It is possible to apply for two loans from different locations if you meet the eligibility requirements, mainly credit score and debt-to-income ratio. When lenders decide if you are eligible for a loan from them, they will consider your other loans that have an impact on your debt-to-income ratio. In short, the answer is yes, you can get another payday loan if you already have one. But in reality, it's more complicated. You shouldn't try to get more than one payday loan.
You'll end up stuck in a debt cycle and your financial situation could take months or even years to recover. Instead, explore some of the other options available. You can have more than one personal loan with some lenders or you can have several personal loans from different lenders. Theoretically, you could even apply for multiple loans from the same lender. However, keep in mind that different lenders have different restrictions; some prohibit it altogether, while others impose other requirements.
These may include a waiting period or a requirement that you have made a certain amount of on-time payments on your first loan before you get your second loan. How many personal loans can you have? While it is possible to open more than one loan at a time, it is not advisable to have two, unless the borrower is in a desperate financial situation where the benefits outweigh the risks. The simple answer is yes: it is possible to have several loans at the same time. However, there are certain problems that can arise if you want to do this. You can have 1 to 3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to the total amount of personal loans you can have at once between multiple lenders. The amount of loans you can have is limited only by your income relative to your expenses, including existing debt obligations.
Many lenders allow multiple outstanding personal loans. You can apply for a personal loan from several banks or lenders online, as long as you qualify. However, if you already have a lot of outstanding debts, a lender may not approve an additional loan. If you are refinancing a short-term loan with a second loan from the same lender, keep in mind that you will still have to pay the original amount with interest rates and fees, plus any additional charges on the new loan. For example, a debt consolidation loan and a home renovation loan can be financially beneficial, but taking them out more or less at the same time can cause you to get even more into debt.
Most lenders will not allow you to apply for a second loan along with your first and will want you to pay off the original loan first. Instead of taking out several cash loans that you'll have to pay off quickly at high interest rates, consider other alternatives such as borrowing money from family members, getting a car title loan, taking on a part-time job or employer credit. If you've applied for a lot of loans and it looks like you're getting into debt, it's also unlikely that you'll be able to qualify for the new loan you're trying to take out. Another thing you'll want to do to manage multiple personal loans is to identify which loan you could channel the additional payments to. You should assume that every additional payday loan you get will have worse terms than the previous loan. Payday loans take advantage of the most vulnerable members of society who cannot obtain approval for traditional loans or credit cards. Or if you applied for a personal loan for a large expense such as a wedding and now need to cover the cost of home remodeling in order to sell your home at a higher value, it might make sense to apply for another loan for that purpose. While personal loans can help cover large or unexpected expenses, it may not make sense to borrow several personal loans at once. For example, if you already applied for a personal loan to consolidate credit card debt but are now facing unexpected expenses such as car repairs, it might make sense to apply for a second loan. If you're researching lenders and want to have the option of applying for a second personal loan in the future, contact the lender directly or look up information on how many personal loans you can have at once on their website. However sometimes your financial needs may not end with a payday loan and you may be in a situation where you need more cash advance.
A good way to see what personal loan amounts you can get is by using WalletHub's personal loan comparison tool. You can opt for a part-time job; however this will not give you immediate money but will save you from having to take out several cash loans.
