The number of payday loans one can have at once largely depends on the laws and regulations of individual states. Some states may allow you to take out multiple payday loans simultaneously, while others might prohibit it. In some cases, a borrower may only have one outstanding loan at any time.
For instance, in Washington State, you may only borrow a total of $700 or 30% of your gross monthly income, whichever is less according to Washington State Department of Financial Institutions.
Washington has a state law that limits the number of payday loans a person may have to 8 per 12-month period.
In California, a borrower can have only one payday loan outstanding at any given time.
In Texas, there is no legal limit to the amount a payday lender can loan you.
Florida: A borrower may borrow up to $500 per payday loan, and only have one outstanding payday loan at any time according to Florida Office of Financial Regulation.
However, it’s worth noting that while it is possible to take out multiple payday loans, it may not be advisable due to the high costs associated with them. Borrowers should be aware of the potential financial risks before taking out multiple payday loans.
For more detailed information, it would be best to check the specific laws and regulations within your own state.
