Can You Have More Than One Payday Cash Advance?

Are you still having a hard time making ends meet despite getting a payday cash advance? Are you tempted to take out another but fear that getting more than one payday cash advance may not be allowed? Here is some valuable information for you.

Generally, state laws determine how many payday cash advances you can have at once. The average amount of a payday cash advance, according to the Consumer Federation of America (CFA), is between $100 and $1,000. In case you need amounts more than this or if regulations in your state cap payday cash advances you may be tempted to take out another loan to compensate for your financial needs.

Western United States

States along the west coast vary widely in the number of payday cash advance loans you can have at one time. As of 2010, according to the CFA:

·    The state of Arizona prohibits payday cash advance

·    Utah and Oregon don’t regulate the number of payday cash advances you may have nor their amounts.

·    Montana allows two. California and Hawaii allow only one at a time

·    In Colorado, the combined total of all outstanding payday cash advances cannot be more than $500. You can take out another loan but each must be 30 days apart.

·    In New Mexico, the combined total of payday cash advance loans cannot be more than 25% of your gross income.

·    Idaho limits the total amount of all payday cash advances to $1,000, while in Washington it is $700.

·    Wyoming, Nevada and Alaska do not address the topic of multiple payday cash advances in their state laws.

Midwestern States

The requirements and regulations for payday cash advances in Midwestern states are more specific. As of 2010, the CFA reports that:

·    Indiana, Illinois, Iowa, Nebraska, Kansas and Oklahoma all permit a borrower to have two outstanding payday cash advances at a time, although in Indiana you can only have one per lender.

·    In the state of Ohio, you can only have one at a time and a maximum of four per year.

·    Michigan and Arkansas allow borrowers to take out additional payday cash advance loans, but only one per lender.

·    Wisconsin allows an unlimited number. Missouri, Minnesota and North Dakota do not specifically address the topic of multiple payday cash advances in their state laws. In North Dakota it does limit payday cash advances to a total of $600.

Eastern United States

For those states in the east, taking out another payday cash advance is not an option. As of 2010, according to the CFA, with the exception of New Hampshire and Rhode Island, state laws in eastern states prohibit payday cash advances. These include Maine, Vermont, Massachusetts, New York, Connecticut, New Jersey, Pennsylvania, Delaware, Maryland and the District of Columbia. The state of New Hampshire allows you to have only one payday cash advance at a time. In Rhode Island, borrowers are allowed to have three, but with the combined total of not more than $500.

Southern United States

As of 2010, according to the CFA, most southern states allow borrowers to have only one payday cash advance at a time. These include Virginia, South Carolina, Mississippi, Florida and Louisiana.

·    In Alabama and Texas, you can take out additional payday cash advances but the combined total cannot be more than $500.

·    The state of Tennessee allows you to take out up to three payday cash advances at one time, but only two using the same lender.

·    Kentucky is the most liberal, allowing you to have two payday cash advances, each not more than $500, at any one time.

·    State laws in West Virginia, North Carolina and Georgia prohibit payday cash advances.

This information is met to help you decide if you need to take out an additional payday cash advance. But, most experts advise borrowers not to take out more than one in order not to be stressed out over the repayments.

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