Could I Obtain More than One Payday Loan?

March 24, 2019

Are you looking to obtain not only one, but multiple payday loans? Well, in order to get the process started, consider working with MaxCash, and their team of payday loan experts.

To that end, MaxCash is prepared to help you discover what payday loans and how you could go about obtaining one, or several, for yourself.

Payday Loans vs. Other Loan Varieties

Within the lending world, payday loans are rather unique, wholly due to the atypical attributes that they have. Due to their odd nature, they’re usually not the most common types of loans. That award goes to installment loans, which are familiar to more people.

Have you ever used a mortgage? Or perhaps you’ve obtained an auto loan? Or maybe even a student loan? If you’ve used any of these types of loans before, you have experience with installment loans. But how is it that all of these unrelated loans have relation to one another?

Installment loans aren’t actually a specific loan, but rather a category within which numerous different types of loans are housed. And all of the loans in that category have a set process that defines them: repayment.

That tying thread always features the same three steps, which are:

  1. Receiving the Initial Loan – The first step featured in every type of loan is the initial receiving. In this step, the client applies to a lender for the loan, is approved, and then receives their funds, all in one lump sum.
  2. Putting the Loan to Use – The next step here is for the client in question to use the funds they’ve received. Usually, these funds are only allowed to be used for specified expenses, as agreed upon in the loan’s contract.
  3. Repayment – By far the most defining step, the borrower will repay the sum of the loan through several monthly payments. This process usually begins around a month after the initial receipt of the loan. Repayment is broken up into numerous smaller chunks, usually paid monthly, and often lasts multiple years all said.

So long as your loan features all of the traits above, it’s considered an installment loan. So why cover the definition of an installment loan here? Because it’s important to understand just how unique payday loans are amongst their peers. As you’ll soon find out, payday loans differ greatly from installment loans.

The Traits of Payday Loans

So, now that we’ve defined installment loans, let’s take a look at some of the traits payday loans have. On a surface level, some things might seem the same. There’s still an initial loan, still a usage step, and still a method of repayment. But within those three steps, there’s all kinds of differences and unique aspects that make it different.

For starters, let’s take a look at the initial lending. With a payday loan, borrowers receive smaller loan amounts than with an installment loan, as most cap out at $1,000. Your usage will also be different, as payday loans don’t have strict rules on what the money can be used for. Finally, and most importantly, their repayment is different. The full loan amount is due at the end of the loan period, which is often under two months.

Payday loans are great for situations that require immediate financial relief as you’ll soon find out.

Where to Use Payday Loans

Consider the following situation: your car breaks down, and you need it repaired ASAP to get to work. However, your funds are too thin to pay out of pocket, and your credit cards are full up. Now what?

As you’ve no doubt guessed, the answer is clear: payday loans. Payday loans are specialized to deal with one thing: emergencies. Instead of seeing a payday loan as a way to make a large upcoming purchase, the better way to view the concept is as a way to delay inconvenient payments.

Payday loans allow people to temporarily regain their financial stability while they take care of any emergencies. They are meant as a quick solution for unexpected problems.

As you can see, payday loans are a great, specialized type of loan that could help you cover all kinds of unexpected occurrences. Even if you have multiple emergencies happening at once, you can get individual payday loans for each.

Want to learn more about payday loans, or loans in general? Check out the MaxCash website to read some informational articles.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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