According to the Consumer Federation of America, the amount you are allowed to take via the one hour payday loans varies between one hundred and one thousand dollars. However, not all emergency situations can be solved with just one thousand dollars. In addition, not all states legislations allow you to take one thousand dollars and usually place the total available amount at a much lower sum. This commonly leads people in a dilemma: should they take out one more payday loan or not? Whether you would want to have that instant fast cash or not, in the end it is the laws of the state you live in that have a word in this matter.
If you live in the West part of the United States, then you need to consult the legislation regarding the 1 hour payday loans carefully. While some states like Arizona for instance prohibited such loans, others like Colorado laws stipulated that the maximum sum of all your payday loans cannot surpass five hundred dollars. In addition, in Colorado, even though you do not have a limit on the number of loans you can take out, each of the payday loan should be thirty days apart. However, if you live in Montana, you are allowed to take two loans at the same time, while in the states of Hawaii and California you can only take one.
If your emergency situation needs more cash to be solved and you live in the Midwestern states, then you are in luck, as you can take out two loans at the same time in Oklahoma, Kansas, Nebraska, Iowa, Indiana or Illinois. While in most of the aforementioned states you can take a one hour payday loan from the lenders you choose, in Illinois you are required to have the same lender.
While in the West and Midwestern states, you are allowed to take out 1 hour loans no credit check even though you have some limitations regarding the total payday loans you can take in one year and the maximum amount you can borrow, in the Eastern U.S. this is not an option. Most states, except Rhode Islands and New Hampshire, outlawed the payday loans a long time ago. Even though you are allowed to have payday loans in one hour, the legislation of New Hampshire allows you only one loan at a time, while Rhode Island laws stipulate that the total sum of all three payday loans you can have cannot surpass five hundred dollars.
In the Southern part of the U.S., the legislation of most states, including Louisiana, Florida, Mississippi and so on, states that consumers have access to a single payday loan at a time. In Texas and Alabama, there is no law regarding the number of loans you can have, however, the total sum you can borrow cannot surpass five hundred dollars. The most flexible state regarding the payday loans in this area is Kentucky, as the legislation here stipulates that you can take two loans at the same time, as long as each of them are under or equal to five hundred dollars.
It is important to note that the lenders politics also dictate if you can take out more than one payday loan, regardless of the state you live in. While it is obvious that the lenders in certain regions will adapt their policies to the legislation of the state, sometimes they will refuse to give another loan to the consumers because they see them as too much of a risk. The best way you can learn more about payday loans rules in your state is to check the CFA website.
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