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“Where Can I Get a Payday Loan If I Already Have One” and Other Questions About Second Loan [Interview]

Financial topics are one of the most popular ones these days as people tend to face more monetary disruptions than ever before. The world economic crisis is no longer a myth but rather a hard reality. Consumers are more likely to opt for various lending solutions to fund their needs and cover expenditures. Today, we have talked to a financial expert about the possibility to acquire more than one same day payday loans and here is what you should consider.

Interview With Financial Expert About Payday Loans

Get a Payday Loan

Q: So, can people obtain another payday loan if they already have one?

A: This is a good question. Many creditors aren’t willing to give out a second loan if a borrower already has one. Unless a consumer repays the previous debt fully, they won’t receive approval for the next one. It doesn’t mean creditors don’t want to help you out. However, it simply means you are the one responsible for your debt, whether it’s a 500 dollar loan or a bigger sum. So, they don’t want to risk losing their funds in case of default.

Q: Where can I get another payday loan if I already have one?

A: If you have some sort of debt it’s most preferable that you first pay it off. Of course, there may be various situations in life when you can’t guarantee that a smaller amount will be enough to cover all the expenditures. The monetary shortfall may come all of a sudden when you least expect it. So, it is necessary to shop around and search for the creditor who will agree to issue you a second loan. It may not be a quick solution but it pays to try by asking your first creditor or finance-related service provider. Sometimes they may be eager to deal with the same consumer they already know and provide monetary aid again.

Q: What factors influence the creditor’s decision?

A: There are a lot of factors that will determine whether the creditor would like to issue another lending option to you. The very first factor here is the consumer’s income. If it’s not steady or legal, chances are the request will be disapproved. Other factors will also include your credit history and credit rating. It will be reviewed thoroughly to get the idea of how responsible you are and whether you’ve had similar issues in the past. The key here is to be honest and explain why you may need another loan. There are plenty of payday loan services in California as well as in other cities across the country, so you will most likely find a suitable creditor. But first, try your best to negotiate it with your current service provider.

Q: What should borrowers keep in mind when applying for a second loan?

A: The whole application process is similar. Yet, it is essential to go through the terms and conditions of the loan you obtain even if you apply to the current creditor. The thing is they may offer different terms and rates depending on the lending type. Moreover, if you turn to another finance-related provider, you need to ask for their conditions and interest rates before signing any papers. Otherwise, it may lead to various issues or missed payments if you don’t understand the rules.

Q: What are your expert tips and advice in this cash?

A: I would recommend you to try and get in touch with the current creditor if you face a temporary emergency and can’t repay the previous debt. Taking out another debt is even more challenging and it will require you to be accountable for your personal funds so that now TWO types of debt are repaid on time without delay. Otherwise, you may risk hurting your credit rating which may lead to even worse consequences in the future. Remember that this might not be the last time you need to borrow cash, so feel responsible and make a financially sound decision. 

Q: Is the interest rate for the second loan higher?

A: Not necessarily higher, everything depends on the conditions and terms of each particular lender. Thus, I advise you to discuss the interest rates and the terms. If you provide enough explanation and reasons why you need a second loan, some creditors may make concessions and offer a rollover that will decrease the first loan amount to repay.

Q: Will my employer know about it?

A: Most lenders have a privacy policy that prevents using sensitive personal and banking data of their clients from being disclosed to third parties. So, your employer can’t know about your lending decisions or services you use.

Q: Will taking out another loan affect my credit score?

A: Yes, it may seriously damage your credit rating. If your credit history wasn’t smooth enough and you had missed or late payments in the past, you may not be eligible for another loan until you repay the existing one. Also, many creditors perform a hard inquiry that may damage your score seriously.

Q: Does it make sense taking out another loan?

A: Some people consider there is nothing wrong with acquiring several loans. However, this is far from the truth. You are not granted this money – you are given it for a certain period of time. So, the more you owe, the more you will eventually have to return. If you feel the need to ask for another loan while you haven’t repaid the existing one, it means your personal finances are in a bad shape. Consider other alternative options for receiving cash or take a side gig. Every potential borrower should realize the importance of budgeting and managing your finances. Be careful not to fall a victim to an endless debt cycle if you decide to acquire more than one loan.

