In many cases, you can have more than one personal loan at a time, but consider how you'll manage the extra debt.
Updated Jul 20, 2023 · 2 min read Written by Annie Millerbernd Assistant Assigning Editor Annie Millerbernd
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Annie Millerbernd is an assistant assigning editor and NerdWallet authority on personal loans. She has been a journalist for nearly a decade. Before joining NerdWallet in 2019, she worked as a news reporter in Minnesota, North Dakota, California, and Texas, and as a digital content specialist at USAA. Annie's work has been cited by the Northwestern University Law Review and Harvard Kennedy School . Her work has been featured in The Associated Press, USA Today and MarketWatch. She’s also been quoted in New York magazine and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio. She is based in Austin, Texas.
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Kim Lowe is a lead assigning editor on NerdWallet's loans team. She covers consumer borrowing, including topics like personal loans, student loans, buy now, pay later and cash advance apps. She joined NerdWallet in 2016 after 15 years at MSN.com, where she held various content roles including editor-in-chief of the health and food sections. Kim started her career as a writer for print and web publications that covered the mortgage, supermarket and restaurant industries. Kim earned a bachelor's degree in journalism from the University of Iowa and a Master of Business Administration from the University of Washington. She works from her home near Portland, Oregon.
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Ronita Choudhuri-Wade is a former NerdWallet writer covering personal loans. Before joining NerdWallet, Ronita was a freelance writer for the fintech company Wise (formerly TransferWise) on global money transfers and banking internationally. She was previously a senior internal wholesaler at MainStay Investments, holding her Series 6, 65, 63 and 7 licenses. Ronita graduated from New York University and has a master’s degree in globalization and development from the University of Manchester in the United Kingdom. Ronita currently lives in Tulsa, Oklahoma.
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Borrowers can have more than one personal loan, but how many loans and how much you can borrow depends on a lender’s requirements and whether they’ll approve a second or third loan.
Managing multiple personal loans can also strain your budget, so it’s worth considering alternatives before turning to another loan.
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Min. credit score Check Rate SEE MORE LENDERSThere are no federal regulations prohibiting someone from having multiple personal loans, says Carolyn Carter, deputy director of the nonprofit National Consumer Law Center. You can have more than one personal loan with some lenders or multiple personal loans across different lenders.
Some lenders have a maximum number of loans you can have with them, a maximum amount you can borrow or both. Lenders don't typically decline applicants solely because of an existing loan, but they may reject your application if you have too much current debt .
This table shows the number of personal loans some popular lenders will provide to a single borrower:
Maximum number of loans
Maximum loan amount
$50,000 total for all loans.
Check rates on NerdWalletSome lenders require that a borrower make a certain number of payments before applying for another loan. SoFi needs three consecutive payments toward an existing loan before a borrower can apply again.
Upstart says borrowers can have one active Upstart loan, but they must wait at least six months before applying for a second loan. Borrowers must not have been disqualified for a loan within the previous 30 days.
The biggest obstacle to obtaining another personal loan may be getting approved for one.
Here are some factors to consider:
Debt-to-income ratio: When reviewing a loan application, most lenders consider your debt-to-income ratio (DTI) , which accounts for all your debt as a portion of your income. Lenders usually look for that number to be about 40% or lower.
Loan amount: Some lenders allow you to have more than one loan, but they may cap the total amount you can borrow.
New APR on loan: A lender could approve you for a second loan but at a high annual percentage rate because of your existing debt.
Before you move forward with a new personal loan, calculate your monthly payments and consider how they’ll fit into your budget. If you’ve almost paid off one loan and don't have a lot of other existing debts, you may be approved for another loan.
It’s worth considering the hit your credit score could take when you apply for another loan. New personal loan applications, whether approved or not, often trigger a hard credit pull that can temporarily drop your score by a few points.
If you apply for several loans in quick succession, the effect on your credit can multiply, and you could see a big dent in your score.
Personal loans can be a long-term financial commitment and work best for large, planned expenses. For example, a debt consolidation or home renovation loan can be financially beneficial, but taking multiple loans can add substantial debt to your budget.
If you want to avoid taking another personal loan, here are some alternatives:
Buy now, pay later: " Buy now, pay later " plans let you pay for a purchase over a series of installments, often without interest or fees. Buy now, pay later can be a good option if there is zero interest and you have the cash flow to pay off the loan. But the convenience of buy now, pay later can lead to overspending.
0% interest credit card: If you have a good credit score (typically 690 or higher), you may qualify for a 0% APR credit card that could allow you to finance a large expense interest-free for an introductory period of 18 to 21 months. Make sure to pay off the expense before the interest-free period ends to avoid paying interest on your balance.
Loan apps: Cash advance apps can cover a short-term cash need by providing a small advance on your paycheck. Instead of interest, cash advance apps may charge a subscription fee or an optional tip for the service. Funding can take one to three days, although borrowers can sometimes get instant funding by paying an extra fee.
Medical payment plan: Many doctors, dentists and veterinarians allow patients to work out a payment plan. Some medical providers also make medical credit cards available to help patients with costly procedures.
Home equity line of credit: Homeowners can consider a HELOC to fund a large expense, like a home renovation. A HELOC is a credit line that you draw on as needed and pay interest only on what you borrow for a set amount of time, after which you pay the principal during the repayment period. The long draw period — typically 10 years and then 20 years for repayment — makes HELOCs better for expenses that may have unexpected costs.
Other ways to make money: If the expense can be delayed — especially if it’s a discretionary expense — try looking for different ways to make money to pay down your original loan and improve your DTI.
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