After I entered the job force at 18, I had money problems for quite a number of years. I earned a decent income, but I lived paycheck to paycheck and just felt like I would never get ahead financially. One day, determined to get ahead, I decided to record every purchase I made for a month to find out just where my money was going. I learned a hard lesson that day that small purchases here and there throughout the month really add up. I committed to a much smaller budget and began stashing savings away. Then, I researched the world of investing and made a few strategic ones with some of my savings. I am now doing much better financially, and I want to help others who need it, so I am starting a blog. Come back often for money management tips and tricks explained simply!
If you've had a significant financial shortfall, you might be tempted to take out multiple payday loans. Most payday loans are in the sub-$500 category; if you have more debt than this, you might consider getting multiple loans. But there are a few things that you might want to consider first.
1. Local Lenders Communicate With Each Other
Most local payday lenders do communicate with each other to ensure that an individual isn't taking out multiple loans at once. If you're going to a payday loan company that is a franchise, they will almost certainly not lend you multiple amounts from different offices. Lenders are aware that having out multiple loans decreases the chance that you will pay back any individual loan. In order to get multiple loans, you may need to look online.
2. Payday Loans Must Be Paid Back Fast
A payday loan is usually paid back within weeks. Your loans are very likely to become due at the same time... which could leave you in the same bind two to four weeks later. If you're in a situation where you need multiple payday loans, you will strongly need to consider whether or not you can pay them back in the future.
3. Online Payday Loans Are the Fastest Way to Compare Quotes
Online payday loans let you compare quotes with multiple lenders quickly... and also let you apply for many loans quickly. If you're looking to take out loans fast, a third-party payday loan search may be the fastest solution.
4. Payday Loans Have Origination Fees
Just like any other loan, a payday loan both has an interest fee and a loan origination fee. Because of the loan origination fees, it is more expensive to get multiple payday loans rather than a single, higher value loan. You should consider these origination fees when you're considering whether or not it is advantageous to take out these multiple loans. It may actually be better to prioritize only your most important bills and take out a single loan at a time.
For loans that are above $500, you may be better off trying to find a lender that will extend you the full amount. This can often be done with a cash title loan or some other loan that is secured through equity. Otherwise, you can attempt to take out multiple loans... but you should thoroughly consider the above risks.
For more information, contact companies like Payday Express.
Share28 February 2017
