Second Payday Loans: Options & Considerations

A man taking money from a woman lender.

A payday loan is an option when you are low on cash and payday is not for weeks. Payday loans are short-term loans that almost anyone can get, especially those who have bad credit scores. You can generally borrow an amount from $100 to $1,500, but sometimes you may need to take out a second payday loan to get by. While some companies frown on this practice, there are ways to get around this to get the money you need.

Online

Since there are many online companies available to use, you can more than likely get another payday loan by applying with a different company. Some companies will not allow borrowers to take out a loan if they already have one out, but many will still lend to you. You can browse many companies online to find one that you can apply to in order to get the second loan.

Rollover You’re First Loan

If you need more money, you can usually rollover, or extend, your payday loan by simply paying the finance charge that is due. You will have extra time to pay on your loan, and you may be better situated to get a second payday loan. You may also be eligible for a second loan by agreeing to pay back the loan on a later payday, if you are already due to pay back a loan on the next one.

Current Lender

If you have gone to a local business, go in and talk to the manager of the payday loan company. If you received your loan online, call and speak to a representative. They may help you apply for a second payday loan even though you still have one out, if you explain your situation to them.

Be Honest

Always be truthful by telling the payday lender that you are dealing with that you already owe on a payday loan, even if it is not with their company. Most companies will check to see if you have a loan out with any other company, and this could ruin your chances in getting a loan. It also saves time and hassle on both ends if you will not be eligible for a loan because of your current one.

Provide your Income

If your income is substantial, a payday lender may easily approve a second payday loan. Be sure to bring in your most current proof of income to apply for the second loan. Always include income that you rely on besides employment, such as Social Security benefits, disability benefits or workers' compensation. This can increase your chances of being approved for a second payday loan.