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Can you take out a second short-term loan?

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What you need to know about applying for a second, or even third, short-term loan.

Short-term loans, commonly referred to as payday loans, can be a convenient option when you’re strapped for cash before your next payday. If you already have a short-term loan and you need another one, there are a few things you need to know before you apply.

Is it possible to take out multiple short-term loans?

It could be, though it depends on the lender and your state of residence.

If it’s legal in your state, you often need to meet more stringent criteria than when you applied for your first loan because a second short-term loan is more of a risk for the lender and a greater financial burden to the borrower. Consider payday loan alternatives for more affordable options before taking out more debt that could put you in a cycle of late payments.

CashUSA Installment Loans

CashUSA Installment Loans
  • Bad credit is OK
  • No application fee
  • Debt education resources

CashUSA Installment Loans

A connection service for quick cash loans up to $10,000.

  • Minimum loan amount: $500
  • Maximum loan amount: $10,000
  • Turnaround time: As early as 1 business day
  • Loan term: 90 days to 72 months
  • Must have a monthly income of $1,000+ after taxes and valid checking account.
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Compare online lenders you can apply with today

Rates last updated December 14th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
LendYou Short-term Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
$1,000
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

Compare up to 4 providers

What will lenders look at when I apply for a second short-term loan?

Lenders will want to ensure you will be able to repay the loan. To do this, they will review your current financial situation and look at multiple factors, which can include your credit history, what payments you make on your current loan, your current employment and your income.

If you already have a lot of debt obligations or you lost your job after you took out your first short-term loan, you could have trouble qualifying.

How can I make sure I’m approved for a second short-term loan?

There’s no way to guarantee if you’ll be approved. If you’re looking to take out a second loan keep the following in mind:

  • Reexamine the eligibility criteria. You may or may not be eligible for loans you were once eligible for. Some lenders may specify that you can’t currently be repaying a short-term loan and that you can’t use a second loan to pay for the first.
  • Check your budget. Can you afford the repayments of the loan you are applying for? If you think you will struggle to make multiple loan payments, then you should consider alternative financing options, such as financial assistance programs.
  • Be aware of rollover fees. If you choose to refinance your first short-term loan into a second loan with the same lender, you’ll still owe the original amount you borrowed and the fixed fee, plus the fees for the subsequent loan.

The bottom line

Compare your options before applying and always check the eligibility criteria to make sure you’re qualify. There’s a range of payday loans available, so you have a better chance than ever before of finding the right loan for you.

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12 Responses

  1. Default Gravatar
    MiaOctober 21, 2018

    Hello I’m looking for a company that will help me with. Loan I had 2 other loans out from years ago wondering who can help me I need this loan asap. I need to fix my car.

    • finder Customer Care
      nikkiangcoOctober 22, 2018Staff

      Hi Mia,

      Thanks for your inquiry and for visiting finder.

      You can apply for a 2nd or 3rd loan, however, this depends on the lender and your state of residence.

      If it’s legal in your state, you often need to meet more stringent criteria than when you applied for your first loan because a second short-term loan is more of a risk for the lender and a greater financial burden to the borrower.

      The page above shows the list of brands that support your need for a loan. To read more information about the lender, click MORE INFO. If you’d like to go directly to their website, click GO TO SITE.

      Hope this helps! Reach out to us again, we’d be glad to help!

      Cheers,
      Nikki

  2. Default Gravatar
    KayOctober 17, 2018

    If I am paying on 1 loan in Indiana can I get another from a different company

    • finder Customer Care
      johnbasanesOctober 17, 2018Staff

      Hi Kay,

      Thank you for leaving a question.

      Depending on the eligibility requirements from the lender you wish to take out your second loan, you may apply for another loan with a different company. Please note the following when applying:

      Reexamine the eligibility criteria. You may or may not be eligible for loans you were once eligible for. Some lenders may specify that you can’t currently be repaying a short-term loan and that you can’t use a second loan to pay for the first.
      Check your budget. Can you afford the repayments of the loan you are applying for? If you think you will struggle to make multiple loan payments, then you should consider alternative financing options, such as financial assistance programs.
      Be aware of rollover fees. If you choose to refinance your first short-term loan into a second loan with the same lender, you’ll still owe the original amount you borrowed and the fixed fee, plus the fees for the subsequent loan.

      Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    AnthonyOctober 2, 2018

    I usually get a 500 loan from a payday loan place by me…my question is seeing as they approved me several times already for 500, about a week ago I only took out 300. Do you think the same place would give me another 100 seeing as how it’s still under their maximum limit?

    • finder Customer Care
      johnbasanesOctober 3, 2018Staff

      Hi Anthony,

      Thank you for leaving a question.

      Yes, this is possible. You may need to contact your lender on how this could be completed though. Hope this helps!

      Cheers,
      Reggie

  4. Default Gravatar
    HaroldJuly 2, 2018

    I borrowed from cash express Friday in another town can I borrow from another cash express in another town today need the money to pay on vehicle

    • finder Customer Care
      nikkiangcoJuly 3, 2018Staff

      Hi Harold,

      Thanks for leaving an inquiry on our page.

      The possibility of getting another short-term loan depends on state regulations. Some states limit the number of payday loans you can have to one while others place no limit on the number of loans and rollovers. However, it’ll post more risks a greater financial burden.

      To do this, they will review your current financial situation and look at multiple factors, which can include your credit history, what payments you make on your current loan, your current employment and your income.

      Hope this clarifies.

      Regards,
      Nikki

  5. Default Gravatar
    JessicaSeptember 22, 2017

    Someone did a payday loan I’m my name about 8 years ago in Florida can i go to Alabama and get one

    • finder Customer Care
      MariaSeptember 22, 2017Staff

      Hi Jessica,

      It would be best to find out more details regarding the payday loan that was applied for in your name as it may have been included in your credit history and could possibly impact future loan applications.

      You can check out this page on Your Credit Report.

      As finder is an online comparison service and is not a product issuer, it would be best to get in touch with a lender featured on our pages to discuss your eligibility and options.

      I hope this helps.

      Best,
      Maria

  6. Default Gravatar
    johnAugust 7, 2017

    can payday loan companies see if you have more than 1 loans from another lender?

    • Default Gravatar
      ArnoldAugust 7, 2017

      Hi John,

      Thanks for your inquiry.

      Most likely yes, Banks will normally conduct a check of your credit score, financial statements, and loans. If you have any more concerns, please don’t hesitate to contact us.

      Hope this information helped.

      Cheers,
      Arnold

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

Go to site