Avoid Multiple Payday Loans Through Cash Kitty

Created: 2018-07-04 09:00:00

Cask Kitty simplifies your quest for payday loans. You can submit one application online and reach out to a vast network of lenders. You will receive multiple quotes in a span of few minutes. It is quite likely you would compare all the quotes and shortlist a few in less than half an hour. Subject to the subsequent correspondence, you may get approved by a lender and have the loan amount you seek credited into your bank account in less than an hour. Since many lenders of unsecured short term loans will be propositioning you at the same time, you may be tempted to sign up for more than one loan. Some borrowers go for multiple payday loans at the same time. This is an unwise move.

There is no law preventing you from signing up for multiple payday loans. You can definitely consider it if you know for certain that you will be able to repay them on time. However, do not choose such a strategy if you simply want more money at your disposal. Payday loans have some of the highest interest rates and they can easily accumulate to become an exorbitant debt. You should choose the best proposition among the quotes you have and repay it completely before you take out another loan. Even if the loan amount you are approved for does not meet all of your pressing needs, you should still resist the temptation of multiple payday loans.

The lenders don’t have any means of knowing if you have signed up for another loan. They cannot have such an update in real time. Hence, it is not really upon the lenders to determine this or have any control over what you do. You would simply invite an avoidable financial burden in the near future with multiple payday loans.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk