How Can I Get a Second Payday Loan?

Payday loans can help you a lot when you need to get extra money to cover some of your expenses. However, even this solution does not always solve all financial problems, and many people start questioning “Can I get a second payday loan?.” Although it is not that easy because doing so is associated with a range of difficulties, such as affecting your credit score and finding lenders willing to give you a “second chance,” it is possible, and in this article, you will find out what can be done to increase your chances of getting more money.
When Apply for a Second Payday Loan?
Since payday loans do not require any collateral, they can be obtained quickly and in a hassle-free way, but when it comes to a second payday loan, things become more complicated. Usually, you have to provide an explanation for why you have to do it. There are lots of different reasons for that, including unexpected expenses, covering your debts, etc., but you should consider applying for a second payday loan when it is really necessary.
What Can You Do to Get a Second Payday Loan?
Although it may seem challenging to get it, there are things that you can do in order to increase your chances of that. You can choose a solution based on your individual circumstances.
Renewing Your Previous Loan
Renewing (rolling over) a payday loan means paying an additional fee for delaying paying it back, which does not reduce the amount you have to repay. Some lenders give the borrowers an opportunity to renew loans if they experience problems with paying it back, but this option is limited or even prohibited in some US states.
Renewing your loan allows you to save time on searching other lenders. Since you will do it with the same person who gave you the first payday loan, the procedure will be a bit easier because most of the required details have been already provided. There are still risks of rejection, but you can arrange a personal meeting with your lender to convince him or her. You can also write a letter or give a call to explain your situation.
Find the Right Lenders
Not all lenders will give you more money, but there are those who are willing to help you out. Using an online search is a quick and effective way to find the right companies or individuals. Once you have found them, you should carefully check their terms and conditions, and if you are satisfied with everything, you can apply for a second loan. It still does not guarantee that they will give you the loan.
Be Honest
Your honesty about having an unpaid payday loan is crucial. It is not the determining factor for the lender, but hiding this fact can really ruin your chances of getting it. It is strongly recommended to provide the true information about your financial situation to avoid problems.