Find out how many loans you can have at once. Apply online for two or more Loans from reliable direct lenders.

Two payday loans at once

Yes, you can have two loans at once?

You can have more than one Payday loan with some lenders or you can have multiple cash advances across different lenders.

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 the total amount of money — they'll give you.

They don't typically decline applicants solely because of an existing loan, but they may reject your application if you have too much existing debt, or too low credit score, or no bank account and some other reasons.

The best personal loan helps you reach your financial goal without hurting your credit or creating unmanageable debt at high interest rates.

Keeping that in mind, consider other ways to get the money you need before turning to another loan.

A second loan can help when you’ve underestimated costs for an event, big purchase or other expense. But beware: It can be more expensive and riskier than that first loan.

You can get another Payday loan if you have already had one...

Some lenders allow you to take out a second loan once you’ve paid off part of your initial balance and established a history of on-time repayments. But it’s not always a good idea. You might not qualify for as good a deal and could end up getting caught in a cycle of debt.

Two Loans at once can be dangerous

You might want to rethink that loan for another reason: Overborrowing. Borrowing more than you need will increase your monthly payments and the overall cost of your loan, making it more difficult for you to pay off your debts. It can also spark a cycle of debt if you become dependent on loans as a source of capital.

Avoid overborrowing by calculating exactly how much you need before applying for a personal loan and only applying for that amount.

You should compare direct lenders that can offer two loans at once...

Each lender has its own requirements for taking out a second loan before you’ve paid off the first. Here are the second loan policies of six top online lenders:

Direct Lender

Can you take out more than one loan?

How getting another loan works

Eligibility requirements

Prosper

Yes

You’ll have to wait at least six months before applying for another loan. Any outstanding loan is included in Prosper’s $40,000 total loan limit. Payments can’t be combined.

  • Active loan must be current and in good standing
  • Credit must still be 640 or higher
  • No late payments within the last 60 days
  • No payments over 15 days late on an active loan in the last year
  • No more than two returned loan payments on record in the last three years

Upstart

Yes

At the time of application, you may have only one outstanding loan with Upstart.

  • On-time payments for six consecutive months
  • No more than $50,000 of outstanding principal on first loan
  • 60-day cooling-off period before applying for the second loan if any of the six most recent monthly payments were not on time or you paid off the loan before reaching six monthly payments

 You may get two loans at once from the same lender...

Some lenders have a maximum number of loans you can have, the maximum amount you can borrow or both.

This table shows the number of personal loans some popular lenders will provide to a single borrower:

Lender

Maximum number of loans

Maximum loan amount

SoFi

2

$100,000

Rocket Loans

1

$45,000

Upstart

2

$50,000

LightStream

No limit

$100,000

Discover

No limit

$35,000

Some lenders require that a borrower make a certain number of payments before applying for another loan.

LendingClub, for example, requires borrowers make payments for three to 12 months before getting a second loan.

SoFi requires three consecutive payments toward an existing loan before applying again.

Upstart requires borrowers make six on-time payments before applying. Upstart borrowers have to wait 60 days before reapplying if they pay off the loan in under six months or if they recently paid off a loan and any of the last six payments were not on time.

Having a Payday loan from another lender isn't an automatic disqualification, lenders say. If you’ve almost paid off one loan and don't have a lot of other existing debts, you may be approved for another loan.

How to qualify for a second Payday Loan?

There are no federal regulations prohibiting someone from having multiple personal loans, says Carolyn Carter, deputy director of the National Consumer Law Center. Some states regulate the number of payday loans a person can have at once, she says.

If your debt is high compared with your income, an obstacle to getting another personal loan may be qualifying for it.”

When reviewing a loan application, most lenders consider your debt-to-income ratio, or DTI, which accounts for all of your debt as a portion of your income.

Each time you take out a loan, you raise your DTI. Lenders usually look for that number to be about 40% or lower.