The Top Payday Loan Service in California

payday loan company california

We are all humans and might experience a monetary shortfall from time to time. Your financial state can be changeable even with a steady source of income. Thus, many clients are looking for quick financial lending solutions in California. There exists a diverse network of lending institutions. So how do you choose the best one?

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What You Need to Consider Before Taking Out Payday Loans

New York payday loans same day

Nowadays, the financial crisis has become a real and almost inevitable thing. Consumers in many countries live paycheck to paycheck and try to make ends meet while they have nowhere to turn to for help. You have probably tapped your family and friends already but urgent expenses are piling up. What is the most suitable solution? More and more people opt for same day loans online as one of the top ways to obtain the necessary cash and finance various unforeseen costs or bills. This money is usually given until the next payday. Here is what you should consider before you select this option.

Reasons to Request Payday Loans in Florida

Payday loans are called so because they offer the urgent additional cash to the borrowers in need. This money is provided for a period of two or three weeks, or until the next payday. No matter what type of monetary emergency you are currently experiencing, you may request a small online loan to fund these expenses. Other costs connected with temporary expenses may include medical bills, urgent big purchases, car/house repair, etc. The reasons may be different but the solution is one – many borrowers from each state apply for payday lending companies.

Advantages of Taking Out Small Online Loans

california online payday loans

There are several benefits to such a lending option. Firstly, it is one of the easiest ways to obtain the necessary funds. The consumers just need to submit a quick application form with their main personal and banking details and the total sum they are aiming to obtain. Secondly, the money can be transferred as soon as the next business day for many lending services which is rather convenient for solving urgent financial issues.

Finally, this is the fastest option to get extra cash for borrowers with bad credit history who have been rejected by traditional lending institutions but still want to get the funds for various purposes. Those who have an active bank account and a stable income source may turn to such alternative lenders and have more chances of getting approved by them rather than banks or credit unions. The only thing is to realize the possible consequences of not paying payday loans so that your credit score doesn’t get damaged further.

Know the Regulations and Laws of Payday Loans in Texas and Ohio

Before you opt for this lending solution it pays to take some time and do your own research to find out if payday lending is available in your state. Certain US states ban payday loans at all while some of them place restrictions and limitations for payday creditors. If you get to know the situation in your state you will have more options and know your own rights.

ohio payday loans online

For instance, in Ohio, this type of lending services can be given only at 28% APR and the duration of this small online loan cannot exceed 31 days. Also, there are limitations to the number of loans a borrower may request. This is done to eliminate the risks of non-payment and help potential consumers avoid multiple debts. In other states, there are certain restrictions to prevent the high cost of borrowing and high APR. Colorado law allows up to 36% APR, while the states of Maryland, Connecticut, Pennsylvania, Massachusetts, West Virginia, and Vermont have never authorized payday lending services.

The Main Requirements for Payday Lending

beverly hills payday loans

If you live in one of the states that allow this lending solution or has certain regulations but still doesn’t prohibit it, you should pay attention to the basic demands of applying for such 24/7 payday loans. A borrower needs to be at least 18 years old and be a legal citizen or resident of this state. He or she should provide proof of their regular income for a period of up to 6 months. Also, they need to have an active banking account where the funds can be transferred. As you can see, there are not many requirements for this lending option.

Extra Tips for Taking Out a Loan

Payday lending is extremely widespread these days as this solution allows people to finance their urgent and unpredictable expenses using alternative sources and online finance-related service providers.

Financial experts recommend reading the terms and conditions of the loan agreement and reading the fine print so that you understand what additional fees may be included. This can help you avoid unforeseen charges and know exactly how much you will need to repay at the end of the repayment term.

Why Payday Lenders Need to Know Your Social Security Number

Social Security Number

There is almost no person who hasn’t taken out a loan for various purposes these days. We all live in a world that is unpredictable and unstable. Monetary problems happen all of a sudden, and not every citizen is prepared for them. What can you do in this situation? 

Many people turn to same day cash loans to fund their unexpected costs or cover urgent bills and other expenses. However, it is essential to know what information you need to provide in order to obtain that additional cash. Creditors often ask for sensitive data including your Social Security Number and here is why.

What Is an SSN?

The Social Security Number of every US citizen and resident is given by the US government to keep track and monitor the citizen’s earnings and employment details. This nine-digit figure is typically used by various insurance companies and finance-related service providers. Moreover, this number determines the user’s retirement benefits or income connected with disability.

