How many payday loans can I obtain at once?

Multiple Payday Loans at a Time: Is It a Good Idea?

Payday loans are short-term emergency cash loans primarily advised to borrow when there is no other option to tackle the need for money. These are easy to apply and avail- often on the same day. Both online lenders and store-based companies would fund you up to $1,000 through such debts. Once approved, you have to pay it back by the next payday with an average APR (interest + fees) of 400%. However, sometimes you might think of another loan because $1,000 is not enough at that point. The convenience of these emergency cash advances may provoke you to go for another one. But is it wise? Is it even possible?

It is not a good idea to have multiple debts on your head at one time. Because you have to pay off two different loans on your salary day with their interests and fees. That might not leave you with much savings- unless you have a well-paid job or a good income source. Apart from that, having several outstanding loans would decrease your chances to apply for other kinds of loans, along with default chances. Therefore, it is always suggested to pay off a loan and then take out another. Otherwise, you can apply to EZPaydayCash which offers the convenience of payday loans with an option to pay off in installments. That would take off a lot of pressure. Now let’s know is it possible to avail multiple payday loans at any given time?

How Many Payday Loans Can You Get at One Time?

How many payday loans you can get at one time depends on your state laws, the financing company and your income level- and maybe a good credit score.
• Some states do not allow borrowers to take out a second payday loan unless the first one is repaid. That is to ensure responsible borrowing. Check before applying if your state allows you to score multiple loans at a time.
• Most financing companies do not lend more than one payday loan to a single borrower at once. However, if you are a regular customer and you have a good record of repayment, then you might be able to avail of another funding.
• Your income amount would matter more than the first loan since you have already obliged to pay off the first loan on due. If the lender realizes that your income can handle two loans at a time, and they can recover the money without risking rollover, you might get financed one more time.
• Usually, direct payday lenders do not run through credit before giving away cash advances, but that is in the case of the first loan. For the second payday advance, they might check your credit score- which needs to be good.

After checking the above conditions, you should take out the second payday loan only when you are totally sure that you would be able to pay off on due. Otherwise, it would have a direct impact on your credit rating- more so than the first payday advance.