How Many Payday Loans can I Have?

Advice for a Payday Loan
Advice for a Payday Loan

There are often situations when we need a certain amount of money before payday. In this case, short-term loans for small amounts come to our aid: 100-500 dollars, which depend on the borrower’s income. They are usually repaid immediately after receiving a paycheck and serve to support a person until the subsequent receipt of money at the principal place of work. Drivers often use this service.

They take out a short-term loan if there is an urgent need to:

  • replace the tires;
  • pay a fine;
  • purchase a broken part;
  • pay a rental car fee;
  • buy insurance, etc.

Small payday loans are calculated based on the borrower’s income, so it is necessary to provide the online lender with proof of income when filling out the form and submitting the application. The borrower often has a question: How many payday loans can i have? The answer is simple and unambiguous. It is allowed to take only one loan for a short period from one financial organization. But after its timely repayment, you can take the next one.

How to get payday loans?

The process of obtaining such a loan is straightforward. The borrower needs to register on the website of the financial organization, submit an electronic application indicating accurate, truthful information about himself, provide the appropriate documents, and then wait for approval from the credit office. You are usually notified by e-mail or SMS, which comes to the specified phone number. After approval, you can get the funds on the same day. You do not need to go somewhere for this. The loan comes to the applicant’s personal details, which is very convenient.

Most payday loans provide for repayment of one amount within 1-1.5 weeks or after receiving the next paycheck/advance. The interest on such loans is usually very high: about 15-20 dollars per 100 dollars of loan. It is not suitable for everyone, but if the sum is needed urgently, many people are ready to overpay.

What are payday loans for drivers?

Even with a good income, drivers may need a certain amount of money just a few days before payday. For example, there was an unexpected breakdown, and it is necessary to buy a new part. Or he was in a traffic accident and needed a sum to pay the fine so as not to lose his driver’s license. In this case, payday loans can be a real salvation. Drivers use such an opportunity when they get into force majeure circumstances.

Loans for drivers are paid weekly from Monday to Sunday. It usually takes 1-2 days to process applications, after which the money arrives in the borrower’s bank account. There are many different options for payday loans that are advertised specifically for drivers and slightly different in terms and conditions so that everyone can choose the right option for himself.

Pros and cons of fast payday loans

Today, payday loans have pros and cons, which are essential to consider for anyone ready to apply for an online loan. Quick access to the required amount when you need it can be called the main advantage. You should also note:

  • convenience and speed of filling out the form;
  • simplified approval procedure;
  • receipt of funds within a day;
  • the ability to do all this online at any time of the day.

Some disadvantages include a high-interest rate, which noticeably reduces your profit by about 400% per annum, and a relatively short repayment period. It can be psychologically challenging for those who have limited cash. Still, short-term payday loans are suitable for those who plan to take a one-time approach to an online lender. You should not abuse such loans to avoid falling into the trap of short-term loans. You must approach your finances consciously, make savings where possible, and plan your spending wisely by setting aside specific amounts for unexpected expenses.

But if you still need a quick lump sum, applying to an online lending organization can be a good option. After all, there is no long waiting period, and most applications are subject to approval, and payment to the card comes very quickly.

Wali Khan
Khan is a news editor and technical content writer at BestKodiTips. Before this, he worked as a blog editor at various online platforms where he wrote mostly on streaming platforms such as Kodi, Netflix, Amazon FireTV Stick, etc. Apart from writing content, he is a national-level table tennis player and Swimmer. He also loves to play with data and get useful insights for stakeholders.

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