Asking how many payday loans you can get in a year is like asking how deep is the debt you want to go into. Payday cash advances are generally a bad idea because the interest rate is in the 600%+ range. If you are short of cash this week, you will be even shorter next week after you pay the principal and interest.
Normally, people take out just one overnight cash loan and pay it off on their next pay day. The fact that you want to know how many loans you can get indicates that you are unable to pay them off even the first quick cash advance that you took out.
What that means is that you will use the second quick cash advance to repay a part of the first one and then a third one to repay the rest of the first one, and so on. Soon you will be in so much debt that you will be forced to sell anything of value that you may own just to get out of the desperate situation.
If your financial emergency amounts to more than the limit of amount that you can borrow, you may think getting more than one payday loan is the answer. Whether you can do it, however, depends on payday loan regulations in your state.
- State laws determine how many cash advances you can have at once. Here is a detailed list:
Southern United States
Most southern states allow you to have only one emergency cash loan at a time. These include Virginia, South Carolina, Mississippi, Florida and Louisiana. Two states allow more than one but place a limit on the total amount you can borrow. In Alabama and Texas, you can take out an unlimited number of payday cash advances but the total of all the loans cannot be more than $500. The state of Tennessee allows you to take out up to three loans at a time, but only two from the same lender. Kentucky is the most liberal, allowing you to have two loans, each amounting to no more than $500. State laws in West Virginia, North Carolina and Georgia prohibit quick cash advance loans.
Cash advance loan requirements in Midwestern states are more specific. Indiana, Illinois, Iowa, Nebraska, Kansas and Oklahoma all permit you to have two outstanding payday loans at a time, although in Indiana you can only have one loan from a 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 unlimited payday cash advances, but only one loan from a lender. Wisconsin allows an unlimited number of loans. Missouri, Minnesota and North Dakota do not specifically address the topic of numerous cash advances in their state laws, although North Dakota does limit loans to a total of $600.
Eastern United States
With the exception of New Hampshire and Rhode Island, state laws in eastern states prohibit payday loans. These states are Maine, Vermont, Massachusetts, New York, Connecticut, New Jersey, Pennsylvania, Delaware, Maryland and the District of Columbia. New Hampshire allows you to have only one personal loan at a time and although Rhode Island allows you to have three, their combined total should not exceed $500.
Western United States
Arizona prohibits quick cash advances, while Utah and Oregon regulate neither the numbers of cash advance loans you may have nor their amount. California and Hawaii allow only one at a time and Montana allows two. In Colorado, the combined total of all outstanding loans cannot be more than $500 and while you can take out an unlimited number, every other loan may be taken after at least 30 days. New Mexico limits the combined total of payday cash advances to a maximum of 25% of your gross income. Idaho limits the total of all loans to $1,000 and Washington to $700. Wyoming, Nevada and Alaska do not address the topic of payday loans in their state laws.