Applying for a Second Payday Loan: Things You Need to Know

You already have one payday loan. But sometimes you may face emergencies that will force you to think about getting a second one. Some states limit the number of payday loans you can take at the same time. It is advisable to repay the first payday loan before applying for the second one.

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We have answered some common questions regarding the second payday loan:

How many payday loans can I have at once?

Payday lenders will generally not give you more than one payday loan at any given time.

How do I get a second payday loan if I have already taken one? 

Generally, if you have one loan, it is unlikely you will qualify for a second one before you pay back the first one.

Can I take a second payday loan when the first one was not able to fulfill the cash requirement? 

No, if the first loan was less than you wanted, you will not qualify for a larger loan until you complete the payback of the first loan.

Can I take a second payday loan to pay back the first one? 

No, loan companies do not want you to be trapped in a cycle of debt that you can never pay back, so you will not be approved for a loan to pay back another loan.

I have already taken a payday loan from a lender. Can I apply for another loan with a different lender? 

Yes, you can apply but it is highly unlikely you will be approved. Lenders work together to protect consumers from getting multiple loans at the same time and then being unable to pay any of them back.

Can I get a second payday loan in another state?

Payday loan laws vary from state to state. People are generally prohibited from getting payday loans outside of their home state. However, if you are currently residing in a state where payday loans are illegal but are a permanent resident of a state where payday loans are legal, you may qualify for a payday loan but getting a second payday loan before you pay the existing one may be difficult.

How long do I have to wait to get another payday loan?

You can get another payday loan after you have paid off your existing payday loan. It’s recommended to wait for 3 business days before you reapply for the new payday loan. 

How do lenders find out that I already have an outstanding loan? 

Yes, lenders, like banks, cooperate to ensure you do not have other outstanding loans. This is for consumer protection as data shows consumers who get more than 1 loan at a time often default on all the loans.

Can I apply for a payday loan if my partner has already taken a payday loan? 

Yes, as long as you meet the qualifying criteria, you can receive a loan even if your partner has an open loan at the same time.

Can payday loans be approved for two applicants having the same joint bank account?

Generally, no, there are exceptions particularly if both applicants are working and meet all loan criteria. Ask your lender for more information after you submit your application.

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Celebrate Independence Day: The Birthday of USA!

Independence Day is our national holiday that is full of parades, pride, and patriotism. There are various ways to celebrate this day. People enjoy this holiday with family by going on picnics, concerts, short trips, making dishes for your family, etc. 

Here are 4 amazing ways to celebrate this day with happiness and pride:

Be Creative 

You can commemorate this day by being creative and trying something new. Make flags, cards, and decorative lamps to place around the house. Try different recipes apart from traditional barbeques. 

Know About Independence

It’s important for every child to know about the significance of this great day. Books like, Steps to Independence, will help you teach your young ones about the history of this day. Buy this book now!

It’s the Holiday

It’s the best time for planning short, relaxing trips before getting back to work. Groupon.com has some amazing deals on hotels, spas, and resorts. Check them out now. Deals are available for a limited time only!

Go for Shopping

Many stores and online shopping websites offer special cashback deals and coupons for their 4th of July sale. Shop and save on these deals. If you want to add something new to your home, you can find amazing deals on home decor, appliances, patio furniture, LEDs, laptops, etc. on Offers.com. Shop now! 

If you are running short of cash, instant cash advances will get you money instantly to help you purchase these items. Get an instant cash advance now!

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Can You Get a Payday Loan with a Credit Score of 550?

A credit score is a three-digit number which shows your credit-worthiness as a borrower. Your credit score is determined by your payment history, the age of your accounts, how often you get new credit, outstanding debts, collection actions, and more.

Understanding the Importance of Credit Score

 A good credit score shows that you are a responsible borrower who clears the loan amount on time. A good credit score is important for certain types of loans, including home loans. Borrowers who have missed payments or a lot of outstanding debts have a poor credit score. 

Getting a short-term loan with a poor credit score can be difficult. You may be qualified, but you will have to pay a higher interest rate than borrowers with a good credit score.

Is It Possible to Get a Payday Loan with a Credit Score of 550?

 A credit score of 550 is considered a poor credit score. Payday loans are processed even with poor credit scores, but the lowest credit score that lenders accept varies from one lender to another. Lenders have some restrictions on the maximum amount they lend to the borrowers with poor credit scores. 

If you are looking to get a payday loan with that credit score, you can find a lender. For short-term payday loans, lenders won’t consider your credit score; instead, they will verify your source of income. A steady source of income is the prominent criteria to qualify for a payday loan. Therefore, if you have a steady source of income to make repayments on time, you will be qualified for a payday loan. 

If you cannot clear your loan amount in one payment, you can request your lender to allow you to repay your loan amount in two to three installments. 

Contact us today if you have a credit score of 550 and are looking for a payday loan. We ensure fast loan processing and funds transfer to help you in financial emergencies. 

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Are There Any Restrictions on Getting a Fast Credit Loan Online?

A fast credit loan, often called a payday loan, is still in demand in 2019.

What Makes a Fast Credit Loan a Possible Option?

Generally, online payday loans start with the completion of an application form online which requires some basic information including your place of employment, bank account info, and some other basic data. The time to do this is really fast, about 2-3 minutes, and is safe and secure from your cell phone or laptop/pad.