How many payday loans can you have at one time?

Learn more about payday loans and how many you can have in this guide.

When it comes to payday loans, you can have multiple loans at once from different lenders, or even the same lender if they allow it.

However, even though you can have multiple loans at once, it isn’t always a good idea to have more than one payday loan at the same time, as it can become difficult to stay on top of all the different payments coming out.

Plus, lenders will consider how many other payday loans you have when they review applications you make to them, and a high level of outstanding credit may impact their decision. Wherever you can, you should always pay back a loan in full before considering borrowing any more money.

However, there are occasions where a series of unexpected expenses or emergencies can leave you feeling as though you have no other option but to take two or more payday loans at once. Here, we’ve looked into this issue and the alternatives, should you need cash now but have a payday loan that you’re still making repayments on.

How many payday loans can you have at one time?

This depends entirely per lender and many will set restrictions on the total amount of payday loans you can have at any one time.

Why you shouldn’t take out more than one payday loan

There are a number of reasons why you shouldn’t take out another payday loan while still making payments on the one you already have. We’ve taken a closer look at these here:

Payday loans are not meant to be long-term solutions

Payday loans are intended to be a quick way to solve a one-off, emergency need for cash. They should only be considered when you’ve exhausted all the other ways of accessing the money you need quickly, such as withdrawing from savings or borrowing from a friend or family member.

Repeatedly taking out payday loans can become an extremely expensive way to borrow money as time goes on. What was supposed to be a quick fix for a short-term emergency can become a long-term issue if you find yourself borrowing from one lender to pay another.

Juggling multiple payments to different lenders can not only become difficult to stay on top of from an admin point of view, but it will also become more expensive. With the added interest and the requirement to pay back in full within a short time frame that often comes with payday loans, trying to pay more than one back can take its toll on your finances in the long run.

It can have a negative effect on your credit score 

The very nature of payday loans means that if you apply for even one a month, this will add up to a number of searches on your credit report quite quickly, and this will have a negative effect on your credit score. This is because every time a lender performs a credit check, this is noted on your credit report.

Applying for a number of loans or credit accounts, and so having a lot of searches on your report in a short period can be a sign that you’re in a difficult financial situation and may not be able to pay back what you borrow. As a result, this behaviour will have a negative effect on your credit score.

Your credit report also lists every credit check that has been performed on you, so other lenders can see how many applications you’ve made, what kind of loans or credit accounts you’ve been applying for, and whether you’ve been successful, which may factor into their decision when you apply to them.

If you are struggling to repay a payday loan on time, take a look at our in-depth guide for tips on things you can do to help you pay them back in an affordable way. If you feel like you are experiencing financial difficulty, then you may wish to seek free and impartial debt advice from a not-for-profit organisation like StepChange or the Money Helper.

What can I do instead of taking on another payday loan?

This depends entirely on your situation but here are some suggestions:

  • You could look into an alternative solution – Using savings if you have them, or borrowing from family and friends may be a better alternative to avoid paying interest on what you borrow.
  • Sell an unneeded item – Having a clear-out and selling your unwanted and unneeded items can be a great way to find some extra cash that may be enough to cover an unexpected cost. The more valuable the items you can sell, the more you’ll make. This could be anything from a bike that’s no longer used to a games console that is rarely turned on. You can even make a good amount of money from selling DVDs you don’t watch anymore!
  • Look at where you can cut back – We’re all guilty of spending a little more than we should on treats and entertainment. Temporarily cutting back on luxuries like Netflix, buying food and drink while you’re out, and takeaway food can build up enough money to fund an emergency expense – and you may find you don’t even miss them!
  • Seek out free and impartial debt advice – The Money Helper and StepChange have helpful guides and advisers available to guide you through a tough financial situation. Speak to them if you feel you’ve exhausted all other options as they may be able to help you find another solution.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to

Looking for a speedy loan?

If you need cash for an emergency and are certain that a payday or short-term loan is the best choice for your circumstances, take a look to see what Sunny could do for you. You can apply for a short-term loan online and receive an instant decision from a panel of lenders. If approved, you could have the cash you need in your bank account today#.

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Looking for further information on lending options?

Want to know more about your options when it comes to a short-term loan? We’ve put together some in-depth guides that can help. Check them out below.