Can You Have Two Payday Loans at Once?
Sure. In some states you can, but not from the same lending
institution.
The better question is: Should you have two payday loans at
once?
We should probably mention at this point that CASH 1 doesn't
actually do 'Payday Loans', and no, we're not splitting
hairs when we say our services include short term loans or
personal installment loans. Many Payday Loan institutions
will base such loans strictly off your paycheck (hence the
name) and the terms of the loan are based around when you
get paid.
CASH 1 loan services can utilize all sorts of income
resources in order to get you a personalized loan tailored
to your expressed needs. In other words, we don't just
provide a loan service based on what your next paycheck will
be.
So, How Many Payday Loans Can You Have?
Depending on your state's laws you can go to two different
lending institutions that provide such services and
simultaneously take out two payday loans. But does this
sound at all like a good idea?
Of course it doesn't. Because it most certainly is NOT a
good idea.
Surprised to hear something like that coming from us? You
shouldn't be. CASH 1 endorses and practices responsible
lending.
Think about it, if we practiced irresponsible lending
policies, we would not only be hurting ourselves, but
hurting our customers. We want you to have the confidence to
borrow from us whenever the need arises, and when the need
arises again if necessary. We don't want repeat customers in
the same way a car dealership wants repeat buyers. What we
mean is that if you do utilize our services, and pay off
your loan, then there is a mutual trust knowing that we can
provide the same service again in the future if it is
needed. That car dealership that wants repeat buyers had
better provide excellent mechanical service if they want
continued customer business. See what we mean?
Scott Tucker and Payday Loans
As with all things, especially in the area of services
businesses, there are bad apples, and we go to great lengths
to ensure you won't get us confused with one of them.
Here's an example of what we mean by 'bad apple': Scott
Tucker.
Maybe you heard of him.
Mr. Tucker was sentenced to 16 years in jail after being
convicted of fraud in relation to his various small-loan
businesses, including payday loan services. Essentially, he
stole money from more than 4 million (you read that right)
customers who were robbed of illegal interest payments and
other bad business practices.
He had small lending businesses in multiple states where the
actual businesses were registered with Native American
tribes (sometimes even on tribal land) in order to
circumnavigate U.S. Lending laws. All told, the Federal
Court that convicted him found he had stolen 1.3 billion
(with a 'b') dollars from customers, most of whom were in
desperate need or circumstances and were utilizing payday
loan services in order to get out of a financial bind. Some
of his customers were charged up to $1,000 for a $300 loan.
We cannot find anywhere in which he endorsed
responsible lending
or borrowing practices. What he did endorse was his own
racing team, which was funded by the money he illegally
collected. Tucker was fond of a rather lavish lifestyle, and
was known on the European racing circuit. Now he's known
among the financial criminals of the 21st century. You can
read all about him
here.
You know how the cliche goes: 'A few bad apples can spoil
the whole bunch'. Tucker was a bad apple, and while justice
has been served to him, most of his customers have suffered
serious financial setback as a result.
Negative Perception because of Shady Payday Loan Lenders
The small-loan industry as a whole has gotten a bit of a
black eye thanks to him. Perception of services such as
those offered by CASH 1 have turned somewhat negative
because of this, but we're working hard to ensure our
customers know the truth about who we are and what we do.
We definitely want you to know we go the extra mile to make
sure you understand everything involved in taking out a
personal installment loan
with CASH 1 or
getting a title loan. Check out our 'know before you owe' section, which gets into the basics of small loans
and why we practice responsible lending.
And while we strive to maintain excellence in responsible
small-loan lending practices, we also endorse, encourage and
strongly suggest our customers follow our
payday loan advice. Failing to do so just opens up a potential can of worms
that can result in a much worse financial situation down the
road, and it also might result in limiting or eliminating
access to credit when you might need it most.