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Payday Loans

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 depends on the lender and your state of residence.

If it’s legal in your state, you’ll 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 and a greater financial burden.

Compare online lenders you can apply with today

Rates last updated June 25th, 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
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
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.
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
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.
ACE Cash Express Payday 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.
LoanByPhone Payday and Installment Loans
This mobile lender offers convenient cash loans. Apply online or by phone.
1–2 business days
Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

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.

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 examine the eligibility criteria carefully. 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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4 Responses

  1. 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.


  2. Default Gravatar
    johnAugust 7, 2017

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

    • finder Customer Care
      ArnoldAugust 7, 2017Staff

      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.


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