The lender could reject your application, or approve it but at a high annual percentage rate, because of your existing debt.

It’s also worth checking your credit score before applying for another loan. Loan applications often lead to a hard credit check. And if you are looking for Payday loans with no credit check, that may be not your option.

If you apply for several loans in quick succession, the effect on your credit can multiply, and you could see a big dent in your score. (The hard inquiry happens whether your application is approved or not.)

Payday Loan alternatives to avoid two loans at once

If you want to avoid taking another Payday loan, here are some alternatives:

  • Personal loans can be a long-term financial commitment and work best for large, planned expenses.
  • For example, a debt consolidation loan and a loan for home renovation can both be financially beneficial, but taking them out around the same time can put you further in debt.
  • Savings: If the expense can be delayed — especially if it’s a discretionary expense — consider saving up for it first. In the meantime, try looking for other ways to make money to pay down your original loan.
  • 0% interest credit card: If you have a good credit score (typically 690 or higher), you may qualify for a 0% APR credit card that could allow you to finance a large expense interest-free for an introductory period of a year or longer.
  • Be sure to find out the APR after the introductory period ends, in case you end up making payments past that period.
  • Payment plan: Many doctors, dentists and veterinarians allow patients to work out a payment plan. Some medical providers also make medical credit cards available to help patients with costly procedures.
  • Secured or co-signed loan: If you've determined a personal loan is the best option, you may have a better chance of qualifying if you can put up collateral for a secured loan or have a friend or family member co-sign a loan for you. (This is a major ask; a co-signer is on the hook for the loan, and co-signing can reduce the amount the co-signer can independently borrow.)

Before you move forward with a personal loan, be sure to calculate your monthly payments and consider how they’ll fit into your budget.

Thus, you may  have two loans at a time, but that depends on your lender — or lenders — and your income. Most payday loan providers won’t lend to you if your debt-to-income ratio (DTI) is 43% or higher. This means that your monthly loan payments, bills and other costs can’t be worth more than 43% of your income before taxes.

 Before applying for a 2nd Payday Loan consider the following:

  1. You probably won’t get the best deal. If you’ve recently taken out a loan, your credit score will have taken a hit after getting a hard credit check, which can make you appear like more of a risk.
  2. You’ll have a higher DTI. Like low credit scores, borrowers with higher DTIs are considered risky and may have trouble being approved for another type of loan or credit card with a competitive interest rate.
  3. You might have trouble borrowing in the future. Taking on debt can be good for your credit if done in moderation. But it doesn’t look good when you apply for a loan and have too many inquiries on your credit report.
  4. It might not be the financial help you need. Regularly taking out personal loans to cover everyday expenses could be an indicator that you’re stuck in a debt cycle. In this situation, you might benefit from other financial services like debt relief.
  5. How much you owe each month will increase. Multiple loans mean multiple monthly repayments. While lenders generally won’t approve you for a loan that you can’t afford, if your financial situation changes, it could be more difficult to make these repayments than if you took out a larger loan with a longer-term.

Useful advice on how to get two Payday Loans at once approved

You’ve decided it makes financial sense to get a second loan. Here are four things you can do to increase your chances of approval:

  1. Check your credit report first. There’s a chance that your credit report contains mistakes that could hurt your credit score. If you notice anything off, contact the financial institution involved and the credit bureau to have it fixed before you apply for a personal loan.
  2. Make your repayments on time. Your payment history accounts for 35% of your credit score. Making all of your payments can increase your credit rating while missing some payments can cause it to dive.
  3. Pay off as much debt as you can. The less debt you have, the more attractive you are to lenders. Try waiting as long as you can before taking out a second loan to lower your DTI and up your chances of approval and competitive rates.
  4. Know how much you can afford. You aren’t likely to be approved for a loan with monthly repayments that you might not be able to afford. Having an idea of how much you can pay and how much your loan will cost can help you find the right loan for your personal financial situation.