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Second Payday Loan

Getting a second payday loan from the same lender is usually easier and faster than getting the first payday loan.

Taking out a second payday loan from the same lender is easier because the lender does not need to repeat the approval process again. The lender doesn’t have to have you fill out a second application or verify your income.

Many lenders use a computerized system which contains all of your information. Once your data is on file these lenders can issue a second payday loan almost any time.

Beware of Second Payday Loans

Indeed it is almost too easy for most borrowers to get a second payday loan from the same lenders. Payday lenders want to get you hooked on payday loans because of the high profit they make from them.

Second payday loans are even more profitable because the lender has less work to do and fewer costs. In many cases a lender can approve these loans with the push of a button.

Even though second payday loans are cheaper for the lender they cost the same for you. The lender makes just as much money but has lower expenses on a second payday loan.

Try to Avoid Second Payday Loans

Try not to make getting payday loans a regular habit because it will cost you. The high interest rates and fees charged on payday loans can quickly add up and eat up most of your income.

Every time you take out a payday loan you will probably end up paying $50, $100 or more in interest and fees. This means you should limit your use of payday loans to real emergencies.

Use payday loans only in emergency situations when other sources of money are not available. Don’t use payday loans to pay regular bills or cover day to expenses on a regular basis.

Using Second Payday Loans 

One very habit you should never get into is using a second payday loan to pay off an earlier payday loan. Many people will take out a second payday loan from a different lender to pay off an earlier loan.

This will not solve your problems and end up costing you more money because you will have to pay off the second payday loan sooner or later. A far better solution is to find an alternative source of funds that you won’t have to pay back. Finding a cheaper source of financing can also help you save money.

Only get a second payday loan when you have no alternative and you know that you will have the funds to pay the second payday loan off.