After I Pay Off My Payday Loan, Can I Get Another Payday Loan?
July 1, 2021 | Mason Roberts
If I ran out of money before my next paycheck, can I get another payday loan if I need one? That's a question that over two million people ask every year. Due to economic fluctuations and the general unpredictability of life, it’s always smart to know a few options for getting quick cash for emergencies when you need it.
The average American has less than $3,000 available for unexpected expenses, with a credit rating of around 700. However, most banks need at least a 750 to approve loan applications. So, what would people do when they need to make ends meet quickly without a perfect record? One option is to get payday loans and here's why.
The Main Scenarios For Getting Another Payday Loan
Can I Get Another Payday Loan If I Already Have One?
Payday loans do not get listed on your credit report, but that doesn't mean your payment history is pointless. In fact, it may be used to determine your eligibility for future payday loans. So, while some loans require a "cooling off" period before you can get another one, certain payday loan lenders may allow you to get another loan after your loan is over when you're responsible enough.
TIP: Talk to your payday loan agent for more detailed information.
Can I Get Another Payday Loan If I Have Bad Credit?
So, can I get another payday loan if I have bad credit with the three major reporting bureaus (TransUnion, Experian, and Equifax)? The answer is yes. Again, your consumer credit history only represents a small portion of what's considered during the underwriting process. That means you can still get a payday loan even if you fall below the national average.
TIP: Always review your consumer credit report before applying for and/or accepting any type of loan.
Can I Get Another Payday Loan If I Lost My Job?
You may be wondering "Can I get another payday loan if my income is lost?" While you usually need proof of income to get approved for this kind of funding, there are ways to get around that if your income source has changed from a job to recurring benefits. Don't be afraid to ask about what documentation you would need to provide before applying.
TIP: Social security and disability payment may qualify as eligible forms of income in some cases.
Can I Get Another Payday Loan If I Run Tight On Money Again?
In the state of Carolina, you can get as much as $550 in fast cash by using your upcoming paycheck as collateral. However, that may not always be enough to make ends meet or eliminate the debts that keep holding you back. If that's the case, you can get another payday loan after your first loan is finished.
As long as you pay back the money on time, you're most likely eligible for future online payday loans when you need them. Simply meet the basic requirements again and receive the cash you require using the same simple process as before. And since most of your personal financial information is saved in the system, it may be even easier the second time around.
NOTE: You must be at least 18 years old to qualify for a payday loan in Carolina.
How Can I Get Another Payday Loan In South Carolina?
Getting one or more payday loans in Carolina is extremely easy, especially if you follow these three simple steps:
Step 1 - Determine How Much Cash You Need
Calculate the total amount you require to get out of your current financial bind and then find out when your most important bills need to be paid. If you can, try to apply for a payday loan at least a week before anything is due, which gives you enough room and time to make sure you don’t get charged any late fees.
Step 2 - Begin The Process In-Store Or Online
Next, fill out a short intake form on Carolina Payday Loans, Inc. You'll be asked to provide some basic information for an agent to review. They'll then contact you with further steps after they've reviewed your form.
TIP: Try to begin the process as early in the day/week as possible to avoid common banking delays.
Step 3 - Submit Your Required Information To Get Approved
The loan agent will also schedule a meeting with you and will ask for the following documents to be brought to the meeting to determine your eligibility for a payday loan:
- Your most recent pay stub from work (or another recurring source).
- A blank check from an active checking account in your name.
- Your driver's license or a government-issued photo ID.
If they determine that you qualify, you can get your cash the very same day, or the next day at the latest, depending on your bank.
Send In A Payday Loan Form Today
If you were wondering “can I get another payday loan if I already got one before?”, here is your answer: yes, as long as you satisfy the basic requirements. Don’t hesitate to reach out to us today at Carolina Payday Loans, Inc. to get the help you need. Submit your form and we will assist you from there.