Cash loans are most preferred short term loans chosen by citizens of Australia as you can get a small amount as you can from$50 and $1000 depending on your specific need. As these payday loans are termed as emergency loans, people avail these loans to meet their short term needs. Payday loans are expensive in nature so, it is always advisable to go for the second one after you close the first. If you are applying with the wrong lender, they may not offer you the right amount that you need through cash loan in spite of your eligibility; this is the juncture where you will need the assistance of the second loan when you already have one outstanding.
Emergencies do knock the door when there is a shortfall of funds so, it becomes inevitable for the person to take the second loan when one is running. Though it is not an advisable decision to go for two expensive loans at a go, the good news is that there is a possibility for you to get the loan when you have one under special circumstances.
As Payday Loans processing is simple and unsecured, the lender gives a deep check while approving the second loan.
Lender: It is absolutely the decision of the lender to take a call on approval of the second loan while the first one is already existing. They have their own policies in place regarding how many loans can be approved and how many times it can be done. It would be difficult to get the second loan when the first loan is open unless you are repeated customer of the lender.
Income: This is the most important criterion that lenders look at while approving payday advance. You can get the loan easily when the first borrowed amount is less or If the lender finds that you can pay the two loans comfortably with next paycheck.
Credit score: Though payday loan approval does not involve credit assessment but, when you request for the second loan with the first one open, lenders may want to check credit ratings to make sure you have no history of loan defaults.