WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS.
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Perhaps, you want to go on a trip and you’ve used a guaranteed loan to buy your ticket — but then you realized that you don’t have extra cash to fund your entire trip. You took another personal advance to renovate your room — but then you found a nice bed that would go with it.

Can I Get Two Personal Loans At Once?

Having a second personal loan is possible, and it might help you when you need another purchase or expense. However, having another loan is more exorbitant and risky.

Yes, it’s possible that you can get more personal loans than one especially you’ve settled at a part of your first loan and you’ve made a good impression of repaying a payday loan on time. However, it’s not practical and can cause problems afterward.

First of all, the second or third loan you have may not have the best offer. The loan provider determines the amount you can borrow, its interest, and the loan term, and it depends on several factors such as your debt-to-income (DTI) ratio and credit remark. If you just took out a small business loan or you applied an application beforehand, it will affect your credit rating negatively. As a result, lenders may see you as high risk and even if they approve your application, you will be charged with a bigger interest rate.

Also, since you’ve just taken out an instant loan recently, your DTI increases, and this is another important factor for the lender as this determines your capability to settle the loan. If you have a higher DTI, lenders will consider you as a risk, and then again, the interest rate of your loan is higher compared to the first loan you’ve acquired.

In addition, each lender has their own prerequisites when you want to get a new loan and basically, they will require you to wait for at least six months before you open a new account.

You might have recently taken out a personal loan. However, you’ve realised that you actually need more funds to cover another expense. You are, of course, wondering if there is a way for you to get financing for the second time. The second cash loan can be a huge help especially since you have grossly underestimated the financial needs. But can you?

Can You Acquire More Than One Loans

Most lenders will allow you to apply for a second loan as long as you have already paid off part of the balance of your initial loan with them. If you have established a good history concerning your repayments, then they will likely approve the application too.

However, this might not be a good thing. For the second loan, you cannot expect to get the same terms extended to you for your first loan. Loan terms and interest rates will depend on your credit score as well as the ration between your income and your credit. Since you have just recently took out a loan, expect that your debt to income ratio is going to be high and the lender will view that as a risk. Borrowers with high existing debts are generally considered high risk by lenders as this reduces their ability to get their repayments done on time.

Problems Caused By Taking More Than One Personal Loans at a Time

Aside from causing your credit rating to dip, applying for another loan when you are still paying off an initial one may make you look as if you’re in a hurry to borrow money which you obviously do not have. The lender will probably think that they might not be able to get the money back from you. If they do decide to lend you more, expect that the terms are nowhere as good as the initial loan you got. Naturally, the lenders will want to find ways on how to mitigate the risks involved.

Things to consider before getting a new loan

If you do decide to get another loan while you’re still paying for an existing one, expect that you will likely have problems getting credit in the future. When done in moderation, taking a credit can be good for your credit. But if you are getting too many inquiries on your credit report due to too many loan applications, lenders will not look at you too kindly. The new loan is going to cost you a lot more, so expect that the interest rates will be more expensive.

You’ll owe more every month as well. Multiple loans would mean more repayments to do every month. Keeping track of your due dates would be harder. Besides, it might not even be the kind of financial help you need. Always relying on loans every time you are in a financial bind will only cause you to get stuck in a debt cycle.