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Can I Take Out Multiple Payday Loans at Once?
6 Dec 2018

Can I Take Out Multiple Payday Loans at Once?

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Over 10 million people use Payday loans during any given year.


Because payday loans, despite their occasional controversy, provide a valuable service to low-income Americans who have bills they need to pay between now and their next paycheck.

Given how easy payday loans are to attain and the value they provide, many find themselves asking the question, “Can I take out more than one payday loan at once?”.

Our team at Bonsai Finance will explore that question in-depth, below.

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Can I Take Out Multiple Payday Loans at Once?

In short, the answer to if you can take out more than one payday loan is yes. However, you shouldn’t and most lenders won’t let you.

For some context into that answer, consider the following:

The Purpose of Payday Loans

The purpose of payday loans is to get an advance on your upcoming paycheck. That advance gives borrowers the flexibility to pay bills that they need to tend to between paydays if they don’t have adequate savings to hold them over.

Why People Want to Take Out Multiple Payday Loans

People who ask to take out more than one payday loan often have debt they need to cover that exceeds what their paycheck is going to give them at the end of the month. Since a payday loan lender will only loan you an amount equal to or less than your paycheck, a problem is created that borrowers wonder if taking out more than one payday loan will fix.

Why Lenders Don’t Like Doubling Up Your Payday Loan

The whole arrangement with a payday loan is that the lender knows they’ll get paid back at the end of the month because they’ve verified that you’ll receive a paycheck. If you take out more than one payday loan, however, your paycheck won’t cover the amount you borrowed and the lender is left wondering how you’ll pay them back.

That’s why no single lender will give you more than one payday loan. The only way to achieve doubling up on a payday loan would be to go to multiple lenders and hope one doesn’t do their diligence in inquiring about your outstanding debts.

A Better Solution

Given that payday loans rely on your paycheck as collateral, it doesn’t make sense to take on more than one. A better solution is to find an alternate means of credit (via a small personal loan or credit card for example).

You’ll also want to consider engaging a debt counselor to help you improve your financial situation.

Wrapping Up Can I Take Out Multiple Payday Loans at Once?

Can I Take Out Multiple Payday Loans at OnceIn summary, most lenders won’t let you take on multiple payday loans. While there is a chance that you can engage separate lenders and deceive a non-diligent one into doubling up your loan, that is not advisable.

Instead, our recommendation is to find a personal installment loan using our tools at Bonsai Finance or apply for an easy to get approved for a credit card.

For more information on all of your biggest financial questions, read more in the Bonsai Finance Learning Center.