Non-bank instant loans are a rather specific product. They are based on building mutual trust between the lender and the borrower. For this reason, the first, free payday loan can be taken in a lower amount, the next in a higher amount, and sometimes it is only on the fifth or sixth time that we can borrow the maximum amount. See http://www.bureauboth.com/online-payday-loans-direct-deposit-find-loans-available-for-bad-credit/ for an illustration
For the same reason, each subsequent loan can only be taken after the previous one has been repaid. What, however, if the unforeseen expense happens just when we still have an active loan? It turns out that you don’t always have to wait to get another loan from the same company.
Where will we take two payday loans?
Instantaneous payday loans in a typical sense – that is, a loan in a reasonable amount with the most common monthly repayment period – are unlikely to be available to those who have not yet repaid the previous one. Non-bank institutions assume that two loans would give too much money to pay back in a very short time.
The payday loans are therefore not very high, usually four digits. The exception is Kuki, which offers payday loans up to $ 10,000, but most lenders stop at $ 4,000 – 5,000. Let’s see:
- CredStar – 5000 dollars / 30 days;
- TrueSMS – 4000 dollars/ 30 days;
- BitCredit – 5000 dollars / 30 days;
- Moloan – 4000 dollars / 30 days;
- AllCredit – 5000 dollars / 30 days.
Only Vivus, Szybka Gotówka, Tani Kredyt and ExtraPortfel go beyond this amount. So you can see that most lenders consider that high amounts for payday loans are too much of a burden, let alone if they were two loans. Therefore, one of the basic conditions for granting a payday loan is that the applicant has no financial obligations to the lender.
Second installment loan? Possibly!
However, lenders providing installment loans will look more favorably at the applicant. The long-term nature of this type of financing means that a single installment does not have to be high, and the borrower’s creditworthiness can allow him to make another commitment.
However, also in this case, the lenders will grant second financing only to trusted persons, i.e. those who have already demonstrated timely repayment of installments and have already paid at least half of them. So if we have a loan in 24 installments, we must repay them a minimum of 12 in order to be able to apply.
Another loan in Iasa
Iasa is one of those lenders who will gladly give a second loan to their trusted clients. The second active loan in this company does not differ in parameters from the previous ones – it is still a maximum of $ 10,000 to be repaid within 6-24 months. The conditions that must be met to obtain it also remain the same, i.e. 20 years of age, Polish citizenship, registration in Poland as well as creditworthiness and creditworthiness.
There should be no problems with this – after all, the loan has been granted once. However, it should be borne in mind that an active loan is still a burden on creditworthiness and Iasa will certainly take this expense into account in the next study. You can read about what affects creditworthiness in the article: “What reduces creditworthiness?”.
Two loans at Matkomat and Patka
Both Matkomat and Ratka, although separate loan brands, in fact belong to Iasa. Therefore, the same loan granting rules apply as well as the general loan terms. Therefore, you can also borrow no more than $ 10,000 for repayment in a maximum of 24 installments, while another loan is available only after you have repaid at least half of the installments on time.
Yes, it’s Finance – we borrow the most here
The loan offer at Sakto Finance is an amount in the range of 5000-25000 dollars, which can be repaid over a period of up to 36 months. Therefore, the conditions for granting financing are a little more restrictive than at Iasa. Here you will need to provide relevant documents confirming your income. It can be concluded that TakTo Finance attaches great importance to creditworthiness, so granting another loan will largely depend on this indicator. As proof of income, you can attach:
- bank statement confirming receipts at least in the last month;
- certificate of employment and earnings;
- retirement or disability pensions;
- tax declaration for the last month (in the case of persons conducting business activity);
- mandate contract or contract for specific work from the last period.
YesTo Finance does not make the granting of the second loan conditional on at least half of the installments repaid – in this case, you only have to pay back the first six, regardless of the repayment period.
Why look for a second loan from the same company?
As long as you have adequate credit standing, nothing prevents you from getting another loan from another company. You don’t have to worry about looking for a lender who will agree to grant another loan and, which is very important, you have a much larger choice. However, two active loans in one company have big advantages:
- attractive conditions – since you have already taken one loan in a given company, it means that the conditions were suitable, so it’s a shame to waste time looking for another lender who may not be as attractive;
- a proven lender – you already know the application procedure, company procedure, time needed to obtain a loan;
- a client known to the company – the lender already has all the data regarding the applicant (including checking in the BIK database and employment information), so he is more likely to grant a loan and can do it in a much shorter time.
In any case, however, keep in mind that a subsequent loan is an additional burden, regardless of whether it is a loan from the same lender or not.