A payday loan undoubtedly is one of the most convenient options whenever you are strapped for cash before your next payday. In UK, it is possible to apply for several payday loans at the same time from different lenders. While there is no rule against it, there are chances that applying for multiple loans may ruin your credit score and your chances of getting approval.
When you already have a payday loan and need another one there any a few things that you need to know before you apply. Chances of getting a second payday loan before you have repaid the first one are low. However, there are various lenders in the UK who will allow you to apply in multiples. When you apply for a second payday loan you need to face more stringent criteria than when you applied for the first one. This is because a second payday loan is more of a risk for the lender and a greater financial burden to the borrower. Besides, if you are unable to afford the repayment it could put you in a cycle of late payments. When you are applying for two payday loans at the same time lender will want to ensure you are able to repay. To do this they will review your current financial situation and access other factors such as your credit history, the payments that you make on your current loan, your current employment, and income. When you apply for a second payday loan there is no way guarantee if you will be approved. Make sure you re-examine the eligibility criteria, check your budget, be aware of rollover fees and compare the range of deals offered by different lenders so that you can find the right loan deal. https://www.gbloan.co.uk |