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Can you take out a second short-term loan?

What you need to know before applying for another loan.

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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 tough 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.

Compare short-term loan providers

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
Get a fair loan designed for immigrants and nonresidents.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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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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14 Responses

    Default Gravatar
    DavidMay 2, 2019

    Can a lender see that you took a payday loan?

      Avatarfinder Customer Care
      JhezMay 3, 2019Staff

      Hello David,

      Thank you for your comment.

      Yes, the lender will perform a hard pull on your credit file, and they can see your previous loan applications.

      Regards,
      Jhezelyn

    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.

      Default Gravatar
      nikkiangcoOctober 22, 2018

      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

    Default Gravatar
    KayOctober 17, 2018

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

      Avatarfinder 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

    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?

      Avatarfinder 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

    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

      Default Gravatar
      nikkiangcoJuly 3, 2018

      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

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