Different creditors require sensitive data including the birth date, the full name, and the Social Security Number of the potential borrower before they decide to issue a short-term loan. Also, the information about the borrower’s employment and their source of income is necessary to perform at least a soft credit check. Knowing such data won’t affect your credit history but can give the lender important information concerning defaults or frauds.

Why Do Lenders Need My SSN?

Despite the fact that some US states prohibit payday loans or place restrictions on the number of interest rates the companies can charge, payday lending is still one of the most popular alternative ways of getting the necessary funds to cover the urgent expenses. If you’ve ever submitted a loan request you may have noticed that the majority of lending services ask for your SSN together with other private data and credit history information.

The main reason for that is that they need to define the borrower’s creditworthiness. Once the SSN is submitted, the creditor will run a check through a separate service and verify the credit score of the person. They will also learn the information about the previous loans or the current loans that haven’t been repaid yet. Without this data, creditors won’t be able to issue monetary help.

Is It Safe to Tell My SSN?

Some consumers have certain doubts about whether it is safe to disclose your sensitive data and SSN to the lending services. Yes, it is safe and secure provided that you avoid scams and turn only to reputable and trusted creditors who have been around for many years. Search for the company feedback and make sure they use encrypted and secure connections.

Is there a way you can notice a scam? Yes, if the lender asks you to provide your login details through email or by phone, you see warning signs on your browser, or if you are required to pay a fee before submitting a loan request, you should stay away from such services. Remember that you should make everything possible to protect your personal details and sensitive information from fraudulent activity and scams.

What If I Don’t Want to Tell My SSN?

Some consumers are so concerned about their privacy that they aren’t willing to tell their sensitive details to anyone out there. In this case, they won’t be able to apply for traditional or payday lending options as the creditors won’t be able to perform a credit check or give out unsecured loans. You can:

  • Offer collateral. Another way to obtain the necessary funds is to provide your auto or home equity as collateral to back up the loan. Every lender demands something to prove your creditworthiness so that they know they will eventually get their money back. If you don’t have collateral than just seek trustworthy lenders whom you can trust your SSN.
  • Side gigs. There are so many options for people who have temporary financial issues these days. You may sell used things, become a part-time driver, do online paid surveys, babysit, etc.
  • Local Organizations. Charities, nonprofit organizations and governmental companies also may serve as a solution to receive monetary help for vulnerable groups of society. Pay attention that not every person can qualify and it usually takes several weeks to process the paperwork.

All in all, the creditors and lending services often require Social Security Number from potential borrowers together with other sensitive details. Make sure you turn to a trusted lender and you won’t have problems. Otherwise, you may opt for alternative ways of getting extra cash but they won’t work as fast.

Legal Status of Payday Lending in the USA

States Ban Payday Loans

Do you know how it feels when you desperately need some cash to solve the urgent monetary issues? Your brain rejects to work and you simply can’t figure out where to turn to. Almost every person has experienced this scrutiny and knows how devastating and embarrassing it may be to ask for financial help.

Yet, there exist several options for consumers who don’t have enough cash in their pocket or savings in their bank account. We all heard about payday lending and many American citizens have turned to alternative online creditors for quick help. However, authorities have banned this type of lending in many states. Read on to find out if this financial solution is legal in your area.

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Payday Loan vs. Installment Loan

payday loan installment loan

Many people experience temporary monetary problems these days. If you are also searching for the best lending solution to cover the unexpected costs, make sure you understand the peculiarities between a payday and installment loan as they certainly have differences. Weigh the pros and cons of each lending option to select the one that works best in your current financial situation and take the most suitable loan.

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Charity and Loans: Use It Properly

charity and loans

There are many reasons why charities borrow money. They may need a loan for a third party with the charging of interest. Money lending is not a charity object; they do it for future investments. Workers need to think outside the box to make the deal possible and beneficial for both sides.

Actually, it’s the matter of social finances – to arrange the innovative funding. The classical scheme about same day payday loans doesn’t work here – even if the charity needs money urgently, it should prove the purpose of fulfilling other requirements.

What Is Charity?

According to Charitable Organization Law, these institutions are completely non-profit. The only people, who control the assets, are the trustees. They are in charge of bringing charity’s mission into life and ensure that financial deals run well. Similar facilities usually are not taxed by the Internal Revenue Service. Yet, some irrelevant business activity can be taxed, when it’s detected.

