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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.

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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.

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