Laws don't prohibit multiple payday loans. Payday loans, also called short-term loans, cash advances and small personal loans, are mainly regulated by state law. The best way to find out how many payday loans you can have is to ask your lender. Check their rates and terms pages on their website, call the customer service department or visit one of their payday loan stores.
Any knowledgeable lender will be aware of the restrictions in your state and can help provide you with the information you need. While it's not wise to take out more than one short-term loan at a time, some people are sure they can repay both multiple loans. If it is possible for lenders to grant you two credits at a time, in some cases it may happen. Once again, there may be better solutions.
When you need urgent cash at your bank on the same day or the next business day, and you also have a bad credit score, one of the easiest ways to get a cash advance is to apply for a payday loan. But while payday loans can provide much-needed emergency cash, there are dangers you should be aware of. Payday lenders usually target people who need quick money to make ends meet, even though loans create more problems than they solve. Unfortunately, payday loan borrowers often also have low credit scores and have no choice but to take out another one the next time they're short on cash (there's always a next time).
This isn't just because having multiple debt payments inherently increases your costs, but because every payday loan you get will have worse terms than its predecessor. Regardless of whether the law or individual lenders allow you to have more than one of these loans at a time, it is very common for borrowers to apply for multiple payday loans in a relatively quick succession. States that allow multiple payday loans to be granted may restrict the amount a lender can give as a payday. An Instacash prepayment is a non-recourse product; you won't be able to request a new advance until your outstanding balance is paid.
Payday loans are often thought of as a last resort for borrowers who desperately need cash, but they aren't the only financial tools available to people with bad credit. However, sometimes your financial needs may not end with a payday loan and you may find yourself in a situation where you need more cash advance. If you live in a U.S. Department of State where a cash advance on your wages is illegal, but you are a permanent resident of another U.S.
state. Where allowed, you can apply for payday loans.