If I Already Have A Loan Can I Get Another One?


7 Answers

Greg Allen Profile
Greg Allen answered
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.
west smith Profile
west smith answered
We offer loan @ 2% interest rate and you can contact you for your loan asap. West smith  ceo
Ritika Jain Profile
Ritika Jain , Finance Expert from Credit Nation, answered

Hi, I would suggest you to first pay back your first loan.. However if there is any emergency then I would suggest you to take an amount which you can repay, else you will get into bigger trouble.

Anonymous Profile
Anonymous answered

Planning to get a loan, then you should
try for it. You can take help of small/medium business loan. These loans are best suited for the
short-term needs of working capital required for day-to-day functioning of a
business.This loan is very well suited for small medium businesses who witness
a frequent cash churn in their day-to-day business operations.They provide a
very fast service within just 3 working days. All you need is just fill the
loan application and link it with your business account with your 12 months
bank account statement.

Amrita Singh Profile
Amrita Singh , I am Self Employed, Good investor and good in financing and Marketing, answered

Yes, You can get a another loan if you meet eligibility criteria and if you are ability to repay your loan. Depends on your last payments you will get a another loan.

Hanna Whilson Profile
Hanna Whilson answered

Even if you can't get another loan in a bank, it is possible to get theguaranteedloans. These are no credit check loans, you can apply for them online and get money fast. I used such services twice without any issues.

Anonymous Profile
Anonymous answered
No pay the first one back first

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