payday loan online have debt

Can I Get A Payday Loan Online If I Already Have Debt?

As helpful as getting a payday loan online can be, there are things you have to consider before you apply for one. One important thing to consider is if you already have debt. You have to know whether or not you can qualify for a payday loan if you already have one out. Once you know this, you can figure out whether it is worth applying for this kind of loan with us or not. You can get a payday loan if you have existing debt. You just need to know when it's okay or not okay. Here are some answers.

Payday Loans And Existing Debt: When You Can Or Can't Still Borrow

Can You Apply For A Payday Loan If You Already Have A Payday Loan?

To answer your question quickly, no, you can’t qualify for a payday loan online with us at Fast Payday Loans, Inc. if you currently have a payday loan. In fact, in the state of Florida, we are prohibited from issuing you a payday loan if your previous payday loan has been terminated in less than 24 hours. Knowing this can really change your plans. Here is more information on debt and getting this loan.

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Can You Get A Payday Loan If You Have Other Loans?

While you can’t get another payday loan online until you’ve paid off the first payday loan and have waited 24 hours, that doesn’t apply to other loans. Let’s say you are currently paying student loans but need a payday loan to help with emergency expenses. Having a student loan out won’t disqualify you when you come to see us about your payday loan.

Keep in mind that payday loans weren’t designed to help you handle your other loans, but that also doesn’t mean your other loans will keep you from getting a payday loan. The only way a loan can stop you is if it is a payday loan. Just make sure that you are able to pay back the cash payday loan on time – which is usually due at your next paycheck in two weeks.

Should You Get A Payday Loan If You Already Have Debt?

Now that you know when you can’t and can qualify for a payday loan online, you’ll have some other things to think about. Even if you’ve taken care of your old payday loan and are eligible to apply for a new one, is it actually a good idea to do so? Well, it really depends on what your situation is. What do you intend on using this loan for? As was briefly mentioned, this loan is for emergencies.

If you are dealing with things like emergency travel, late utility bills, or an emergency home repair, this is what this loan can help you with. Just think about it like this: if you wait to pay off your emergency, will it just get worse? If the answer is yes, then this loan can help you pay for it. However, if the answer was no, and the emergency won’t worsen if you wait, you shouldn’t get this loan.

Your debt is another thing you have to keep in consideration. Again, this kind of loan won’t help you permanently get rid of your debt because that isn’t what it was designed to do. However, you have to consider whether getting this loan will put you in worse debt. If that is the case, you might want to wait until you’ve gotten rid of some more of your debt before getting this loan.

How To Get A Payday Loan Online

If you've determined that a payday loan would serve you well, you can begin our process of getting one. Our process is quick and simple for you to get through. And the best part is we have two ways of getting through our process! You can either fill out the online form and come to the nearest Florida payday loans location or get through the entire process over the phone.

If you decide to enter the store, you’ll need to bring in your driver’s license or state-issued photo ID, your most recent pay stub, and a checking account in your name. You can also have the entire process carried out over the phone. Either way, the process is fast and can last just 30 minutes. Our loan representative will verify all of your documentation and determine whether or not you qualify for the loan, as well as determine how much you qualify for.

The good thing about doing the process over the phone is you don’t have to worry about showing us any of the required items because you aren’t seeing us in person at the store. Regardless of which method you choose to get through the process, if you are approved for the loan, you'll be able to get your money either on the day of approval or the following bank business day.

woman reviewing payday loan online Florida paperwork

Get Your Payday Loan For Help Today

As you can see, if you have a payday loan online or have very recently paid off a payday loan, you might run into some issues qualifying for another one. But, if 24 hours have passed since you’ve paid off your payday loan, you can easily find out if you qualify for another one. Just make sure to keep these things in mind to make an informed decision. Once ready, just fill out the online form or give us a call 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.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.