In most cases, you can only obtain one payday loan at a time. However, in some states, you can apply for short-term loans from different payday lenders and get approved simultaneously without a credit check. This means that you may end up with more than one payday loan. In short, the answer is yes, you can get another payday loan if you already have one.
But the truth is that it's more complicated. You should not try to get more than one payday loan. Doing so will only lead to a debt cycle and your financial situation could take months or even years to recover. Instead, explore some of the other options listed here.
Yes, Texas and Nevada currently offer unlimited payday loans for one customer, so in theory you could take out 3, 5 or 10 if you want. 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. Worse, payday loans can create a trap for a cash-strapped customer who is unable to repay the loan and requests a second payday loan to repay the first.
Payday loans are meant to be for short-term use only, simply to help you until your next payday from work. While a payday lender can sue you if you don't pay your payday loan, it's important to know that you won't go to jail for non-payment. In some cases, it may be possible to obtain two payday loans at once, 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. In Washington State, the Washington State Department of Financial Institutions (DFI) licenses and regulates payday lenders and the day loan industry If a payday loan is not paid in full on or before the due date, the licensee may collect, after the due date, interest at a rate not exceeding 2.75% per month, except if a licensee makes a later payday loan to the customer under sub. An Instacash prepayment is a non-recourse product; you won't be able to request a new advance until your outstanding balance is paid.
Even if the payday lender doesn't extract your credit report, the lender can discover an active payday loan through your bank statements and deny it. Any customer who believes that a payday lender has violated the law should contact the payday lender in writing detailing the nature of the violation and providing all evidence to substantiate the complaint. The bottom line is that while it may be possible to obtain two payday advances at once in some states, it's not recommended as it could lead to an endless debt cycle. It's best to explore other options before considering taking out multiple loans.
