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How many personal loans can you have at once?

If you want to get more than one personal loan, you can, but it will depend on your current income, credit score, and debt-to-income ratio.

Catherine Collins
January 10, 2024

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If you want to consolidate debt or make a large purchase this year, you might be wondering how many personal loans you can have at once. The truth is you can have more than one personal loan at a time, but you’ll need to qualify for it first. Approval will depend on your income, credit card balances, and other information on your credit report, like your payment history.

Can you have multiple personal loans at once?

Yes, you can. Some lenders will even let you have more than one loan with their bank if you’re eligible. 

Every lender is different, but you are more likely to get approved for more than one personal loan if you have a high income, good credit score, and low debt-to-income ratio.

How many personal loans can I have at once? 

Applying for multiple personal loans comes down to your individual finances. It also depends on the loan amounts you need. For example, you might qualify for several smaller personal loans if your income supports it and you have a solid credit score. 

How many loans from different lenders can you have? 

You can shop around as much as you like when it comes to personal loans.

Each lender will consider your current loans, monthly payments, income, and more when deciding whether or not to approve you.

How can you boost your chances of qualifying for another loan?

There are several ways you can increase your chances of qualifying for more than one personal loan.

Check your credit report

Your credit score and overall credit profile will impact your ability to qualify for more than one personal loan. So, the first step is to make sure your credit is in good standing. You can visit to view a copy of your credit report. 

Once you access your report, look through it carefully to ensure the information on your report is accurate. Also, pay attention to the adverse accounts section. That’s where you’ll see if you have any accounts that are currently in collections. If you do, take the steps to rectify those accounts.

Lastly, write down how much debt you have. Your credit report will list all of your current credit cards and loans, including car loans and your mortgage. 

Reduce your debt

If you have debt, especially high-interest debt, reducing it could help you qualify for more than one personal loan. That’s because lenders calculate your debt-to-income ratio.

In order to find out what your debt-to-income ratio is, divide your total monthly payments by your gross monthly income. Multiply the answer by 100 to make this number a percentage.

Ideally, lenders prefer to see a DTI ratio of below 36% and no more than 41%. Any higher, and it means you’re allocating too much of your income to debt payments, so lenders are less likely to approve you for a personal loan.

Pay all your bills on time every time

Your credit report is like a financial report card. When lenders look at it, they’ll see your payment history. Your payment history makes up the largest percentage (35%) of your credit score and shows lenders whether or not you’ve paid your bills on time. 

That’s why it’s so important to be on time with your payments. If you want to qualify for a personal loan, especially more than one personal loan, having an excellent credit score and a history of paying bills on time helps.

Shop around

If you want to qualify for more than one personal loan, it helps to shop around. Different lenders will have varying qualifications and terms. So, even if you don’t qualify for a personal loan at one lender, you might qualify at another. Additionally, some lenders might offer higher interest rates than others or lower monthly payments due to longer terms. 

Shopping around allows you to find the best personal loan for your specific needs and financial situation. Don’t forget to ask about fees and penalties when shopping around. Many lenders charge application fees, origination fees, and late payment penalties. Knowing those fees ahead of time can help you adequately compare lenders.


Consider adding a co-signer

Another way to qualify for more than one personal loan is to apply for one with a co-signer. A co-signer who has a consistent income and good credit can help you get approved for a loan if you aren’t able to on your own.

Typically, a co-signer is someone who is a family member or close friend of the borrower because co-signers are responsible for your debt if you can’t pay it. If you go this route, have open communication with your co-signer. Let them know if you get into financial trouble because if you don’t make your payments, it will hurt their credit. It will also likely damage your relationship with them.

In sum, having a co-signer can help, but tread carefully and only go this route if you can confidently make your payments on your own.

Increase your income

Lastly, because your income plays a large role in whether or not you’re approved for a loan, increasing your income can help. Whether it’s asking for a raise at work or starting a side business, showing a lender that you have a steady, reliable income with enough to make loan payments can help you get approved for more than one personal loan.

What are the risks of taking on multiple loans?

Although loans can be helpful if you’re trying to reach specific financial goals, there are pros and cons of personal loans you should know about. Here are some of the risks.

Interest costs

Loans come with interest costs. Lenders earn money by charging interest to consumers who borrow from them. When you pay back your personal loans, you’ll be repaying the amount you borrowed plus interest. Depending on the amount you borrowed, this could be thousands of dollars of extra costs on top of what you borrowed.

Impact on credit

Each time you borrow money, it has an impact on your credit score. For example, if your income remains the same, your debt-to-income ratio will increase after taking out a personal loan. This might make it more challenging to borrow money in the future, as a higher DTI ratio indicates you might be stretched thin financially.

However, there are potential positive impacts on your credit score, too. For example, adding a different type of loan increases your credit mix, which is 10% of your credit score. Additionally, paying your loan on time every month helps your payment history.   

Whether or not a loan will help or hurt you financially depends on your personal financial situation. For example, if you’re consolidating credit card debt, a personal loan could help you make your monthly payments more manageable and enable you to pay off your debt faster. If you’re taking out a personal loan for a wedding or a vacation, the loan could increase your DTI ratio. It would also add to your total debt, making it more challenging to qualify for other loans, like a mortgage, in the future.

Financial stress

Having debt is stressful. Adding another monthly payment can increase your overall financial risk. That’s why when you have one or multiple personal loans, it’s important to have a long-term emergency fund. 

Things happen like illness, job loss, or other unforeseen circumstances. Make sure that if the unexpected happens and you’re unable to work, you have enough in an emergency fund to make at least your minimum payments on your debt.

Alternatives to multiple personal loans

If you need access to cash, there are many options to choose from. Personal loans are not the only way to borrow money, especially if you’re a homeowner. Here are some alternatives to personal loans to consider that use your home’s equity.

  • Home Equity Investments:  A Home Equity Investment (HEI) is an option if you want to tap into your home’s equity without having monthly payments. With a Home Equity Investment, you don’t need to have a high credit score to be approved. 
  • Home equity loan: With a home equity loan, you can apply to receive a lump sum of up to 85% of your home’s equity. You will make equal monthly payments over a set period of time agreed upon by you and the lender.
  • Home equity line of credit: A HELOC works similarly to a credit card. You’re approved to borrow up to a certain limit and only draw on your line of credit when you need it. Your lender will set the terms of your line of credit, but your monthly payments will vary.

Other debt consolidation options

If you don’t qualify for a personal loan to consolidate debt and you’re not a homeowner, you still have other options. For example, you can apply for a balance transfer credit card if you have credit card debt. This moves your balance from a high-interest credit card to a credit card offering a low introductory interest rate for a specific period of time.

Keep in mind, balance transfer cards often come with fees, but the savings you get from a lower interest rate can be worth it. 

If you don’t qualify for a credit card, there are numerous grant and financial assistance programs available to people who meet certain qualifications. Search your state for available programs in your area.

Final thoughts

If you want to get more than one personal loan, you can – depending on your current income, credit score, and debt-to-income ratio. Having an excellent credit score and reliable income can help in securing more than one personal loan. If you aren’t able to get more than one personal loan on your own, you can apply with a co-signer. Alternatively, you can pursue other funding methods like credit card balance transfers or a Home Equity Investment.

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