most you can borrow from Advance America? ›

You can borrow up to 50% of your balance up to a maximum loan amount of $50,000, although you may have to pay penalty fees for moving the funds.

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.

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.

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 many loans can you have with the same bank? ›

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.

Does having two loans hurt your 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.

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

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 is a second chance loan? ›

What is a Second Chance Loan? A second chance loan is a type of loan intended for borrowers with a poor credit history, who would most likely be unable to qualify for traditional financing. As such, it is considered a form of subprime lending.

Do loans get forgiven after 10 years? ›

Under the federal program, eligible borrowers can have their loans discharged after 10 years if they meet eligibility requirements.

What is a hardship loan? ›

A hardship loan is a type of financing designed to help those in a financial crisis caused by an emergency expense or a shortage of earnings. You can use a hardship loan to cover anything unforeseen, like a medical bill or car repair, or to pay for monthly basics, such as food and rent.

How much can I borrow from cash Express? ›

ACE Cash Express loan offers small installment loans from $100 to $2,000, depending on the state you live in. The application process is pretty quick, and you could receive funds within a day of applying.

How many flex loans can you have? ›

(c)(1) No customer may have outstanding more than one (1) flex loan plan under this chapter at any one (1) time.

Can you take out 2 loans from the same lender? ›

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.

Can you take out 2 loans from the same bank? ›

Can You Get Two Loans from the Same Bank? Each bank and lender has its own policies around if you can get out a second loan from it or not. With that being said, most allow you to take out a second loan as long as you meet certain eligibility requirements.

How many loans can you take out at 1 time? ›

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 many quick loans can you have? ›

Additionally, a member cannot have more than one Quick Loan open at the same time and can have no more than 3 Quick Loans in a 180-day period.

Can you take out a loan from multiple places? ›

Whilst it's possible to apply for several loans from different companies at the same time, there's a good chance it will ruin your credit score and your chances of getting a credit in the future. Sometimes it's tempting to make multiple applications for credit.

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.

Can you have a payday loan and installment loan at the same time? ›

However, you may be able eligible to qualify for another loan, such as a Title Loan or Payday Loan in addition to having an open Installment Loan.

Can I top up my personal loan? ›

To ensure that you have added cash, you can rely on a Top Up Loan. As a pre-approved customer who has already availed of a Personal Loan, applying for a Top Up Loan is considerably easier and can provide significant benefits.

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.

Can you have 2 loans at once with a credit union? ›

Yes, you can have two installment loans at the same time, whether they're from the same lender or from different lenders. For example, you will be able to get a personal loan even if you already have a mortgage, assuming you meet the standard approval requirements.

Whats the biggest loan someone can take out? ›

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.

How much can a single person borrow? ›

Lenders work out how much they think you can afford to borrow based on your income and normally work with a maximum borrowing limit of 4.5 times your annual salary.

How much credit do you need to take a loan out? ›

Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.

What apps will let me borrow money instantly? ›

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

What is the easiest loan to be approved for? ›

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.

How do I get emergency money? ›

If you're considering one of these options, it's important to know how they work and what you can expect to pay.
  1. Personal Loans. ...
  2. Credit Card Cash Advances. ...
  3. Payday Loans. ...
  4. Get On a Budget. ...
  5. Create a Plan for Your Current Situation. ...
  6. Improve Your Credit.
25 Jun 2020


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