Payday loans are the easiest way to settle the most urgent payments. Such non-bank loans do not require great formalities, we do not have to prove our creditworthiness and wait a long time for the payment of money. What if we estimate the loan amount and it turns out to be insufficient for us? Can you take two payday loans? Signing one contract does not preclude the conclusion of another. Although two loans from the same company are an option available only in a few parabanks. Let’s check in which.
Request a www loan consolidation here
In a situation where we have several payday loans in different parabanks, it is worth getting interested in the solution, which is a consolidation loan. Thanks to it, it is possible to settle outstanding liabilities and new ones can be obtained with more favorable repayment terms. In practice, this means, among other things, lower installments and extension of the payment deadline, as well as no reminders and additional interest that would increase our debt.
ConsolidationNow provides the opportunity to consolidate loan. No regulations specify how many contracts one person can take on their shoulders. Therefore, there is often a problem with their repayment, and we must know that we will not get a consolidation loan in the bank to pay back payday loans.
The sum of our debt can also be the result of a contract with one company. Contrary to popular belief, there are parabanks that allow several active loans in one company, provided that certain rules are met. Importantly, they do not need to repay their loans immediately.
Bank loan or payday loan?
Considering how tedious and lengthy the process of building a positive creditworthiness assessment is, many of us may consider a bank loan as a luxury product. Even if we have a chance to get access to it, many of us consciously give it up and decide to pay for it. Loan companies do not require a flawless credit history from their clients. On the other hand, formalities connected with providing financial support are limited to the necessary minimum. At the same time, they offer their clients bargain prices, discounts on repayment costs or special offers, e.g. Christmas promotion payday pay or payday payday weekend. These are the main reasons for the growing popularity of such a solution, the more that the transparent conditions of cooperation translate into a significant improvement in the image of parabanks and an increase in customer confidence in the products they offer.
The legislator also contributed to the improvement of the situation, due to changes in the law honest loan companies or loan comparison websites are far from acting to the detriment of the client. The Anti-usury Act clearly specifies which actions are unlawful, and financial penalties are imposed for breaking these rules.
Fast and convenient online loan
The speed and convenience in obtaining a loan is not without significance. When we decide on a loan company that offers the most favorable terms of cooperation for us, all you have to do is choose the amount and time of repayment, provide and confirm your identity and wait for the other party’s decision. Even if we are on the BIK lists or have other financial obligations, we have a chance to consider our application positively. The only thing we have to take into account is the fact that the company may not agree to pay us the entire sum we requested. Many of them set their upper loan limit at around $ 3,000, so it is possible that after a quick analysis of our financial situation, only a part of this amount, e.g. $ 2,500, will be paid to us. Is it possible to somehow raise the maximum amount? Yes, another payday loan – in another parabank or in the same one in which we have already applied (and received) a loan.
Two payday loans in one company and the debt loop
It is obvious that it is better to take out a loan for a higher amount and repayment one by one into convenient installments, rather than selecting additional amounts during the term of the contract with the parabank, for example to settle previous liabilities with them. It is very difficult to free yourself from the sequence of such payments and many clients fall into a spiral of debt. Borrowers forget that “choosing” money does not mean extending their repayment time. In the end, we just have to give the company more money than we initially requested. We also remember to keep the deadline for their return specified in the first contract. Usually it is 30 days, although some parabanks during holiday or holiday periods give the opportunity to take loans for 45-60 days.
If we can afford to pay back a larger commitment than we originally assumed, several active loans in one company is a good solution. Uncomplicated formalities are simplified even more, because the lender knows our credit history and we – the terms of the contract.
Several active loans in one company – is it possible?
Although there are companies on the market that grant their clients several loans at the same time, for example two payday loans, each of them has its own policy of dealing with such a situation. Some of them select the terms of the next payday loan individually for the client, others require half-time repayment of the previous loan, others – impose the number of repayments of previously incurred obligations. All these aspects are unrelated to the maximum amounts of loans they grant to their clients. The case of several active loans is governed by its own laws. Let’s check how it looks in the case of several popular loan companies.
If we wanted to have two payday loans active in companies that belong to the Aasa Polska company, it is worth remembering that there may be a problem with this. They do not agree that the customer will take out another loan if he has not already been able to repay at least half of the current debt. Less demanding companies are those who expect borrowers to have only part of their debt paid, for example, a minimum of six installments. However, let us consider that these can only be two payday loans active in the client’s profile.
Subsequent payday payday loans can get us in trouble
Increased by another active loan, the debt may severely undermine our budget, so before we decide on such a step, let’s think if the amount borrowed earlier is certainly not enough for us. We should also remember that such a solution will be available to us only if we have already completed the first repayment of loan installments. In a situation where we have not even started to settle one obligation, we have the next chance only through another company.
Submitting an application for further payday loans with any lender with an outstanding commitment may lead to serious financial problems. It can not be hidden that after paying the first free loan it may seem to us that repayment of the second one will be just as easy. However, we forget to cover not only the value of the liability, but also other costs, such as commission, interest or other additional fees. In this situation, it is easy to make a mistake that can cause both budget losses and problems with obtaining consent when applying for financial support in the future. Subsequent payday loans have different repayment rules than promotional ones for new customers.
Another payday payment before paying the previous one
One of the most frequently asked questions by clients is the possibility of extending the loan repayment date and the chance to take another one before the first one is settled. Where to take payday loans with this solution? Most loan companies agree to only one active loan. This means that you must apply for the missing amount from your competitors. There are also no payday loans for companies.
For example, Girabum allows you to have several payday loans at the same time, but only with other lenders. The company is not interested in how many loans we are currently paying back. It is in the interest of the client to manage his finances in such a way that he does not lack the money to pay the debt. What is the time to review the application in Girabum? We will receive a reply almost immediately after completing registration. We have to wait a few minutes for a phone call from the lender to confirm or reject the application.