Payday loans can be a convenient option when you\u2019re short on cash before your next payday. These types of loans are usually paid back within a short time frame of between 1 week and 2 months and come with high interest rates and fees. If you already have a payday loan and are wondering if you can you have two payday loans at once, keep reading to learn about what options may be available to you.<\/p>
Generally no, you can\u2019t have two payday loans at once, although it very much depends on the regulations in the province where you live. Most provinces don\u2019t allow lenders to issue a second payday loan \u2013 or even extend the due date or roll over a payday loan into another one \u2013 until you have fully paid off the first payday loan. The provinces listed below do not allow payday loan lenders to extend or rollover loans:<\/p>
However, it can sometimes be possible to get a second payday loan from a different lender, especially if it doesn\u2019t check whether or not you currently have any outstanding payday loans with other lenders.<\/p>
Because payday loan regulations vary so much from province to province \u2013 and even from lender to lender \u2013 the best thing you can do is be upfront about your situation and ask the payday loan provider directly about any applicable regulations before you apply. That way you won\u2019t risk getting caught with multiple payday loans where it may be illegal to do so.<\/p>
If you are allowed multiple payday loans where you live, you\u2019ll likely need to meet more stringent criteria than when you applied for your first loan. This is because a second payday loan makes you a riskier borrower since the financial burden is much greater.<\/p>
Our full guide to provincial payday loan regulations<\/a><\/p> Since most provinces don\u2019t allow you to take out a second payday loan, your best bet when considering where to get a payday loan if you already have one is to get a payday loan alternative. Here are some popular payday loan alternatives that also have the added benefit of being generally less expensive than payday loans:<\/p> You can learn about more payday loan alternatives in our full guide here<\/a>. However, if having two payday loans at once is legal where you live, you can apply with online lenders or at physical payday store locations.<\/p> Instead of looking at your credit score, lenders will want to see that you\u2019ll be able to repay the money you borrow when you have two payday loans at once.<\/p> To do this, the lender will review your current financial situation and look at multiple factors, which normally include your income, your employment and the payments you make on your current loan.<\/p> If getting a payday loan after you already have one is legal where you live, there\u2019s no way to guarantee that you\u2019ll be approved for a second one. However, if you want to take out a second payday loan, keep the following factors in mind:<\/p> Check the websites of any lenders you\u2019re interested in to confirm they operate in your province or territory of residence.<\/p>Where can I get a payday loan if I already have one?<\/h3>
What will lenders look at when I apply for a second payday loan?<\/h3>
How can I make sure I\u2019m approved for a second payday loan?<\/h3>
\u26a0\ufe0f Warning: Be cautious with payday loans<\/h5>\nHigh-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society<\/a> for free financial counselling (Mon\u2013Fri, 8am\u20135pm at 1-888-527-8999). Also consider payday loan alternatives<\/a>.<\/span>\r\n<\/div>
Compare payday loan options<\/h3>