Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
Our Loans Expert
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Personal loans are rapidly becoming one of the most popular types of loans. And there's a good reason for this. Many personal loans have lower interest rates than other kinds of consumer debt. They typically also come with a steady monthly payment and a clear payoff date, and you can generally use them to fund anything you want.
Personal loans can seem like such an attractive way to borrow that you may decide you want to take out more than one. You could find yourself in this situation if, for example, you've borrowed to consolidate debt and then you need to make a big purchase you want to pay off over time.
Whatever the reason, if you're considering taking out multiple personal loans at the same time, you're likely wondering whether that's even possible.
The good news for would-be borrowers who want to take out more than one personal loan at the same time is that there is no rule that says you can't do this.
Theoretically, you could even take out multiple loans from the same lender. However, be aware that different lenders have different restrictions -- some forbid it entirely, while others impose other requirements. These can include a waiting period or a mandate that you've made a certain number of on-time payments on your first loan before getting your second one.
You could also opt to take out personal loans from a few different lenders at one time. But bear in mind that you would need to be able to qualify for each personal loan based on your individual financial situation. It doesn't matter whether you apply for multiple loans from the same lender or from a few different lenders, you still need to meet their requirements.
When you already have one or more personal loans, this debt will show up on your credit report if you apply for another loan. The new lender you're applying with will want to make sure your debt relative to your income isn't too high. If it is, you could be turned down. Monthly payments from both your existing personal loan and the new one you're applying for will be factored in when the lender determines affordability.
If you've applied for lots of loans and it seems you're getting in over your head with debt, you're also unlikely to be able to qualify for the new loan you're trying to take out.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.