Can You Have Multiple Online Payday Loans?
Can You Have Multiple Online Payday Loans?
Theoretically, you can have as many payday loans as your credit will allow. However, not only is this unadvisable it is also highly unlikely too. Let's take a look at the reasons why.
First and foremost, whilst the payday loan provider may not request a credit check to verify your financial status, they do have to provide your details to the regulators once it has been agreed. Therefore this will be marked as credit against your report.
So if you then apply for a second payday loan elsewhere and they use a credit check as part of their process, it is likely this will be highlighted and make it extremely difficult to secure additional funds. Therefore, whilst the possibility exists to get simultaneous loans - particularly where no credit checks are used - it won't necessarily be straightforward or even a good idea for that matter.
The danger of multiple payday loans is simply the ease with which you can repay the funds. Often one cash advance can be costly enough, without the added burden of more debt elsewhere. Failure to repay your loan on the agreed date will result in added interest and a possible charge. This will leave you further in the mire and probably require an extension of the due date or a further loan to pay off the debts you've accrued.
This is a vicious circle that can only deepen and intensify as you seek more and more credit. So if you're in financial and think that you need to resolve it instantly, take stock. Being overly impulsive can leave you slipping into the monetary abyss and making poor decisions that will have a huge long-term impact. If you're worried, seek impartial advice.
In the UK we have the Citizens Advice Bureau. This is a fully independent and free service that will offer impartial legal and financial advice to anybody who is experiencing difficulties. They are positioned throughout the country, with most major towns and cities having one available for appointments and drop-ins.
Even if they, or an equivalent body can't help, then they may be able to point you in the direction of someone who can. Payday loan companies aren't looking to burden people with more debt that they can't afford. It simply doesn't make sense for them to give money away without being sure that they will have it returned to them. This is why many use various methods to determine the financial fitness of borrowers, including the credit check, before approval.
Therefore, just because a second or even a third payday loan is available, it certainly wouldn't be advisable. Most companies will have a system for detecting who has credit where at any one time, so the likelihood is that you'll get tripped up at some stage anyway. However, if you are offered a second one, think long and hard before accepting it out of hand.
You should be aiming to get all the funds you need from a single payday loan company. They will provide you with a comprehensive summary of the charges and conditions of the loan. Whilst there might be restrictions on how much you can borrow at first, this shouldn't mean that you need to go elsewhere to secure further funds.
If you need more than 1,000 pounds then the likelihood is that you shouldn't be seeking a payday loan in the first instance anyway. It's not a style of borrowing that lends itself to huge amounts of cash. For instance, if you had a 2,000 pound loan spread across two different companies you'd probably have to repay around 2,500 when you next get paid - that's a huge burden for anybody.
So the simple fact is that multiple payday loans might be possible, but that doesn't mean that they should be sought.
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