You already have one payday loan. But sometimes you may face emergencies that will force you to think about getting a second one. Some states limit the number of payday loans you can take at the same time. It is advisable to repay the first payday loan before applying for the second one.
We have answered some common questions regarding the second payday loan:
- How do I get a second payday loan if I have already taken one?
Generally, if you have one loan, it is unlikely you will qualify for a second one before you pay back the first one.
- Can I take a second payday loan when the first one was not able to fulfill the cash requirement?
No, if the first loan was less than you wanted, you will not qualify for a larger loan until you complete the payback of the first loan.
- Can I take a second payday loan to pay back the first one?
No, loan companies do not want you to be trapped in a cycle of debt that you can never pay back, so you will not be approved for a loan to pay back another loan.
- I have already taken a payday loan from a lender. Can I apply for another loan with a different lender?
Yes, you can apply but it is highly unlikely you will be approved. Lenders work together to protect consumers from getting multiple loans at the same time and then being unable to pay any of them back.
- How do lenders find out that I already have an outstanding loan?
Yes, lenders, like banks, cooperate to ensure you do not have other outstanding loans. This is for consumer protection as data shows consumers who get more than 1 loan at a time often default on all the loans.
- Can I apply for a payday loan if my partner has already taken a payday loan?
Yes, as long as you meet the qualifying criteria, you can receive a loan even if your partner has an open loan at the same time.
- Can payday loans be approved for two applicants having the same joint bank account?Generally, no, there are exceptions particularly if both applicants are working and meet all loan criteria. Ask your lender for more information after you submit your application.Contact us to learn more about the process!
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