Cash 1 Blog
Can You Have Two Payday Loans at Once?
Can You Have Two Payday Loans at Once?
Sure. In some states you can, but not from the same lending institution.
The better question is: Should you have two payday loans at once?
We should probably mention at this point that CASH 1 doesn't actually do 'Payday Loans', and no, we're not splitting hairs when we say our services include short term loans or personal installment loans. Many Payday Loan institutions will base such loans strictly off your paycheck (hence the name) and the terms of the loan are based around when you get paid.
CASH 1 loan services can utilize all sorts of income resources in order to get you a personalized loan tailored to your expressed needs. In other words, we don't just provide a loan service based on what your next paycheck will be.
So, How Many Payday Loans Can You Have?
Depending on your state's laws you can go to two different lending institutions that provide such services and simultaneously take out two payday loans. But does this sound at all like a good idea?
Of course it doesn't. Because it most certainly is NOT a good idea.
Surprised to hear something like that coming from us? You shouldn't be. CASH 1 endorses and practices responsible lending.
Think about it, if we practiced irresponsible lending policies, we would not only be hurting ourselves, but hurting our customers. We want you to have the confidence to borrow from us whenever the need arises, and when the need arises again if necessary. We don't want repeat customers in the same way a car dealership wants repeat buyers. What we mean is that if you do utilize our services, and pay off your loan, then there is a mutual trust knowing that we can provide the same service again in the future if it is needed. That car dealership that wants repeat buyers had better provide excellent mechanical service if they want continued customer business. See what we mean?
Scott Tucker and Payday Loans
As with all things, especially in the area of services businesses, there are bad apples, and we go to great lengths to ensure you won't get us confused with one of them.
Here's an example of what we mean by 'bad apple': Scott Tucker.
Maybe you heard of him.
Mr. Tucker was sentenced to 16 years in jail after being convicted of fraud in relation to his various small-loan businesses, including payday loan services. Essentially, he stole money from more than 4 million (you read that right) customers who were robbed of illegal interest payments and other bad business practices.
He had small lending businesses in multiple states where the actual businesses were registered with Native American tribes (sometimes even on tribal land) in order to circumnavigate U.S. Lending laws. All told, the Federal Court that convicted him found he had stolen 1.3 billion (with a 'b') dollars from customers, most of whom were in desperate need or circumstances and were utilizing payday loan services in order to get out of a financial bind. Some of his customers were charged up to $1,000 for a $300 loan.
We cannot find anywhere in which he endorsed responsible lending or borrowing practices. What he did endorse was his own racing team, which was funded by the money he illegally collected. Tucker was fond of a rather lavish lifestyle, and was known on the European racing circuit. Now he's known among the financial criminals of the 21st century. You can read all about him here.
You know how the cliche goes: 'A few bad apples can spoil the whole bunch'. Tucker was a bad apple, and while justice has been served to him, most of his customers have suffered serious financial setback as a result.
Negative Perception because of Shady Payday Loan Lenders
The small-loan industry as a whole has gotten a bit of a black eye thanks to him. Perception of services such as those offered by CASH 1 have turned somewhat negative because of this, but we're working hard to ensure our customers know the truth about who we are and what we do.
We definitely want you to know we go the extra mile to make sure you understand everything involved in taking out a personal installment loan with CASH 1 or getting a title loan. Check out our 'know before you owe' section, which gets into the basics of small loans and why we practice responsible lending.
And while we strive to maintain excellence in responsible small-loan lending practices, we also endorse, encourage and strongly suggest our customers follow our payday loan advice. Failing to do so just opens up a potential can of worms that can result in a much worse financial situation down the road, and it also might result in limiting or eliminating access to credit when you might need it most.
Noel Ballon is a skilled personal finance writer passionate about helping people to succeed financially.
As a guest writer for CASH1, Noel has shared his knowledge on a variety of financial issues, including budgeting, saving, investing, and retirement planning
Noel has a background in economics and finance with over five years of experience writing in the financial sector.
He works to simplify complicated financial ideas so that people from every area of society may understand them.
When Noel isn't writing, he likes keeping current on the latest financial sector changes and looking for fresh approaches to assisting people in choosing wise financial decisions.