Can You Have Two Personal Loans at Once?

Banking | can you have two personal loans at once

Can you have two personal loans at once? If you’re wondering about this question, you aren’t alone.

No law limits the number of personal or secured loans you can have. Lenders may limit the amount of money you can borrow, or they may reject your loan application if they see that your income isn’t high enough to cover your monthly loan payments, though easily.

At Tio Rico, we specialize in helping people in the Pheonix and Mesa area gain access to loan funds through title and personal loans. It doesn’t matter how many outstanding loans you have so long as you meet our other non-credit-based requirements.

What Is a Personal Loan?

Personal loans can help borrowers pay off high-interest debts, like credit cards, that could take decades to eliminate with minimum monthly payments. You can use a personal loan for nearly any reason, including covering regular bills if you are suddenly unemployed or paying for unexpected expenses like home or car repairs.

However, people who need a personal loan may find that getting approved with a bank or online lender is difficult except under the most ideal circumstances. Even one late payment on a credit card, car loan, mortgage or personal loan can hurt your credit score, complicating your ability to get financing in the future.

A personal loan is a loan not secured by property. In some cases, getting approved for a personal loan can be more difficult because the lender can’t seize property if the borrower fails to make payments as promised. The lender’s only recourse if a borrower defaults on a personal loan is typically to report the late and missed payments to the credit bureaus, making it more difficult for the borrower to get approved for future loans.

How to Get Approved For a Personal Loan

Many lenders have strict requirements that borrowers must meet before they provide access to personal loan funds. They may run a credit check, which could ultimately lower your credit score. You may need proof of regular income stretching back two years or copies of your most recent tax returns. Lenders may verify your employment, get personal references, and impose a minimum credit score requirement.

If you have less-than-perfect credit, haven’t had any recent payments reported to the credit bureaus, or recently went through bankruptcy, it can be difficult and expensive to get a loan. Even one recent late payment could result in a rejection of your application with conventional lenders.

If you’ve had problems getting approved for a personal loan with a bank or online lender, we may be able to help. At Tio Rico, we provide access to title and personal loans of $100 to $1,000. We offer payment schedules that work with your budget. Credit history is not a factor we consider when approving personal loans.

You can start your application online, and upon approval, you may be able to access funds in as little as 30 minutes.

Contact us today. Our offices are in Phoenix, Glendale, Avondale, and Mesa, Arizona.