Payday loans are advantageous for all those who need a little cash for the time being. However, if there is any payday loan pending to be settled on your end, what would you do? Getting a second payday loan might be troublesome since it will ruin your credit score. Particularly, if there is a long overdue debt on your credit, your subsequent loan application is likely to be rejected. However, there is always an alternate solution to every problem. Likewise, you can get another debt only if you know all the tricks about how to get a second payday loan without any conflicts.

Personal loans can let you borrow any amount in the mediocre range, starting from $3000 to $50,000. Some lenders may even offer loans from as low as $1000 to as high as $100,000. These loans are usually unsecured and can be granted just on the borrower’s signature. The repayments can be made at a fixed amount on a monthly basis for about two to five years.

When Do You Need A Second Payday Loan?

As said above, payday loans are quite convenient to manage urgent requirements. Moreover, their unsecured nature makes them easily approachable by anyone at any time. However, things are different when applying for the second time, and you may be asked to give clear reasons about why do you need another loan.

how to get a second payday loan

Since payday loans are given quickly, people tend to prefer getting another payday loan when they face similar emergencies again. Sometimes, the borrowers tend to revert to a second payday loan when they need to clear up the previous debt. This is another reason common among most borrowers. However, in case of an earlier outstanding credit, getting a second payday loan becomes difficult.

How To Get A Second Payday Loan

Fortunately, most of the payday loan lenders aren’t much concerned about the borrower’s previous history to watch out for any outstanding debts on credit. We know that payday loans are unsecured and are usually easier to be granted. You are mostly evaluated on the basis of your income and your ability to repay the borrowed money. Nevertheless, the lenders might take a look on your profile, and a bad credit score would rule out all possibilities of your qualification for the loan.

second payday loan

However, it is not entirely impossible to get a second payday loan. In fact, by following the steps given below, you may actually qualify for another payday loan debt. Here is how you would succeed in getting a second payday loan.

1. Find Those Lenders That Allow Second Loan

Although, several lenders are reluctant to give a loan to someone who already has overdue lends on his credit. However, if you do a little more search online, you will find many others who are ready to assist you when you apply for a second payday loan. You can browse through their terms and conditions, and, if you find the requirements feasible, you can ask for a second loan. Nevertheless, there remains a fifty-fifty chance of the approval of your payday loan.

2. Rollover Your Previous Loan

Although it is not advisable, rolling over your loan is a little better than wasting your time trying to search for another payday loan lender. Rolling over is particularly suitable if you want to borrow some money to repay your previous loan. In such a situation, only the first lender can help you by giving a second loan to you to pay the first one. However, you may then be levied with a doubled fee for each payday loan, causing more burden on your pocket.

For a rollover loan, you can apply using the same procedure as you did for the first one. Since your lender already has all your details with him, he may judge your situation and may approve another loan. However, the chances of rejection would remain there. Hence, it is better to convince your lender by personally communicating with him. Try writing a letter, or make a phone call, and explain your situation politely and humbly. You will surely get your second payday loan approved.

3. Highlight Your Earnings

This is somewhat a ‘creative’ way to increase the chances of getting a second payday loan. Many online lenders will certainly agree to give you a loan if you impressively highlight your income. When you genuinely have a substantial earning, you are good to go. But, if your income is not as impressive as it should be, to convince a lender, then use your creativity to make things impressive while applying for the loan. Still, make sure that you do not show an increased revenue since many of the online lenders tend to verify your profile, and if anything is found deceitful, your application is likely to be rejected.

4. Declare About Your First Loan Honestly

That old proverb ‘honesty is the best policy’ proves to be useful while applying for loans as well. Especially when you are applying for a second payday loan, your honesty will elevate the chances for the approval of your requests. While you apply for getting a second payday loan, it is better if you clearly mention about your first overdue loan in it. If your details are impressive, your lender will gladly lend you the money. Otherwise, you will quickly be informed if you are not qualified for the second loan. This will not only save your and the lender’s time, but will also eliminate any probabilities of conflicts that could have occurred when the lender would scrutinize your profile only to find out another outstanding loan from some other company.

Summing Up

Since high-interest rates accompany the payday loans, we do not suggest you go for a second payday loan unless you settle down the first one. Otherwise, you would be ruining your credit score as well as your budget plans. Nevertheless, if you really need to go for another payday loan debt, then we hope the ways mentioned above would help you qualify for a second loan. Still, we advise you to make sure that this credit suffices your need, and you are not compelled to look for a new one prior settling these two due debts.

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