Can I take out more than one loan at a time?

The simple answer is no. Unfortunately, it is not possible to have more than one outstanding cashasap.co.uk loan, per person, at any one time. We are also unable to offer an increase on an already outstanding loan.

If you are thinking about taking more than one payday loan out before you apply because you feel you won’t be able to pay back a large sum in one go, then perhaps our Multi Month loan will be a useful alternative for you. It allows you to repay your loan over three monthly instalments, each of which is a smaller – and perhaps therefore a more affordable – repayment amount.

We’ve compiled a simple comparison table to show you how a loan of the same amount can be repaid in two different ways, and how much each would cost you:

Payday Loan

If you borrow £125 for 30 days, you will make one repayment of £154.79.

Multi-Month Loan

If you borrow £125 over 3 months (90 days), you will make three repayments of £63.17.

As you can see, while a payday loan may have a smaller interest amount, if you cannot afford to repay £154.79 in one go, then the three repayments of £63.17 may be much more affordable. It might be worth reading both pages about payday loans and multi-month loans, so you know which one is right for you.

While you can’t take out more than one cashasap.co.uk loan at any one time, you can always repay early and apply for a larger loan if your circumstances have changed causing you to require one. However, repaying one loan early or on time does not guarantee you will be approved for another loan, even if the loan application is for a similar amount.

If you can’t repay your loan on the agreed repayment date, then please contact us at your earliest convenience so that we can discuss a repayment plan or extension for your balance. If you are struggling with your finances more generally, it might be a good idea to get in touch with a free debt advice service such as National Debtline or the Money Advice Service.


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