How Many Personal Loans Can You Have At Once? (2024)

If you need extra money for an upcoming project, car or surprise expense, you may need to take out multiple personal loans. You wouldn't be alone. In 2015, personal loan balances in the U.S. were approximately $72 billion,¹ but by the end of 2021, they totaled $436 billion.² This could be due, in part, to consumers opting for multiple loans at once because of increasing economic difficulties.³

The need for multiple loans at once can happen easily. Say you’re getting new basem*nt floors. The project was estimated to cost around $7,000, so you took out a loan. Then the contractor announces that an unexpected complication is adding $3,000 to the cost. If you don’t have enough money to cover the extra expense, you might find yourself wondering, “how many personal loans can you have at once?”

Can you have multiple loans at once?

Yes, you can have multiple loans at once, and lenders might approve additional loans if you’ve paid off some of your original loan and are in good standing as a borrower.

However, the specific conditions vary by lender and state of residence. Some lenders will limit the total amount you can borrow across all loans, while others will cap the number of concurrent loans per borrower.

Is it smart to take out multiple personal loans at one time?

Just like any financial decision, there’s not necessarily a right or wrong choice when taking out multiple loans at once — you decide what’s best for your financial situation. Start by researching and assessing the pros and cons of taking out multiple personal loans at once to determine what makes the most sense for your income, expenses, credit history and goals.

Before you take on debt, make sure you have a strong understanding of your financial situation. Consider how much debt you’ll be able to pay off monthly and how long it will take. It’s always a good idea to do some calculations and determine how much you could ultimately pay over the life of the loan.

Pros and cons of having multiple personal loans

You should be aware of all the benefits and risks associated with taking out any type of loan, as well as multiple loans.

Pros of multiple loans at once

One key benefit of personal loans is that these types of loans tend to have lower interest rates compared to credit cards. If you’re in good standing with the lender and don’t have any issues with your credit history, you may qualify for a lower interest rate and a higher loan amount than you’d get through a credit card.

A personal loan can serve as a helpful tool for consolidating debt. Getting a loan to pay off another loan is common — rather than juggling multiple lines of debt, borrowers can use one loan to focus on paying off multiple loans. You may even get a lower interest rate on a debt consolidation loan, saving you money in the long run.

Personal loans are also great for unexpected expenses. For example, if you need to pay a large medical bill upfront, you can use money from a personal loan rather than going into credit card debt.

Cons of multiple loans at once

Applying for a loan triggers a hard credit inquiry, which remains on your credit report for two years. Additional loans will affect your debt-to-income (DTI) ratio and affect situations like applying for a mortgage.

Having multiple loans also means multiple payments to track every month. Borrowers must be careful when juggling multiple payments, as even one missed payment can impact your credit score.

Can I get more than one personal loan from the same lender?

We’ve established that you can have multiple personal loans, but how many loans can you have at once per lender? Generally speaking, you can get more than one personal loan from the same lender, and there is no limit to the number of loans you can have at once — you’ll just need to get approved.⁴ However, it’s important to keep in mind that how many loans you can have at once varies by lender, as well as state laws.

Some lenders may specify a maximum number of concurrent loans or the total loan amount per borrower. Lenders might also require a certain number of payments to have been made on existing loans first.

Most lenders will take into account whether your existing loan(s) are in good standing, as well as your debt-to-income ratio (DTI). It’s recommended that you keep this ratio lower than 36%. If you have a poor credit history or a high DTI, a lender might deny your application, regardless of how many personal loans you have at once.

How many loans can you have with One Main Financial?

Laws and offers regarding how many personal loans you can have at once vary by state and lender. When doing business with OneMain, rather than thinking about how many loans you can take out at once, ask yourself, “how big of a personal loan can I get?”

If you have an existing loan with OneMain, you may even be eligible for a loan renewal. Use your loan renewal to pay off your current loan, then use the leftover funds for other things you need. Loan renewals are simple; you can check for offers to see if you prequalify without impacting your credit score, or visit a local branch for details.

Need an extra loan? You’re not alone.

If you’re looking into getting multiple personal loans, you’re in good company. Plenty of borrowers have expenses beyond what their existing loans can cover and wonder, “can I apply for multiple loans at once?” just like you.

Before applying for an additional personal loan, be sure to weigh your options. Think carefully before taking on more debt and making any long-term financial commitments. —

1 https://www.chamberofcommerce.org/personal-loan-statistics /
2 https://www.experian.com/blogs/ask-experian/research/personal-loan-study
3 https://www.experian.com/blogs/ask-experian/research/consumer-debt-study
4 https://www.experian.com/blogs/ask-experian/how-many-personal-loans-can-you-have-at-once
5 https://credit.org/blog/debt-to-income-ratio