Czy mogę mieć kilka pożyczek?

Thanks to payday loans, we can fulfill our dreams when we do not have enough savings. They are also helpful in unforeseen situations when we simply need additional resources. Usually we take one payday loan then, but the record holders have even several or several dozen!

Both banks and non-banking payday loan companies have their own special policy for granting payday loans. Some of them give even several payday loans simultaneously to the same person, while others limit the offer to only one active payday loan per client. Therefore, the answer to the question – can I have several payday loans, is yes, but with some reservations. Below we present them more precisely.

Creditworthiness analysis

If we want to take a cash payday loan at the bank, in such a case these institutions mainly analyze our financial condition and determine the creditworthiness on the basis of it. It consists of our income and expenses. If we earn a lot and we have few burdens, we can count on larger sums. When we earn a little or a lot, but at the same time we have a lot of burden, our creditworthiness will be lower.

When granting payday loans, banks and renowned payday loan companies check the creditworthiness of the customer each time. So if we want to take a second payday loan during the course of one, the lender can take this actively into account when calculating our ability. As a consequence, it will be lower. When we do not earn much, another payday loan may be even smaller or we may not get it at all. If, in turn, our financial condition is good, the bank may offer us payday loans until we lose the creditworthiness needed for the next one. The number of payday loans is also regulated by law.

It is worth noting that this situation applies to all banks and payday loan companies, that is why, even if we take payday loans in several institutions, our creditworthiness will be the same because lenders use the same databases.

Payday loan companies control the number of payday loans

Most payday loan companies allow their clients to have only one active payday loan. This does not mean, however, that we can not take another payday loan at another non-bank company. Then we can take out a few payday loans at the same time, when our financial needs are greater.

At Gandalf, we face the needs of borrowers. With us, the client can apply for another payday loan before the current payday loan is repaid. The only condition is the repayment of at least half of the installments of the current payday loan. When you need extra cash and meet the requirements, you can get additional financial support at Gandalf.

Of course, we must also calculate well whether we will be able to afford such indebtedness. There is a danger that such a large number of payday loans will not be a favorable choice – in this case, we may fall into a spiral of debt. Therefore, it is best to have only one active payday loan and only after paying it out, think about taking another one when you need extra cash.