How Many Payday Loans At A Time | PaydayloanHelpers
Many people ask how many payday loans they can have at a time. If you’ve been turned down for a loan in the past, then this is something that you might be wondering about. The answer depends on how much money you make, how long your work hours are and how often your income changes from month to month.
In general, most lenders will allow their borrowers two loans at any given time. So if one of them has been paid off and there is still enough money coming in to pay back another loan, then it would be possible to get a second one!
What is a Payday Loan?
A payday loan is a short-term (14 days or less) cash loan you receive and must repay on your next check. Generally, the maximum amount that someone can borrow in this way is $500. Though how much can be borrowed varies based on the individual’s state and how long their work hours are.
The money from these loans can go towards anything (repairs, bills, emergencies). Still, things such as vacationing should not be included as reasons for borrowing this money because it defeats the purpose of having an emergency savings account!
What happens if I need more than two?
If you’ve already taken out two loans and still need more money, then there are a couple of ways around this:
- You could take out two loans at the same time. Having two different paydays means that you will have to pay back both in one month, which can be quite hard if your income isn’t very high, but it’s an option.
- You could use a personal loan instead of a payday loan, which is how many people get around this problem. A personal loan isn’t due on your next paycheck like a payday loan is and usually has lower interest rates than payday loans do (though they still aren’t cheap!), so what you borrowed will probably end up costing you less in the long run!
How much money should I save?
Financial experts recommend that everyone have between three and six months’ worth of expenses saved in an emergency savings account. For most people, this is around $10,000. This is how much you should keep if you can afford to take out two payday loans at once!
If your income changes by a lot every month or you don’t make very much at all, then it’s better that you only take out one loan. That way, you won’t end up unable to pay it back because of how little money you’re making!
What would happen if I took out too many payday loans?
One problem that some people run into when they borrow the maximum allowed through these types of loans is that they will have too little left over after paying them off for buying or getting gas. The worst-case scenario is that it can lead to borrowing from another payday loan company, which could lead to you owing a lot of money very quickly!
If you constantly need more and more cash, then the most likely cause for this is your income not being high enough. If this is happening to you, you should figure out how much extra cash you would need per month to save up the $10,000 required for an emergency savings account! You might even be able to get rid of one or two of your payday loans if doing so allows you to make enough extra money each month.
Keep in mind that how many payday loans at a time depend on how much money you’re making! Take time to understand how these things work so that you can avoid having to get too many loans, which could lead to being overwhelmed with how much money is owed.
A how many payday loans at a time loan is something that almost anyone can get. There are some basic qualifications that your lender will look for to approve how many payday loans are on one check for you:
You need to be employed
, either full-time or part-time. If you’re self-employed, then some exceptions can allow you to qualify still. If this is the case, they might ask how many payday loans in one check prove that you’re making the kind of money you say you are.
You have to be at least 18 years old
. Payday loan companies cannot give how many loans online under how many payday loans can I take out in 2014 until they turn 18, so it’s essential that before applying for how many loans at a time, this is how long they’ve been legal! This also means that if your birthday just passed, then congratulations! Now you’re probably able to get how many payday loans in one month without having too much trouble.
You must have a valid bank checking account
into which how many cash advances can take out the year will transfer the money after getting how many payday loans in one month. If how many temporary cash advances can I take out in 2014 don’t have an account, then how many payday loans on one check is not the way to get cash advance you. Your lender might ask how much I should save to get how many payday loans in one month, proof of having a bank account before approving how many cash advances I should get yearly.
You need to show how much I should be saving
for how many cash advances are allowed yearly to make at least $1000 per month. Lenders look at how what kind of income do you need to take out how many payday loans a year makes no matter what your employment status, but if how long does how many payday loans take to clear how many cash advances do you need to pay weekly is your only source of income, how long does how many payday loans abide to clear how much should I be saving for how many cash advances are allowed yearly have to be able to meet the minimum.
For more information about how many payday loans are at a time, contact us today!