Payday loans are popular ways of getting small amounts of money in a hurry. Agencies will lend a hundred dollars or up to two thousand dollars to clients in some instances. They rate a client’s eligibility based on how much money they earn, but every company is different, and so are the eligibility requirements. If you have already been accepted for a loan, you might be wondering ‘how often can I get a payday loan?’
The answer is simple: as many times as you like. Only one thing is standing in your way, and that is repayment of any previous loans. Payday loan companies expect prompt payment. Their terms are short. Money is deposited into a client’s bank account within 24 hours, or even within an hour, of being accepted for a loan. The company expects the same kind of prompt repayment and only engages in contracts up to a month at a time. They do not offer extended loans. In other words, as soon as payday comes, there should be sufficient funds in a client’s bank account to repay the lender automatically.
If there is any hold up with your repayment, then you are not eligible for another loan just yet. Moreover, if you try to apply at another time, with a record or late payment on the books, then you might be rejected. Still, there are plenty of online payday lenders to turn to, and they are not interested in your credit history.
Late payment is not just a hindrance to future borrowing; it is also expensive and extra fees will be charged. Bear in mind that the loan is not cheap to start with. Fees are as high as 25% of the borrowed sum. Consumers would be wise to use their first fully completed transaction with one of these establishments as the starting of a positive credit record, or to re-establish a poor rating, not for routine borrowing.