The simple answer is yes – it is possible to have multiple loans at the same time. However, there are certain problems that may arise if you wish to do this.
One of the first things you’ll need to work out is whether your lender will actually let you. Most lenders will not allow you to take out a second loan alongside the first and will want you to repay the original loan first. You do of course have the option of taking out a second loan with a new lender, but they will be able to see that you have a personal loan already running, which may make you a higher risk to them. This will likely mean the interest rates you’re offered will be higher than usual – so this is something to bear in mind.
Although it is possible to have multiple personal loans at once, there are certain risks involved. Here are some things you may wish to consider before taking out a second loan:
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