woman asking payday loan questions

Can You Have More Than One Payday Loan?

Sometimes you end up facing a lot of unexpected bills at once and you don’t have an easy solution to this. When that happens, then you might look to Fast Payday Loans, Inc. of Florida for emergency money. You might need to get some cash quickly to cover yourself from one payday to the next, which we can help with.

Our payday loans offer up to $1000, depending on your situation and what you need, which is a good amount to cover you for emergency bills and difficult conditions like vehicle repairs and other problems.

However, what happens if you’ve already got a payday loan and want to take out another? Can you have more than one payday loan? Keep reading to discover if you can take out more than one payday loan.

Is It Possible To Have More Than One Payday Loan?

What happens if you try to take out more than one payday loan? Unfortunately, you can’t take out more than one payday loan. You might be wondering if the lenders will know and if you can get around this by using multiple companies, but you can’t.

A central database lists payday loans, which will be checked by the company you apply for a loan through. You will be denied the loan if the lender can see that you already have taken out a loan because Florida law says you cannot have more than one payday loan at a time.

This protects you from problems where you are trying to pay back too much money to be realistic. Payday loans are meant to involve fast payback and usually get repaid at your next paycheck. Florida law attempts to stop you from ending up unable to pay the money back and having multiple loans to deal with. This protects both the borrower and the lender from sinking into debt.

man questioning multiple payday loans

How Long Do I Have To Wait To Borrow Another Payday Loan?

Some sources will tell you that you can borrow payday loans from multiple companies simultaneously, but this is against Florida financial regulations and should not happen.

In most cases, there is also a cooling-off period of 24 hours in between loans. That means you can’t take out a new loan until you have paid off or terminated your current loan and waited for 24 hours. This is to prevent loans from overlapping and to prevent you from taking out a new loan to pay off the old one.

Again, the regulators don’t want you to do this because they want to prevent people from getting trapped in financial loops where they can’t ever pay off a payday loan and keep having to borrow more and more money to try to keep up. The 24-hour period may seem frustrating, but it is designed to protect borrowers.

When Do I Pay A Payday Loan Back?

You will usually pay this kind of loan back when you get your next paycheck, as this kind of loan is intended for short-term borrowing and was traditionally paid back when your salary came in. However, you can ask for more flexible terms when taking out your loan.

We do our best to work with our customers and offer flexible payback options to make our loans helpful. If you need more flexibility, you can ask the loan agent helping you what your options are and whether you can have a longer payback term. You are not guaranteed to get this just because you ask for it, but it may be possible.

Can I Get A Payday Loan If I’ve Had One Before?

If your loan has been fully paid off and finished, you can take out another after 24 hours. Having had a loan in the past will not affect your ability to get one in the future.

You can take out as many payday loans as you want, provided they do not overlap, and you have left 24 hours between them. Whether you go to different lenders for the loans is fine since companies use a centralized database.

woman with payday loan money

Get Your Payday Loan Now!

Fast Payday Loans, Inc. of Florida is a viable option if you need a payday loan to cover a problematic financial gap while waiting for your paycheck. Taking out a payday loan is impossible when you already have one in Florida. You will need to make sure you don’t have an outstanding loan.

You can’t have more than one payday loan at a time, so be aware before applying for one. If the central database says you already have one, you will likely be refused. If you’re able to take out a payday loan, fill out our online inquiry form to start the payday loan process today!


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.