How Many Times Can You Borrow From A Payday Loan Company?
An emergency always seems to occur when you are low on cash. Cash Advance USA gives customers quick access to cash before their next pay check. If you are going through tough times financially, then you may need to borrow money more than one time. Read on to find out how many times you can borrow from a payday loan company:
Ways to Apply for a PayDay Loan
The two ways to apply for a pay day loan are online and at a local store. You have to provide your bank account number, employer name and employer phone number. The lender uses this information to confirm that you have a bank account and a job. This approval process is very easy. For this reason, many borrowers come back to borrow more money.
Multiple Lenders
Some states have limits on the amount of payday loans you can receive at one time. According to Indiana Legal Services, a payday lender cannot offer you a loan that exceeds $400 when combined with the amount you owe to another lender. If you have two or more loans with another lender, then a new lender cannot grant you a loan. This means you can only have one loan with a previous lender. It also means your new lender has to consider the amount you owe to the previous lender when granting a new loan.
Some states have a maximum loan amount that you can borrow at one time. If you live in South Dakota, then you cannot apply for a loan that exceeds $500. The following states have payday loan restrictions:
Alabama, Alaska, Arizona, California, Hawaii, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming.
The laws vary depending on the state. If your state is on the list, then you should ask you lender upfront about any restrictions.
Why States Impose Limits?
You are given a certain date to pay back your loan. It can be stressful to have to pay back several loans around the same time. States impose these limits to protect consumers and to prevent them from getting into major debt.
Cash advances are a quick way to get extra money. However, it is important to pay back the loan on time and be responsible with borrowing money. The number of cash advance loans you can get at one time depends on where you live. However, most lenders don't allow you to have more than one payday loan at time.
To learn more, contact a company like USA Cash Services with any questions you have.
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