Things to Know Before Requesting for a Second Payday Loan
Payday loans can be a handy option when you are strapped for cash before your next payday. There are state regulations related to these short-term loans which are for your benefit. If you have an existing payday loan and need another one, you need to know a couple of things before requesting a second one.
How Many Payday Loans Can You Get at Once?
When it comes to payday loans, it is possible in some states to take out multiple payday loans at once. You can have multiple loans at once from different lenders, or even the same lender if they allow it. However, you will have to meet the criteria set by your state and the lender involved to become eligible for the second one.
Can You Have Two Payday Loans at the Same Time?
Whether or not you can get two payday loans simultaneously depends on the jurisdictions laid down in individual states. Depending on your state's regulations, you can access two different lending institutions that offer such services and simultaneously take out two payday loans.
Can I Request a Second Payday Loan If the First One Does Not Fulfill My Cash Requirement?
It is good to find out what your state’s mandate on payday loans. It is critical to note that the requirements for the second payday loan will significantly vary from the first one. The second payday loan will mostly depend on your capacity to pay back the two loans on time.
Can I Request a Second Payday Loan to Repay the First One?
The chances of getting a second payday loan before paying off the first one are meager. Lenders can see that you already have a loan and will not approve of you for another. However, some payday lenders might extend a second loan.
I Already Have a Payday Loan. Can I Get Another One with a Different Lender?
Many online payday loan companies are more than likely to offer second payday loan even if you already have an existing loan with another lender. You can browse online to find another lender to get the second loan.
How Do Lenders Know That I Already Own an Outstanding Loan?
Some states do not allow lenders to provide more than a specific number of payday loans simultaneously to a borrower. To comply with this rule, payday lenders may share their borrowers’ details. This way, other payday lenders would be able to check whether a person has any outstanding payday loan or not for making a lending decision.
Can I Request for a Payday Loan If My Partner Has Already Taken a Payday Loan?
The answer is yes if you meet the required loan eligibility criteria. However, if you intend to get a payday loan to repay a previous loan, understand that as the state laws regulate payday loans, rules may vary in every state.
Can Two Applicants with the Same Joint Bank Account Be Approved for Payday Loans?
Some couples share the same bank account, so they may usually not be able to borrow more than one loan at a time. To avoid this issue, they can use separate accounts. However, they need to make sure to plan out their budget together.
If you want to learn more about payday lending options in your area, contact CashOne today. We will help you meet your emergency financial situation with the most suitable short-term payday loan option.
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