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Is there a limit to how many Personal Loans you can get in a certain timeframe?

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Anonymous
Not applicable

Is there a limit to how many Personal Loans you can get in a certain timeframe?

I just received a $30k loan last week to pay off some house expenses.

 

Still needing about 20k more.

 

Will the fact that I just received a loan prevent me from receiving another one so soon?

 

Anyone have experience with this or can recommend me to any good loan providers?

 

Thanks!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Is there a limit to how many Personal Loans you can get in a certain timeframe?

One loan, in and of itself, won’t preclude you from getting another. Lots of other factors will dictate your success, however: income, DTI, strength of credit profile, to name a few.
Message 2 of 5
Remedios
Credit Mentor

Re: Is there a limit to how many Personal Loans you can get in a certain timeframe?

If your new loan reported, it's going to be very hard to get another one right away.
If it hasn't reported, hurry up and apply, as long as you think you can repay them.
I'm not sure of the approval terms on your first loan, but if they are not great, it can be quite an issue as you're looking to borrow significant amount of money.
If you got low interest loan, great
If not, look at the alternatives
Message 3 of 5
Anonymous
Not applicable

Re: Is there a limit to how many Personal Loans you can get in a certain timeframe?

Yeah, the loan just reported.

 

I have a pretty solid file though. 730+ scores on all 3 bureaus.

 

100% payment history, no negatives/lates/collections.

 

Loan was okay $30k @ 9%.

Message 4 of 5
RSX
Valued Contributor

Re: Is there a limit to how many Personal Loans you can get in a certain timeframe?

I have had 3 at a time

 

but.  It is all about when, not how many

 

inquiries will be reported and could be an issue for the second one

new acccounts will be reported and could be an issue

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 5 of 5
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