How many payday loans can I have out. Does it matter state by state? Refrences?

I went into a payday loan store and I already have 2 loans out. I told him I had none. He said that he is on some state system and that I am only allowed to have 2 loans out? how come so may other people on yahoo answers are talking about having 5 and 10 loans out at a time. How do I do that. I need money for a business loan.
nevermind. it’s just in the U.S.

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This entry was posted on Thursday, July 9th, 2009 at 4:47 pm and is filed under Payday-Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “How many payday loans can I have out. Does it matter state by state? Refrences?”

bdancer222 on July 9th, 2009 at 4:47 pm

If you already have two payday loans, you have two too many. Are you aware that the APR for these loans tends to be in the 600% range?

You need to find some other way to finance your business. There is no way you can pay that kind of interest and still show a profit.
gogs1225 on July 9th, 2009 at 4:47 pm

Yes, state to state have different laws. In some states, payday loans are not legal but there are some companies that still lend.
Some payday loan companies will be flexible with customers , maybe some companies’ systems don’t integrate their software with the law. The payday loan stores have access to other companies that give your information, from how many loans you have, how much you have out, from when they were given, even the ones that were defaulted.
Try to get out of payday loans, or use them only in an emergency.
Also, try Prosper. People lending to people.
Pengy on July 9th, 2009 at 4:47 pm

If you cannot afford to pay back the two to clear them up, how are you going to handle any additional? Things are bad when a payday loan turns you down

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