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 you may have more than one loan at a time, however, you should consider if you are able to handle the additional debt.


Last updated on Jul 6, 2021

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There is the possibility of having several personal loan with some lenders or you can be able to have several personal loans with various lenders.
You're generally more likely to be blocked from getting more than one loans through the lender than the law. Lenders may limit the number of loans or the total amount of money -- they'll offer you.
They rarely deny applicants solely because of an existing loan However, they could deny your application if they have .
The most suitable personal loan can help you reach your financial goals without damaging your credit score or creating insurmountable debts with high rates of interest.
Keeping that in mind, consider other ways to get the cash you need prior to taking out a new loan.
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Getting multiple loans with the same bank
Certain lenders have a maximum number of loans you can have, a maximum amount you are able to borrow or both.
This table lists the amount of personal loans certain lenders are known to offer to one borrower:
Lender



Maximum number of loans



Maximum loan amount



2


$100,000


2


$140,000 to 1 loan
Total of $50,000 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 personalized rates from multiple lenders.








Some lenders require that borrowers pay a specific amount of installments prior to applying for a second loan. LendingClub is one example. SoFi, for instance is a lender that requires borrowers to make monthly payments for a period of three to twelve months prior to obtaining the second loan. SoFi requires three consecutive payments to an existing loan before requesting a second loan.
Upstart will require borrowers to make six on-time payments before applying. Upstart borrowers have to wait 60 days prior to reapplying when they have paid off the loan in under six months or if they recently completed the repayment of the loan and any of the six previous payments were not on time.
A personal loan from a different lender doesn't mean an automatic disqualification for you, lenders say. If you've nearly paid off one loan and don't have a lot of other outstanding debts, you may be approved for a second loan.
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The ability to qualify for a personal loan
There are no federal regulations that prohibit a person from having multiple personal loans according to Carolyn Carter, deputy director of the National Consumer Law Center. Some states regulate the number of loans a person is allowed to have simultaneously, she adds.
The main problem in obtaining another personal loan is determining if you qualify for it.
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" If your debt is excessive compared to your income the biggest obstacle to getting another personal loan could be proving you are eligible for it. "

When evaluating a loan application, lenders typically consider your debt-to-income ratio, or DTI, which accounts for all your debts as a percentage of your earnings.
When you make a loan and you increase your DTI. The majority of lenders want the number to be 40% or lower.
The lender can deny the application or even approve the application, but with a price because of your existing debt.
Also, you should consider the impact your credit score might take when you apply for another loan. Applications for loans typically trigger a that can temporarily drop your score by just a few points.
If you are able to apply for multiple loans in quick succession, the effect on your credit can multiply and you may see an enormous drop in your credit score. (The hard inquiry happens whether the application is accepted or not.)
>> MORE:
See if you pre-qualify for a personal loan - without affecting your credit score
Simply answer a few questions to receive an estimate of your personal rate from a variety of lenders.



Other alternatives to personal loans
Personal loans are an ongoing financial commitment that work best for large, scheduled expenses.
For instance, a debt consolidation loan and the loan to fund home improvements can both be financially beneficial, but having them both taken out at the same time can make you more in debt.
If you're looking to stay clear of taking another personal loan Here are a few alternatives:
Savings: If the cost can be delayed -- particularly in the case of a discretionary expense Consider saving for it first. If you're not able to save, try looking for other options to repay your initial loan.
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Credit cards with no interest: If you have a great credit rating (typically 690 or higher) and you are eligible for a card that will allow you to finance an enormous cost interest-free during a trial period of one year or more.
Be sure to find out the APR when the introductory period ends in the event that you decide to make payments after the initial period.
Payment plan: Many doctors, dentists, and veterinarians will allow patients to create a payment plan. Some medical providers are also able to assist patients who require costly procedures.
A secured or co-signed loan If you've concluded that an individual loan will be your best choice then you could have a better chance of getting one if you offer collateral to or ask a family or friend member co-sign for a loan to you. (This is a major ask as a co-signer will be on the responsible side for the loan and co-signing may lower the amount the cosigner is able to borrow independently.)
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Before you take the plunge with a personal loan, be sure to think about how they'll work into your budget.



About the author Annie Millerbernd is a personal loans writer. Her work has appeared on The Associated Press and USA Today.







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