For being a non-profit foundation, every charity has to pass three tests:

  • Organizational – you must choose a category between educational, scientific, religious, etc.;
  • Political – no politicians should be involved in the process;
  • Asset – the charity founder doesn’t make it for some personal gain or a particular employee’s benefit. That’s one of the main angles to consider before bringing your next project to life.

So, charity can’t provide corporate income. It analyzes options for borrowing money and plans the terms of repayment. Any bank wants a decent profile of a company with a dependable source to get cash for repayment from.

Trustees and Conflict of Interests

Charities may need to buy some lands or buildings. It’s a good practice to have at least three trustees: a chairman, secretary, and treasurer. They are not paid for performed duties, except for some circumstances. No special qualifications are required to become a charity’s next trustee. But it’s not enough to attend a few meetings – preparing for this social role means being ready for overtime work. Moreover, the property should be revised before the organization can use it.

Any trustee handles all the government documents and is accountable for every mistake. Even so, the problems those people meet are pretty specific. First, it’s about indemnities or personal interest in making decisions. The important thing here is finding an alternative way to prevent a conflict. In this case, the borrowing money process will be harmless for the institution.

Types of Loans

Charities have many needs and fees to cover. If they’ve already asked for money, probably potential investors refused. It happens for some kind of infrastructure project or an upgraded IT system. Nowadays there are such types of loans:

  • Overdraft facilities – many commercial banks provide it. “Overdraft” is an account with almost a “zero” balance. But, the charity may still withdraw cash and be charged at a stable interest rate. The previous agreement is obvious here;
  • Revolving credit facilities – this method helps to manage credit flows;
  • Term loans – organizations use it to buy real estate or new equipment. The interest rate may be floating, and the repayment schedule is specified for a customer. Term loans may be set for a short period or last up to 25 years. The loan limits the financial adherence the charity can take on, like dividends or debts.

Repayment on a fixed date or social return – you can choose anyway. It depends on the initial purpose of the loan.

Mortgage Policy

Borrowing by charities is not always secured, as trustees tend to believe. They need to act properly and lawfully all the time; taking a loan is not a game for bluffing. Show interest in the company’s position and be aware of possible liabilities. Among the popular ones are financial loss due to improper actions or a third party with a legal claim. Such problems or financial mistakes can lead to bankruptcy.

The trustees need to be sure about the accountability of all the members. The Commission takes regulatory action against institutions that fail to provide accounts’ copies.

What about the internal resources? Here comes “the rule of prudence”, which states trustees must:

  • Avoid using the assets;
  • Avoid over-committing;
  • Take care, when borrowing;
  • Make sure you use assets only for right needs;
  • Do not violate restrictions about spending funds.

Is It Time to Help your Elderly Parents with their Finances?

Help your Elderly Parents with Finances

The time may come when your elderly parents will no longer be able to manage their personal finances but it may be challenging for them to ask for help, even from the closest relatives. Only having a sensitive approach to this topic, you may be able to make the transition process smoother and help your parents understand that you want to help them stay comfortable and avoid financial problems. According to the recent survey of the Center for Retirement Research at Boston College, aging people who start having cognitive decline often don’t even realize that they are unable to manage their personal finances anymore. So, let’s get some insight into this topic and help you decide when it’s the right time to help your elderly parents with their finances.

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Factors Lenders Might Be Rejecting Your Loan Application For

Loan Application

There are multiple lending options for people who need a helping hand to finance a big purchase, pay urgent bills or cover any other unexpected expenses. Small personal loans are very popular these days and are one of the best solutions for getting quick financial help. This type of lending generally has fewer requirements and comes in a more flexible form. However, there are certain reasons your personal loan might be rejected by potential lenders. Here is what you should keep in mind before you submit your applications.

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What Happens If You Don’t Pay a Payday Loan?

consequences of not paying a payday loan

Have you ever been in a situation when you need some extra cash to solve your problems? If you are a person that lives in a modern world the answer is likely to be yes. The Pew Trust Research shows that 12 million Americans get payday loans every year. The reasons why people take loans can be as trivial as paying rent or covering electricity bills. Once you got the needed amount of money, the crisis seems to end. But is it really over?

The real nightmare of any borrower is not to be ready to repay the debt when the payday comes. Is it really that scary? What happens to people who fail to pay? And more importantly, what should a borrower do? Here is some information that may help you to overcome this unpleasant situation and get back on track.

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