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 to six 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:
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Payday Loan If you borrow £300 for 21 days, you will make one repayment of £350.05. |
Multi-Month Loan If you borrow £300 over 3 months (91 days), you will make payments of £169.12, £150.85 and £123.84. |
As you can see, while a payday loan may have a smaller interest amount, if you cannot afford to repay £350.05 in one go, then the three smaller monthly repayments 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.
You are welcome to reapply for another cashasap.co.uk loan once you have repaid a previous loan, although please note that in some cases, you may have to wait before reapplying having settled a previous loan early. You will be advised of this when making the early repayment online. It's also important to remember that 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.
