The simple and obvious answer is yes, you can have more than one loan. It is impossible to be much more specific without knowing more details about your particular case: Where do you live, what kind of loan do you have already, have you ever been declared bankrupt, what type of loan would you like to take out next? For example, it is possible to have two mortgages on different houses; it is possible in some instances to have two mortgages on the same house. After all, a mortgage is just a long-term loan. The maximum loan amount for a mortgage is 50 percent higher in Alaska, Guam, Hawaii, and the Virgin Islands. It is important to bear in mind that you will often be assessed as to your suitability to take out a loan and some lenders will want you to have at least one month of ‘reserve assets’ to cover you in case something happens; for example, if you lose your job. Also bear in mind interest rates, moving between different states or countries, your projected income, tax and credit status. Do not be lured by payday loans, unsecured personal loans or offers of immediate cash because the interest rates payable will be astronomical. And do not be tempted to apply for more money than you need: This only benefits the lender, not you. The lender would also love to drag out the repayment for as long as possible so keep the loan small and short. It is much better not to fall into a habit of relying on these loans and instead look at longer-term, lower interest solutions, perhaps by saving up for a little longer before buying property to get a substantial deposit and definitely be sceptical and shop around for the best, fixed interest rate loan.
