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Can I have multiple personal loans at once?

Simply put, yes. However, it’s a more complicated question, as each lender has different rules. There are also other serious implications that can come with having multiple loans, especially if your personal circumstances change and you struggle to meet repayments.

3 min read
How many personal loans can you have

How many personal loans is too many?

The answer to this depends on your personal financial circumstances. You may be able to afford more than one repayment for a loan, however, be cautious when taking out multiple debts.

You also have to consider how much you are willing to push your personal finances. The future is unpredictable and if your circumstances were to suddenly change could you still afford the additional debt? When taking out a loan, consider if your financial situation will be the same throughout the loan term, not just when you initially take it out.

Will multiple loans affect my credit score?

“Any loan you take out is noted on your credit file and forms part of your financial history. This will impact your credit score initially, but using any form of credit responsibly (paying on time and in full each month) will improve your credit score over time.”

On the other hand, if you fail to make your repayments on any of your loans, the missed payments will negatively impact your credit score and will lead to a default and potentially a CCJ.

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Will the same lender give me more than one loan?

This will depend on your lender, as each have their own policies as to whether they offer multiple loans to their customers. The policies of each lender may include (but are not limited to):

  • Allowing you to take out multiple loans depending on how you have handled your original loan
  • Allowing you to top up or increase your loan to get access to the additional funds
  • Not allowing more than one loan but instead require you to terminate your current contract and take out a new loan to include the additional funds
  • Happily let you take out multiple personal loans
  • Don’t allow you to have more than one loan or any top-ups

I need a certain amount, should I get two loans from separate lenders?

If your current lender doesn’t allow you to take out multiple personal loans due to their lending criteria, then you may be tempted to seek out an alternative lender. Here’s what you should consider beforehand:

  • Depending on how you much you’ve paid off and how long you’ve had your existing loan, new lenders may take it into account, which could make you look like a higher risk
  • Applying for new loans and getting rejected will result in multiple ‘hard searches’ on your credit file and can knock your score
  • If your application is accepted, you may be offered a higher interest rate
  • You might not be able to afford the payments in future and default

Do I have any other options?

If you are unsure about or unable to take out an additional loan, then discuss with your lender the possibility of increasing your loan size to incorporate the additional funds.

There are other forms of credit which may be more suitable for your personal circumstances, including credit cards.

Learn more about credit cards and overdrafts here.

I have multiple loans but can’t manage them

If you already have multiple loans and are struggling to stay on top of all the repayments, consider a debt consolidation loan. This can help you get your debts under control.

There is plenty of information available to guide you with your finances. Read our comprehensive guide on getting help with debt.