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How Many Personal Loans Can You Have at Once?

In many cases, you can have more than one personal loan at a time, but consider how you'll manage the extra debt.

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Updated · 2 min read
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Ronita Choudhuri-Wade
Co-written by 
Lead Writer
Borrowers can have more than one personal loan, but how many loans and how much you can borrow depends on a lender’s requirements. Some lenders will approve a second or third loan, but others limit you to one personal loan at a time
Managing multiple personal loans can also strain your budget, so it’s worth considering alternatives before turning to another loan.
» MORE: Check personal loans interest rates

How many personal loans can I have?

There 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 debt.

Personal loans from our partners

SoFi
Check Rate

on SoFi

SoFi

5.0

NerdWallet rating
APR

8.99-35.49%

Loan Amount

$5K- $100K

Lightstream
Check Rate

on LightStream

LightStream

4.5

NerdWallet rating
APR

6.49-25.29%

Loan Amount

$5K- $100K

BestEgg
Check Rate

on Best Egg

Best Egg

4.5

NerdWallet rating
APR

6.99-35.99%

Loan Amount

$2K- $50K

MORE DEBT CONSOLIDATION LOANS

Qualifying for a second personal loan

Getting approved for a second personal loan could be challenging. But if you have one loan in good standing and don't have a lot of other debts, you may be approved for another loan.
Here are some factors lenders consider:
  • Debt-to-income ratio: When they review your loan application, most lenders consider your debt-to-income ratio (DTI), which is your monthly debt payments divided by your gross monthly 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.
  • Creditworthiness: Many lenders have minimum credit score requirements to qualify for a loan. You’re more likely to qualify for a loan with a low interest rate if you have a credit score of 690 or higher.
A lender could approve you for a second loan, but you may not get the terms you’d prefer. Some lenders will charge a higher annual percentage rate (APR) because of your existing debt. Or you may not qualify for the full amount you wanted to borrow.
» MORE: What is an annual percentage rate on a personal loan?

Getting multiple loans from the same lender

This table shows the number of personal loans some popular lenders will provide to a single borrower:

Lender

Maximum number of loans

Maximum loan amount

SoFi

2.

$100,000.

LendingClub

No limit.

$50,000 total for all loans.

Rocket Loans

1.

$45,000.

Upstart

2.

$50,000.

LightStream

No limit.

$100,000.

Discover

2.

$40,000.
Check rates on NerdWallet
Some 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.
» MORE: How to manage your personal loan

How do multiple personal loans affect your credit?

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.
You could also do serious damage to your score if having multiple loans results in missed monthly payments.

Risks of multiple personal loans

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.
In addition to affecting your credit, consider these risks of a second or third personal loan:
  • Temptation to take on more debt. Getting another personal loan could lead you to overspend or rely on debt for everyday expenses. If you take out a debt consolidation loan to pay off your credit card balances but charge up your cards again, you’ll wind up deeper in debt.
  • Potential strain on your budget. Juggling multiple loan payments can be difficult, particularly on a tight budget. Consider whether you could still afford to pay for essentials and pay down your other debts as agreed before you take on an additional loan payment.
  • Higher debt-to-income ratio. Multiple loans will drive up your debt-to-income ratio. That could make it harder to qualify for credit or financing in the future, since lenders prefer a lower number.
Before you move forward with a new personal loan, calculate your monthly payments and consider how they’ll fit into your budget.

Alternatives to personal loans

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 or transfer an existing credit card balance 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.
» MORE: NerdWallet’s best HELOC lenders
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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NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
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Methodology

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How we chose the best personal loans

Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.

35+

Lenders reviewed

We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.

25+

Categories assessed

Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.

70+

Data points analyzed

Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.

Star rating categories

We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.

Affordability 25%

We review lenders’ annual percentage rate offerings at least twice per year and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience 20%

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility 20%

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility 20%

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process 15%

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

5.0
Overall score

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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