The unexpected expenses are that we can never predict them. If they appear, you need to recalculate your precisely budgeted budget. The real problem, however, only appears when there is more than spending. Payday payday seems to be one of the best solutions in this situation. But what if we already have a loan on our account? Can you take several payday loans at once?
A quick loan without proof allows you to quickly and effectively fill a hole in your home budget. Thanks to it, you can not only renovate the bathroom or go on vacation, but also stop the spiral of debt and thus avoid falling into even greater debts.
Can you take several payday loans at one time?
In theory, there is no limit to taking out several loans at the same time. In practice, however, very often this cannot be done by one lender. A significant proportion of non-bank institutions only agree to one active financial liability. Therefore, if you are already in debt, you usually need to seek financial help from your competition.
Having several payday loans at once, not every loan company will agree to grant another loan. Many lenders known on the market offer online loans only to those who do not have debts to other companies or banks.
Why? Lending institutions want to be sure that the borrowed amount and interest will be paid back on time, and the more people have obligations, the greater the risk that they will not be able to pay them back on time.
So the answer to the question of whether you can have several loans at once is: you can, but not always. Each case is considered individually. It is important to pay off your debts regularly, because reliability and diligence always work in favor of the borrower.
Is it possible to take several payday loans or loans at one non-bank institution?
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It turns out that, contrary to what has been written above, there is a chance for two payday loans in one company. There are lenders on the market who, under certain conditions, agree to provide one client with more than one. What conditions are we talking about?
Firstly, this facility only comes into play in the case of an installment loan, and secondly, a loan previously taken out must already be partially repaid. If you are precautionary and simply want to know if the selected loan company will give you another payday loan before you pay off the previous one, check its terms and conditions before applying for a loan.
Which non-bank companies allow you to take several payday loans or loans at once?
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A significant proportion of loan companies follow the principle: only one loan at a time. Lenders like Litebank, Agree Bank and Cream Bank profess it. However, there are also those that allow you to have several active loans. Among them is Provident.
Detailed conditions for the possibility of taking another loan are available in the client’s personal profile. TakToFinance will also provide assistance to those in debt when they are in debt, provided that the borrower repays at least six installments of the current liability in advance.
An alternative solution to take another loan is offered by Litebank, where you can get an additional amount within the loan limit available to the customer. How does it look in practice? For example, if the upper loan limit is 3,000 and we have applied for 2,000 USD, we can “borrow” an additional thousand. However, there is a catch – the repayment period initially set does not change.
What to look for when taking several payday loans at once?
Of course, just like when applying for any other financial product, just as when taking another loan, you need to pay attention to the APRC, which is the total cost of the loan that we will incur. The APRC includes both interest rate and commission for a non-bank institution, insurance and other fees.
When analyzing individual costs, we should focus on additional fees. Lenders may charge additional costs to those who are in debt before they repay their previous commitment. That is why it is worth being aware that interest and non-interest costs related to payday loans are limited in accordance with the Anti-usury Act.
What are the risks of taking several payday loans at one time?
Although payday loans can help to improve the budget and get rid of financial problems, they can also pose some risks.
Many people forget that when they take more loans, it is very easy to fall into a spiral of debt – the more debts we have, the more difficult it is for us to pay them back, and failure to meet the deadlines in the repayment schedule of subsequent installments has serious consequences.
Not every company makes it possible to extend the loan repayment period, and penalty interest may be charged for each subsequent day of delay. The result of over-indebtedness can be a loss of good credit history and creditworthiness. Lack of financial credibility, in turn, may in the future make it difficult to take out not only payday loans but also cash loans from banks.
I have a problem paying off several payday loans at once – what next?
The most important thing is to notice the difficulties in managing the available funds before it is too late. If we notice that it is difficult for us to make ends meet, the worst thing we can do is to downplay the problem and recognize that it will solve itself. Unfortunately, this never happens, and over time we fall into even greater debts.
If there are not many liabilities, the method of paying them off is very simple. All you have to do is tighten your belt and deny yourself some small pleasures, and use the money saved in this way to pay off your debt. If that doesn’t work, there are other ways to get out of debt. It is important to immediately recognize the seriousness of the problem and react quickly.