man wondering about a payday loan

Can I Get A Payday Loan If I Already Owe One?

Payday loans are a quick way to get money in your pocket in-between paychecks. The maximum amount for Carolina Payday Loans, Inc. loans is $550, so if you need more than that, you may think, “No problem. I’ll just apply for a second loan.”

While it may seem logical that if you qualify for one, you’re likely to qualify for more than one payday loan, there are actually some restrictions around them that you should know. Let’s take a look at a more in-depth answer.

Can I Have Multiple Payday Loans At The Same Time?

Getting more than one payday loan might seem like an obvious solution when you need more than the maximum loan amount, but just because payday loans are easy and convenient to obtain, doesn’t mean the regulations are any different from other loans.

For example, one of those regulations is that we cannot issue subsequent payday loans to anyone who currently holds one. This isn’t our rule. It comes from higher up, but we think it’s for good reason.

Regardless of your qualifications, even if you were a shoo-in for your first loan, you will not be considered for a second until your first loan is paid in full. In fact, you will be required to wait a day or two before applying again.

There are several reasons you are not allowed to take out more than one payday loan at a time.

get payday loan if I already owe one

Why Isn’t It Possible?

We have established that the original loan needs to be paid off before we can issue another, but why?

  • It reduces the risk for the lender. We have to be selective about the loans we issue to be sure that we see a return on our investments.
  • It protects the borrower as well. Have you ever heard the saying, “Just because you can doesn’t mean you should”? This is one of those cases. Getting approved for a loan is dependent upon your ability to repay with your next paycheck. Overcommitting yourself could result in future issues.
  • You might not qualify. Although our requirements are more lenient than traditional lenders, we still have a few that we need to stick by. Even if you qualified for a first loan, that’s no guarantee that you would be an ideal candidate for a second simultaneously.

These stipulations are in place for the protection of everyone involved.

When Can I Apply For Another Payday Loan?

The good news is that you don’t have to wait long in order to apply for another payday loan. The waiting period between paying off your previous payday loan and applying for another one is called a “cooling off period.”

Typically, this is one or two business days. A loan representative at your local Carolina Payday Loans, Inc. store will be able to tell you exactly how long based on the details of your previous loan. With this in mind, you can plan accordingly so it won’t be necessary to consider getting more than one payday loan at a time.

Benefits Of Payday Loans

Carolina Payday Loans, Inc. wants to help everyone who comes to us with financial needs. That’s why we offer an easy payday loan process and some of the fastest turnaround times known to lending. Although we can’t grant more than one payday loan at a time, we can get money in your hands faster than traditional lenders.

both hands full of payday loan cash

Here are some advantages of our payday loans:

  • Get approved in 30 minutes - While this doesn’t happen every time, it is very common for our customers to apply, get approved, and get their loan money the very same day.
  • Deal with a loan agent one-on-one - We think it’s important for you to work with someone who is dedicated to processing your loan request, whether you are a first-time borrower or an old pro.
  • Repay the loan with your next paycheck - With payday loans, there aren’t any long, drawn-out loan terms. You could literally take out a loan one day and repay it the next, no strings attached.
  • Convenient application options - There are locations across the state for your convenience, or you have the ability to initiate your loan online and just show up to process your request.

Get Started On Your Payday Loan Request Now!

To get started on your payday loan request right now, gather the simple items listed below:

  • Blank check - The checking account should be in your name and active so we can use it to deposit your funds.
  • Most recent pay stub - Your ability to repay the loan is one of the biggest factors in your approval.
  • I.D. - A driver’s license works, or you can bring any other state-issued photo ID card.

Be prepared with these items regardless of how you intend to initiate your loan. If you think you’ll need more than one payday loan, talk to your representative about other loan options. You may be surprised how helpful they can be in finding you the money you need. Get started on your loan request now with the help of our experienced payday loan representatives.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.