How many personal loans can You Take at One Time?

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How many personal loans can you have at once?
In many instances it is possible to take on several loan at a time, but consider whether you can handle the additional debt.


Updated on July 6, 2021.

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You may have multiple personal loan with certain lenders, or you can be able to have several personal loans from different lenders.
It is more likely that you will be denied several loans through the lender than the law allows. The lender may limit the amount of loans or the total amount of money -- they'll offer you.
They don't typically decline applicants solely because of an existing loan however, they might deny your application if they have .
The ideal personal loan will help you achieve your financial goal without hurting your credit score or creating insurmountable debts with high interest rates.
Keep this in mind and think about other options to get the cash you require before turning to another loan.
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Multiple loans from the same lender
Certain lenders have a limit on the amount of loans you are allowed to take out or a limit on the amount you can borrow , or both.
The table below shows the amount of personal loans that some of the most well-known lenders provide to a single borrower:
Lender



Maximum amount of loans



Maximum loan amount



2


$100,000


2


$140,000 to 1 loan
$50,000 total for 2 loans


1


$45,000


2


$50,000


No limit


$100,000


No limit


$75,000


No limit


$35,000


on NerdWallet and get personal rates from various lenders.








Some lenders require that borrowers make a certain number of installments prior to applying for a second loan. LendingClub For instance, requires borrowers make payments for three to 12 months prior to applying for a second loan. SoFi requires three consecutive payments towards an existing loan before applying again.
Upstart requires borrowers make six on-time payments before applying. The Upstart borrowers must wait 60 days before reapplying in the event that they repay the loan in less than 6 months or if they have just paid off the loan and any of the six previous payments were not on time.
The fact that you have a personal loan from another lender isn't an automatic disqualification, lenders say. If you've nearly finished paying off one loan and do not have many other existing debts, you may be approved for another loan.
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The ability to qualify for a personal loan
There aren't any federal laws restricting the use of multiple personal loans, says Carolyn Carter, deputy director of the National Consumer Law Center. A few states limit the number of loans an individual can get at a time, she adds.
The biggest problem in obtaining another personal loan is determining if you qualify for it.
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" If your debt is high compared to your income the biggest obstacle for obtaining another personal loan may be qualifying for it. "

In analyzing a loan application, most lenders consider your debt-to-income ratio, or DTI which is the ratio that accounts for all your debts as a proportion of your income.
Each time you take out a loan and you increase your DTI. Most lenders will want that number to be about 40% or less.
The lender may deny your applicationor accept it , but at a higher rate due to your current credit.
It's also worth thinking about the impact your credit score might take when you apply for another loan. Loan applications often result in a temporary lower your score by a few points.
If you are able to apply for multiple loans in quick succession, the effect on your credit score can be a lot more and you could notice a big dent in your credit score. (The hard inquiry is whether your application is approved and if it is not.)
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Find out if you're pre-qualified for an individual loan and it will not affect your credit score
Simply answer a few questions to get customized rate estimates from several lenders.



Other alternatives to personal loans
Personal loans can be an investment in the long run and work best for large, budgeted costs.
For example, a debt consolidation loan and a loan for home improvement could both be financially beneficial, but taking them out around the same time could result in you being further in debt.
If you want to avoid getting another personal loan Here are a few alternatives:
Savings: If the cost could be put off -- especially in the case of a discretionary expense you should consider saving to cover it before you start. If you're not able to save, try finding a different way alternatives to pay off your initial loan.
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0% interest credit card If you have a high credit score (typically 690 or greater) You may be eligible for a that could allow you to finance an enormous cost interest-free during a trial period of a year or more.
Be sure to find out the APR after the initial period has ended in the event that you end up making payments past that period.
Payment plans: A lot of doctors, dentists, and veterinarians allow patients to create a payment plan. Certain medical professionals are also able to assist patients pay for costly procedures.
Co-signed or secured loan If you've decided that the personal loan would be the most suitable choice and you're in a good position, you might be more likely of getting one if you offer collateral to or have a friend or family member co-sign a loan for you. (This is a huge request as a co-signer will be on the hook for the loan and co-signing may reduce the amount the co-signer can independently borrow.)
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Before you move forward with a personal loan take the time to research think about how they'll fit within your budget.



About the author Annie Millerbernd is a personal loans writer. Her writing has been featured in The Associated Press and USA Today.







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