A payday installment loan is a great option when you are out of cash and payday is still weeks away. Payday installment loans are short-term loans that almost anyone can qualify for, especially for those who have bad credit scores. Generally, lenders can let you borrow from $100 to $1,500 and you repay the loan on your next payday.
Sometimes, the amount granted may not be enough to supply all your cash needs. The borrowed amount may be inadequate to supply the cash you urgently need. This is the reason why you may need to get another payday installment loan to get by. While there are some companies who may not allow this option, there are ways to get around this to apply for a second payday installment loan and get the money you need.
It is a great advantage that there are many online payday installment loan companies available to you. Do a little research until you can find a lender who will be able to grant you another payday installment loan. There are companies who may not allow borrowers to get another loan if they already have one; but many lenders will still be willing to lend to you. Browse many payday installment loan companies online and find one that you can apply for in order to get a second loan.
You may also rollover you first loan. If you need more cash, you can usually rollover, or extend, your payday installment loan by simply paying the finance charge or the interest that is due. With this option, you will have extra time to pay off your loan and you may be better situated to get a second payday installment loan. In some cases, lenders will allow you to get another loan if you agree to pay back the first loan.
If you are dealing with a local payday installment loan lender, go and talk to the manager of the loan company. If you have applied for an online payday installment loan, call and speak to a representative. They may help you apply for a second payday installment loan even though you still have one out. But you need to explain your situation to them and convince them that you badly need to get another loan.
Most importantly, you need to be honest about why you need to get another loan. You have to be truthful by telling the payday installment loan lender that you already have a loan, even if it is not with their company. Even if you don’t tell them, most payday installment loan companies will check to see if you have a loan out with any other company and this could ruin your chances for getting a second loan. It also saves time and hassle on both ends if you tell them that you still have an outstanding loan, they will appreciate your honesty.
One thing that will help you get another payday installment loan is by providing your income. If your income is substantial, a lender can easily approve a second payday installment loan. Just make sure to bring in your most current proof of income or pay-stub when you apply for a second loan. Aside from the income generated from employment, you may also include other income, such as Social Security benefits, disability benefits or workers’ compensation. This can also help increase your chances of getting approved for a second payday installment loan.
There are some impossibilities for being approved for a second payday installment loan. However, you need to ensure that when you get another loan, you can repay both the outstanding loan and the current one.