How Many Online Payday Loans Can I Get At Once?

In most cases, you can get one online payday loan. The number of Payday Loans you can get at once depends on your state's laws regulating short-term cash advance. Check your state’s Payday Loan Regulator's website or contact the Consumer Financial Protection Bureau. In some states, lenders may offer you to take out a 2nd Payday loan or do a “rollover” of your first loan if you can't pay it back on a due date. 

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How Many Online Payday Loans Can I Get At Once?

how many payday loans can you have

In most cases, you can get one online payday loan. The number of Payday Loans you can get at once depends on your state's laws regulating short-term cash advance. Check your state’s Payday Loan Regulator's website or contact the Consumer Financial Protection Bureau. In some states, lenders may offer you to take out a 2nd Payday loan or do a “rollover” of your first loan if you can't pay it back on a due date. 

According to the new rules stated in October 7, 2017 by CNN Money, "Limits on number of loans: If a borrower takes out three payday loans in "quick succession," lenders must cut them off for 30 days. Also, unless they can prove an ability to pay it all back, borrowers cannot take out more than one payday loan at a time." 1

Can I get another payday loan if I already have one?

Yes, you usually can get another payday loan but in most cases from a different lender.  And the interest rates and loan terms may be a bit worse than those for the first online Payday Loan. First of all you need to find out the Payday Loan laws concerning the number of how many loans you can get at once. There're:

States with no loan limits

There's no limit on how many Payday Loans you can get in Texas, for example.  It means, if you already have a $100 - $1,000 loan, you can apply for another one from the same or different lender.

States with some Payday Loan restrictions where 2nd Payday Loans are still available

For example, Payday Loans in Colorado are limited by the maximum loan amount of $500, but you can get another 500 dollars from another lending company or apply for rollover. So even in states that have Payday loan restrictions, you can get a 2nd payday loan.  It just has to be from another lender.

How many Payday Loans can you have in Florida?

You are allowed to get just one outstanding payday loan in Florida at a time. Only after you've paid back the money and waited for a 24-hour cooling-off period you can take out another pay day loan.

Will a lender give you another loan?

Payday Loan laws let you have two loans at once. But that does not mean a lender will give you a second loan.  

Before a lender gives you a loan, you give them permission to do a credit check on the loan application. Direct lenders must report to the credit bureaus how many Payday loans you have. It's necessary to calculate how much debt you have in order to make you think whether you can repay it or not.

However, the more payday loans you have, the fewer chances you have to get another one.

Should you get a 2nd payday loan if you already have one?

It's worth applying for another Payday Laon only if you are sure you can pay it back. If not, you are very likely to end up in debt. High interest rates, rollovers and extensions are very risky and may lead to a loan trap as well as damage your credit history. 

So, if you already have one payday loan and can't pay it back, consider other alternative ways to get instant cash.

Alternatives to more than 2 payday loans at once

Fortunately, there are a number of alternatives to taking out additional Payday loans if you need emergency cash:

  • Credit Unions
  • Non-profit Credit Counseling organizations
  • Repayment Plans   
  • Credit Card Balance Transfer
  • Family or friends help
  • Financial assistance programs

References: 

https://money.cnn.com/2017/10/07/pf/payday-loans-cfpb-rule

https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/

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