If You Owe a Payday Loan Can You Get a Second Payday Loan?
Have you ever found yourself in a position where you needed a payday loan even when there is an existing one? Well, you are not alone!
Payday loans are not as difficult as people make them seem. If your financial situation requires one, go for it.
There are endless possibilities for getting a second payday loan. You don’t have to stress your mind, we will make certain of it. But, here’s the catch. Before a payday lender gives you a loan, you must give them the consent to run a credit check on your loan application.
When they do this, the credit bureaus will reveal your transaction history. In this way, they would discover if you have outstanding payday loans. This discovery determines if you deserve additional payday loans or not.
How Long Does An Unpaid Payday Loan Stay In The System?
An unpaid payday loan can stay in the system for 6-10 years. However, the payday loan can be filled and sent to the debt collection agency as soon as the lender sells off the debt.
The official database containing the data on payday loans is known as the payday loans state-wide database. This database shows your credit report and can be used in checking accounts.
Payday loans do not operate like your regular type of loans as your financial health is shown on the database. As such, it reveals the risk payday lenders may experience in issuing a loan.
Surprisingly, we do not file a report at the credit bureaus even when you do not pay back the loan.
Can You Take Out A Payday Loan From 2 Different Places?
You can get a payday loan from different places. However, while this may seem to be a smart move, it may affect your credit scores and make it difficult for you to get credit in the not-too-distant future.
Every payday lender is desirous of making profits. While this is true, our goal is to create a debt management plan for you and cut down additional fees.
This is simply because payday lenders will always complete a credit check when you apply for a payday loan. Getting multiple payday loans is possible but it can impact your credit ratings.
What Happens If Payday Loans Are Not Paid?
Regardless of how much you try to avoid it, sometimes, you may discover you cannot pay back the loan. When this happens, your account may be sent to a collection agency and this comes with serious consequences. These include:
- Damaged credit score
- Poor financial decisions
- Problems with the state law.
How Many Payday Loans Can You Have?
You can get as many payday loans as you desire. If you need to cover the gap before your next paycheck, you are probably wondering if you can get multiple payday loans.
However, the law varies from one state to another. While states like Texas and Nevada offer unlimited payday loans for their customers, California, Ohio, and Florida offer just one. You can settle for affordable alternatives such as borrowing from a family member or collecting small loans. This will help you not accrue more debt. But, if a payday loan is what you can hold unto, then, our services are tailored for you.Do you require credit counseling on short-term loans or small personal loans? AdvanceSOS has it all figured out!
