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Payday loans are often seen as an emergency, even last resort form of borrowing. They aren't the cheapest to secure, but are certainly the quickest (and, arguably, easiest). So what happens if you find yourself in a real financial pickle and one payday loan simply won't cover your costs? Can you get a second payday loan?

This is something of a complicated matter and certainly isn't a decision that anybody should take lightly. Whilst the actual answer is that yes, it is 'possible' to get a second payday loan, it is certainly not the most advisable course of actions in most situations.

The main reason you will probably want to secure a second payday loan is that you aren't able to get the full amount you were looking for from one provider. Many lenders have a cap on how much a first-time borrower can actually secure; this is simply to reduce the risk of providing funds to people who are unable to or have no intention of repaying their loan. This can prove prohibitive, particularly if you are looking for an amount that exceeds this threshold.

Finding the solution to this problem could be as simple as seeking out an alternative lender who is able to better meet your requirements. However, you do still need to be wary of any who are unlicensed, charge well over the usual rate or ask for money upfront. But even this may prove impossible, particularly if you have never previously had a payday loan.

As a consequence you may choose to simply accept one payday loan and hope that you can get a second one elsewhere. The good news in this regard is that it could be possible. It's certainly not assured, but there is certainly scope for having simultaneous loans.

This is made possible by the greater freedom afforded by the lenders to their borrowers. Often they will only carry out the most basic of checks, which may not even include a review of your credit rating - although this isn't all that common. Therefore they may be unaware that you have another payday loan elsewhere or, even if they do know, believe that your salary is such that you can deal with it.