Did you, like millions of other Americans, take out a payday loan online this year? Are you still having trouble making ends meet?
If you’re in a bind financially, you might be considering taking out an additional payday loan no credit check to cover your expenses and help you get back on your feet.
How many payday loans can you have at one time, though? Is it possible to take out multiple payday loans?
Read on to learn more about the rules surrounding payday loans, including the limitations on how many you can take out at once.
How Many Payday Loans Can You Have?
The short answer to this question is that it depends. Every state has different rules regarding payday loans for bad credit.
Some states, like New York and West Virginia, have banned them altogether. Others have limits on the amount of interest payday lenders can charge.
There are also various limits on the number of payday loans you can take out at one time. Some states, like Arkansas and Wisconsin, don’t have any limits on the number of payday loans a person can have.
Before you apply for a second payday loan, it’s important to find out what the rules are in your state. The National Conference of State Legislatures has a helpful tool that allows you to research payday lending laws on a state by state basis.
Keep in mind, too, that every payday lender has its own limits on the number of personal loans no credit check a person can have. If you already have taken out one payday loan, you may have a hard time convincing the lender to let you take out another one.
They might be willing to extend the length of your loan so you have more time to repay the first one. But, it’s not in their best interests to let you continue to borrow money without first proving that you can pay back the loan you’ve already taken out.
If you live in a state that allows you to have multiple payday loans, you could try to take out a loan from a different payday lender. This is not ideal for your finances, though, especially if you are already having a hard time paying back the first loan you took out.
Alternatives to Payday Loans
It’s usually not a good idea to take out multiple payday loans, even if you live a state that allows you to do so.
That doesn’t mean you’re out of luck as far as your finances are concerned, though. There are other options you can utilize to get the money you need without taking out a payday loan.
Some alternatives to payday loans that you might want to consider include:
If you are considering taking out another payday loan because you’re behind on payments or had an unexpected expense come up, consider asking about setting up an installment loan payment plan.
Explain that you’re having a hard time financially and will have an easier time paying what you owe if you can split it up into a few monthly payments. Most of the time, people will be willing to work with you.
Payday Alternative Loans
Some credit unions have programs in place that offer members payday alternative loans. These are short-term personal loans offered to borrowers to keep them from taking out payday loans they cannot afford.
Payday alternative loans are available in small amounts — a couple hundred to a thousand dollars, typically — and have terms that last from one month to six months.
If you’re a member of a credit union, consider looking into one of these loans. They come with lower interest rates and low application fees.
If you have a 401(k) through your job, you might want to consider withdrawing money from that account. This is not ideal as a long-term solution, of course, but it can be a good option in you’re in a bind.
You can borrow against your 401(k) tax-free and without a credit check. There is interest associated with this kind of loan, but you pay it back to your account.
If you do decide to take out a 401(k) loan, be sure to pay back the money within a year to minimize the effect the loan has on your retirement plan.
Instead of taking out another payday loan, check to see if you qualify for a personal loan. If you have a poor credit score, you might think that there’s no way you’ll qualify for a personal loan.
In reality, though, there are lots of no credit check loans designed for those with subpar credit. Don’t count yourself out until you’ve talked to a few different lenders and explained your situation.
Paying Back Your Payday Loans
If you already have taken out one payday loan and are having trouble paying it back, the answer is probably not to take out an additional payday loan online no credit check.
Instead, focus your energy on paying back the first one. Then, you’ll be able to take out another payday loan in the future if necessary.
Try utilizing these strategies to pay back your payday loan as quickly as you can:
Extended Payment Plan
Try to negotiate a payment plan with your lender. They might be willing to break your loan up into smaller payments and give you more time to pay it back without building up more interest.
Pay it Back with a Personal Loan
If you can qualify for a personal loan, use that money to pay off the amount you ower your payday lender.
It’s true that personal loans for folks with bad credit tend to have higher interest rates. But, you’ll still likely be paying less than you’d be paying for a payday loan, and you can get the loan deposited onto your debit card so you’ll be able to take care of other expenses at the same time.
Look into Debt Assistance
Finally, consider looking into debt assistance. There are lots of services out there, many of them non-profits, that are designed to help you consolidate your debt and pay it off as quickly as possible.
Apply for a Payday Loan Today
The answer to the question, “how many payday loans can you have at one time?” isn’t exactly an easy one.
It depends on a lot of factors, including where you live and the specific guidelines the lender you’re trying to borrow from has put in place.
If you are able to and are interested in taking out another payday loan, we can help at Bonsai Finance. Apply online for a payday loan today.
We also offer a variety of other loans, including bad credit loans and no credit check loans, that you can apply for in place of a payday loan. Here are some other articles you might find helpful: