Can I Have 2 Payday Loans at Once?

Payday lenders don’t exactly have a sterling reputation, and 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. Folks who take out payday loans feel it’s the only way they get to keep their lights on and food on the table.

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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.

Getting multiple 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. You likely won’t be able to take out multiple payday loans at once with these new rules in place — and that’s a good thing. Alternative solutions include a MoneyLion membership, where you can access multiple forms of credit to help meet your cash needs safely.

How Would Another Lender Know I Already Have a Payday Loan?

One of the new guidelines put forth by the CFPB is that all potential borrowers must be screened. Payday lenders obviously 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 many now simply run a credit check.

Let’s say you have any outstanding payday loans that 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. 

Using Payday Loans 

Payday loans used to be the last resort for borrowers in desperate need of cash, but they aren’t the only financial tools that people with poor credit can use. Take Instacash advances from MoneyLion, for example. MoneyLion members can access up to $250 instantly through a 0% APR cash advance. Once you sign up and are approved, you can receive your cash in a matter of minutes. 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 with an APR of 5.99%. Yes, only 5.99% — well below the national average for even the most creditworthy borrowers! And there’s no credit check to join!

Don’t Become Reliant on Payday Loans

Taking out a payday loan often gets you stuck in a cruel cycle. Because the payday loan has an outrageous interest rate and high fees, you might struggle to pay it back with a single paycheck. Since payday lenders expect their money back quickly, you’ll have to pay back more than you can afford to avoid penalties for missed or late payments. Since this drastically reduces your monthly spending cash, you’re forced to take out another payday loan and the cycle begins again. Don’t fall into this trap!

Avoid Payday Loans – Explore The 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 cause long-term trauma to your financial health. Always consider alternatives like loans from traditional banks or credit unions, credit cards with 0% APR intro periods, or 0% APR Instacash advances and 5.99% APR credit builder loans from MoneyLion. Both are available without a credit check!


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Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees. Funded accounts are subject to administrative fee of $1 per quarter.

Current Credit Builder Plus membership required for Credit Builder Plus loan eligibility; the $19.99 monthly fee will be withdrawn from your linked bank account.  All loans with an Annual Percentage Rate of 5.99% are made by either exempt or state-licensed subsidiaries of MoneyLion Inc. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account managed by ML Wealth, LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into a money market cash management or FDIC bank sweep vehicle, and may generate interest at prevailing market rates.  You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan, and so long as your Credit Builder Plus membership payments are current. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.

A Credit Builder Plus loan may or may not improve your credit score. Credit scores are the result of your personal credit practices.

Cash advance requires current membership in Credit Builder Plus ($19.99 monthly fee) or Instacash with Banking ($9.99 monthly fee) membership programs. Instacash with Banking monthly fee is waived for members who connect and maintain recurring eligible direct deposits into their MoneyLion Checking Accounts. All Credit Builder Plus and Instacash with Banking members are automatically eligible to access either $25 or $50 of cash advance, depending on creditworthiness.  Members can increase their cash advance limit to up to $250 by connecting and maintaining recurring eligible direct deposits into their MoneyLion Checking Accounts and after up to three consecutive direct deposits have cleared, or at MoneyLion’s discretion. See Membership Agreement and Cash Advance FAQs for more information.

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