Can I Have Two Personal Loans at the Same Time?
By Space Coast Daily // January 10, 2022
People often ask this question that whether they are legally eligible to take two personal loans at the same time? The right answer is, yes one can legally take two personal loans from online lending services but whether it is justified or not is also a burning question.
Life is really unpredictable and it is very much possible that while you have already taken a personal loan from some lender a sudden situation may make you run out of cash and there are no other options available but fast cash loans. In such a scenario taking two personal loans at the same time can be justified. But you should also be well aware of the consequences.
If you are going to take two personal or Instant Cash Loans at the same time there are a few important things you must take into consideration like –
■ Financial viability: Personal loans especially instant cash or fast cash loans involve no security and are naturally expensive. Now you have the burden of two of those on your shoulder at the same time it is certainly going to put a lot of strain on your financial viability. Having two personal loans mean the monthly payment will also increase and things may really turn difficult in future if you start defaulting.
■ Credit score: Theoretically credit score can be improved with multiple borrowings provided that you are making repayments regularly in time. But considering the fact that a second loan will be putting more strain upon your already vulnerable financial conditions. If you are opting for unsecured quick loans then it is to believe that you already have a credit score that is poor enough to make other loans unavailable and two more loan repayments can actually make your score sink to the bottom.
■ Credit report: Multiple personal loans do not look good on your credit report too and if you are looking to improve your credit report having multiple personal loans can never be considered as a good mix for the purpose.
Alternatives to a second personal loan
From the discussion above we can safely conclude that having more than one personal loan at the same time is hardly a good idea and there might be possibly better options available like –
■ Instead of two loans you can opt for a higher loan covering both your requirements
■ Even a top up on your existing loan from the same lender is also a good idea.
■ As you are already an existing customer topping up your existing loan can be easier and quicker
People borrow money against high rate of interest as it is the case with any Fast and Quick Cash Loan only when they have no other options available but at the same time it is also of great importance for them to remember that these loans can push them to a financial pit from were getting out can be really difficult. One must be planning his other expenses accordingly and repay the loan back as early as possible to first bring things under control and then to move to recover the situation.