Can I Have 2 Payday Loans at Once?


In some cases, getting two payday loans at once may be possible, but recent Consumer Financial Protection Bureau (CFPB) rules have been put in place to protect borrowers and limit the ways people can access payday loans. Not to mention, certain states limit how much you can borrow in payday loans, while others ban them outright. 

It’s not hard to see why once you dig into the details. Payday loans prey on the most vulnerable members of society — people who can’t get approved for traditional loans or credit cards. 

Payday loans are short-term, high-interest (and high fee) loans that must be repaid within a few weeks. The name “payday loan” comes from the idea that you would pay off the loan as soon as you receive your next paycheck. Loan amounts generally vary from $500 to $1,000, but the high-interest rates and fees often send the total repayment well above $1,000. 

We’re here to answer all your questions – whether you’re wondering about multiple payday loans or if you’re curious as to what happens if you don’t pay your payday loan. 

Do payday loans appear on a credit report?

Typically no. One of the reasons payday loans can be appealing, especially to those with less-than-perfect credit, is because they don’t require hard credit checks. However, this also means they won’t report your payments to credit bureaus. So if you’re consistent with making payments, your score won’t get a boost. 

A safer, less expensive financing option that doesn’t require credit checks is Instacash. Instacash is MoneyLion’s 0% APR cash advance. With Instacash, You could access up to $250 with no interest, no hard credit checks, and only pay back what you owe when you get your next paycheck. Instacash is the smarter alternative to payday loans!

Will lenders know if I already have a payday loan?

One of the guidelines put forth by the CFPB is that all potential borrowers must be screened. Payday lenders aren’t as stringent as traditional lenders, but they must still confirm that a borrower has the capacity to repay the loan. Some payday lenders do this by asking for bank account or pay stub information, but now many will run a credit check.

Any outstanding payday loans will appear on your credit report. Your chances of being approved for a second are next to nothing. Even if the payday lender doesn’t pull your credit report, the lender can still discover an active payday loan through your bank statements and deny you.

In fact, any borrower who takes out three payday loans in quick succession must be cut off by the lender, according to the new CFPB guidelines. Payday loan lenders big and small have to follow certain rules and deny applicants. In some cases, you must wait a full 24 hours after repaying your previous payday loan before you take out a new one.

Payday loan best practices

Payday loans are oftentimes thought of as a last resort for borrowers in desperate need of cash – but they aren’t the only financial tools available to people with poor credit. Take Instacash from MoneyLion, for example. 

MoneyLion members can access up to $250 instantly through a 0% APR cash advance. Once you sign up and receive approval, you can get your cash in a matter of minutes with turbo funding. And best of all, you only pay back what you borrow — not a penny in interest.

Additionally, MoneyLion Credit Builder Plus members get access to a credit builder loan up to $1000. Plus, there’s no hard credit check when applying!

Don’t become reliant on payday loans

Taking out a payday loan often gets you stuck in a cruel cycle. They come with triple-digit interest rates and high fees, making them difficult to pay back with a single paycheck. Your monthly spending allowance will become drastically reduced, and you’ll be forced to take out another payday loan – in turn creating a cycle. Don’t fall into this trap!

Explore payday loan alternatives

Payday lenders don’t have your interests at heart. Short-term loans with high rates and exorbitant fees are beneficial only to the lender. Using them repeatedly can inflict serious consequences on your financial health. You should always consider safer alternatives before settling for payday loans. Here are a couple payday loan alternatives we suggest. 

Extra work 

Pick up extra work or take on another job, even if it’s only a part-time gig. It also helps to sell off extra clothes or other items to bring in extra cash. Learn about more ways to bring in extra money here

Bank loans

Personal loans from banks or credit unions are less expensive than payday loans and feature higher funding amounts. However, you’ll typically need solid credit to qualify. The application process can also take weeks, so it may not be your best bet if you need cash fast. 

0% APR introductory credit cards

Signing up for a 0% introductory credit card offer tends to work fast. You can get approved as fast as a couple of days. However, you’ll need to have good credit in order to qualify for these types of sign-up perks. Make sure you pay off the balance before the 0% introductory period is over or you’ll face back interest and fees.


MoneyLion’s latest edition is a zero-fee installment loan for up to $600 with a flexible repayment plan designed around your finances. This plan is invite-only as of now, but you can reserve your spot here


MoneyLion’s Instacash is the ideal alternative to dangerous payday loans. There’s no credit check and funding is instant. You’ll never have to worry about triple-digit interest rates because MoneyLion’s Instacash always comes with a 0% APR.

Credit builder loan

MoneyLion also offers a low-cost, credit builder loan for up to $1,000 that’s designed to boost your credit score. Use it to get your hands on extra cash fast or to improve your credit score with consistent, manageable payments.  

Payday loans aren’t your only option 

It’s important to seek safer, more affordable alternatives than predatory payday loans when you need funding fast. MoneyLion’s Instacash, Overtime, and Credit Builder Loans can be great resources. 

Another solid strategy is to prepare for emergencies ahead of time. Start by getting your finances in order, cutting back on unnecessary spending, and begin dedicating an amount of your paycheck towards an emergency fund or safety net. Make sure to explore MoneyLion’s RoarMoney banking account with in-app budgeting tools and consider saving with MoneyLion’s Safety Net account and fully-managed investment portfolios.

Frequently Asked Questions

Do payday loans have high fees?

Yes. Payday loans are particularly predatory because they are known to have triple-digit APRs which make them difficult to pay back.

Can you go to jail for not paying a payday loan?

No, you won’t go to jail if you do not pay a payday loan. However, payday lenders can pursue collection through the civil courts and you risk jeopardizing any assets you own, such as your car, house, etc.

Do payday loans hurt your credit?

Typically, payday lenders don’t report to the credit bureaus. Therefore, payday loans don’t hurt your credit, but they don’t improve it either.

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