According to the rule, two payday loans cannot be applied for. For more than one loan, you should consider other kinds of credit. Now, there might be instances where people have managed to get two loans from two different providers at the same time.
In most cases, the answer is no. But instead of increasing your loan balance, you may be able to apply for a second loan. While eligibility can vary by lender, in some cases in order to qualify for an additional personal loan, you need to at least have made three consecutive scheduled payments on your existing loan.Jan 14, 2020
Sharing Information. Some states require that lenders not provide more than a certain number of payday loans to a borrower at any given time. To maintain compliance with this rule, payday lenders may share information about who they have given loans to.
In many cases, you can have more than one loan at a time, but consider whether you can manage the extra debt. You're generally more likely to be blocked from getting multiple loans by the lender than the law. Lenders may limit the number of loans — or total amount of money — they'll give you.