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 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 \u2014 or even extend the due date or roll over a payday loan into another one \u2014 until you have fully paid off the first payday loan. The provinces listed below do not allow payday loan lenders to extend or roll over 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 \u2014 and even from lender to lender \u2014 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>Where can I get a payday loan if I already have one?<\/h3>
Alternative: Cash advances<\/h3>\nCash advances can be much cheaper, with APRs as low as 0% and flexible repayment terms. Fees apply for instant funding.\n