By rule of thumb, no payday lender should provide you with more than one loan at any given time. This would not be in the spirit of the industry, or in the best interests of the borrower. A payday loan is designed to facilitate a short cash boost rather than a deep financial need. If you need more cash than you can get in a single loan you should consider other credit types or consulting a debt counsellor.
There may be cases where people have managed to get multiple payday loans from different providers at the same time, but usually lenders will check what other current credit you have open to prevent such situations occurring. While it may be possible to deceive your way to having more than one payday loan, it is really unadvisable, and here are some of the major reasons that you should only ever stick to one loan at a time:
Multiple loans can become unmanageable
Yes, if you have many credit sources, it can be very easy to tip the balance from affordable to unaffordable and it doesn’t take much. If you are pursuing multiple loans this suggests there is a greater financial need at hand. It would be very irresponsible in such a scenario to apply for lots of loans knowing that it will be very difficult if at all possible to meet the financial requirements of each. Better to stick to one at a time and look at alternative options if the financial need is greater and longer term.
Payday loans are designed for a short term cash fix
A payday loan is not designed to offer a long term financial solution. It is inefficient to treat it as such a solution. If you r credit needs are large and for a longer duration there are more suitable credit types available out there. If your needs are small but fast, then a payday loan is suitable as long as you can surely afford the repayments. Stick to one and that shouldn’t be a problem, only lasting until your next payday.
The greater the amount of credit required, the better the deal you need
If you require a large amount of credit, then it is unlikely you will be able to pay this off by payday. Always assess your requirements as well as your affordability. If you require a credit amount that you know you will need time to pay off, then look at alternative sources that allow for that at a better rate.
Payday Loans offer a great source of quick cash when you need a little boost, but you must use them responsibly if you want to get the best out of them.
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