Where Can I Get Payday Loan If I Already Have One

By: Branden S.

Where can I get payday loan if I already have one

Debt refinancing is totally possible with online payday loans.

This gives consumers the right to take up a second loan, even when they are yet to pay back on their previous settlement.

Still, there’s a lot for you to consider when taking up a second loan, some of which include:

All these contribute to your ability to pay back a loan offer, even though you already have one whose payment is still pending.

#1: Where Can I Get a Second Payday Loan?

When hunting for a second payday loan from a direct lender, you must consider the following:

  • Reliability
  • Trust

Lenders may want to capitalize on your current state of finances to help grow their profit.

This is why it is imperative to always be on the lookout for lenders like these. Then try as much as possible to stay far away from them.

The sole purpose of a direct payday lender is to help you with all the necessary financing you need to deal with a financial crisis. They are not there to loot from you.

Furthermore, when looking for where to get a second payday loan, it’s best to go for a platform whose network of direct payday lenders are both trustworthy and reliable.

That’s where we come in at InstantPaydayNV.

Our network of direct payday lenders is carefully chosen to meet all our customers’ needs.

Interest rates and fees vary also based on a direct payday lender, which, in turn, reflects in your loan terms.

Your ability to communicate effectively with your direct payday lender gives you better room to negotiate a more feasible repayment term for your second loan offer.

#2: What are the New Payment Terms

Payday loan interest rates vary based on direct payday lenders. This also plays a crucial role in your ability to pay back both loan offers in your next settlement.

When applying for a second payday loan from a direct payday lender, the designated lender will communicate all the necessary details that relate to the new loan offer.

This covers the new amount that is to be paid as interest and APR fees.

The cost of applying for a second payday loan is also conveyed as an annual percentage rate (APR), as it was in your previous offer.

An Annual Percentage Rate (APR) is the cumulative sum of all interest rates and fees relating to an online payday loan offer.

That being said, the following factors should be considered when trying to get a second payday loan no credit check offer:

  • Interest rates
  • APR

There’s no solid way to determine precisely how much to pay as interest on your second payday loan offer, as this value is totally dependent on your direct payday lender. But still, online payday loan interest rates usually fall between 15% to 20% of your principal loan amount.

For instance, if you are looking to take up an additional payday loan offer of $100 on top of your pending payment of $500, and let’s say your direct payday lender decides to charge you an interest rate of 15%. Your loan settlement for the second payday offer will look something like this:

Amount of interest on payday loan = 20% x 100 = $20;

The total amount on second payday loan settlement = Payday Loan Amount + Interest Cost;

= $100 + $20 = $120;

Thus, you’d be expected to pay back a total of $120 on the settlement of your second loan offer.

Note that online payday loan direct lenders will only charge you a higher interest rate if the risk involved in approving your funding request is high. Thus, you can be sure of getting higher interest rates when applying for a second payday loan from a direct lender.

While online payday loan rates may vary for a second loan, lenders may charge up to 400% in APR fees.

Payday loan APRs go a long way to ensure an easy comparison in payday loan rates and make it really easy for you to decide on the specific second payday loan offer to opt for

The Annual Percentage Interest Rate (APR) on a second short-term payday loan offer is calculated by dividing the total interest accrued on the loan by the original loan amount and multiplying the result by a year-long period (365 days). The calculated result is then divided by the total length of days agreed to settle on the second loan offer. The final result is multiplied by 100 to give you the exact APR cost on that loan offer.

Mathematically, the APR calculations on your $100 second payday loan offer that is to be paid back in two (2) weeks time (14-days) will look something like this:

Amount of interest on loan = 20% x 100 = $20

Thus, payday loan interest = $20;

Amount of interest/loan amount = 20 ÷ 100 = 0.2;

(Amount of interest/loan amount) x 365 = 73;

((Amount of interest/loan amount) x 365) ÷repayment date = 73 ÷ 14 = 5.214

(((Amount of interest/loan amount) x 365) ÷repayment date) x 100 = 521.4%

Now, you can see how getting a second payday loan goes a pretty long way in increasing the total amount of money you are required to pay back in your loan settlement.

Online payday loan direct lenders will only offer you shorter loan terms on a second payday loan due to the level of risk involved. This, in turn, accrues a lot of fees and charges.

This is why it is always good to pay back on an online payday offer when due.

Where can I get payday loan if I already have one

#3: How Does This Affect My Monthly Budget

When you have two pending debts on your hands, it isn’t easy to plan your expenses for the month.

We, therefore, advise that you take out time to plan and draft out a good-working budget that would help you stay on track on your loan settlements.

You also need to factor in the financial implications of missing out on your loan payment when it’s due, as this usually comes with accrued fees and charges.

Still, there is no exact fixed time for you to wait before you can apply for a second payday loan offer, even with your current pending payment. The decision is all yours to take.

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