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How many Personal Loans Can You have at once?

How many loans can you have? Searching for additional financing, many people try to get a loan.

Sometimes it helps to solve your problems quickly.

However, there times when you need to pay off a bad credit and, thus, need to search for a new loan.

In his review, we`ll try to explain which number of loans a person can have at once.

Be cautious about receiving too many loans

Every lender will undoubtedly verify your credit score when you want to get a personal loan. Such checking procedure is called “hard inquiry.”

Such a check can lower your credit score by several points because you apply for many loans at once.

It also means that it will be more difficult for you to qualify for the most excellent interest rates.

So, be very careful about getting too many loans at one time.

How many loans can you have?

Can I have two personal loans at once?

This question is often asked in numerous financial forums.

You should bear in mind the following things:

  • A single bank or lending company can give you just one personal loan at a time. There are rear cases when you can get both a personal loan and an automobile credit at a time. Such an option is available for trusted clients only with an ideal credit score;
  • You can have as many loans at one time as you wish. What matters, in this case, is whether you can pay off them on time. Every person in the USA can apply for several loans from various banks and financial institutions. No official rule can prevent you from doing it. However, in this way you can destroy your credit score and your overall chances to get a personal credit;
  • If you are a reliable client, who has already paid off many loans, all banks will approve all your subsequent lines of credit until you fail to pay. This scheme is very transparent;
  • Answering a question how many personal loans one can have, financial experts agree that two credits are the maximum amount. Even two personal loans are the ideal amount to manage.  On average, to cover them you should take one-third of your monthly salary;
  • The US financial institutions never limit the number of personal loans one can have at a time.

can you have two personal loans

Can multiple loans cause problems for you?

Every succeeding loan firm will perform a check to see all your previous loans regardless the fact whether they were approved or not.

Therefore, the more “hard inquiries” you earlier have on your record list, the more it seems like you are constantly searching for the money you never have.

As a result, lending specialists consider this as you cannot manage your finances.

So, you are a risky client who cannot return money to the bank.

Thus, you might even be put on the “bank blacklist” as a not reliable client.

Please keep in mind that “hard inquiries” stick for two years.


Finding the answer to the question how many loans you can have you should bear in mind that many loans are not profitable.

In this case, you will have to pay off much money for various bad credits.

If you urgently need cash, you would better get on the personal loan and pay it off as soon as possible.

Only after you have paid it, you can apply for a new one.

All in all, it will be the most rational way of managing loans.

Don't waste your time. Get a loan online.

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