How Many Loans Can You Have at Once (and Who Can Help You)

How many loans can you have at once? The answer to this question depends on a few factors. GeneraIly, most people can have up to three or four loans at once. However, this is not always the best strategy. 

Let’s take a look at the different types of loans you can take and how many of each you can have at the same time.

How Many Personal Loans Can You Have at Once?

The number of your loans will depend on various factors, including your income, your credit score, and your debts.

Income

Your income is one of the most critical factors in determining how many loans you can have at once. That’s because it’s your income that allows you to make the monthly payments on your loans.

If you have a high income, you’ll be able to qualify for more loans. But if your income is low, you may only be able to qualify for one.

Credit Score

Your credit score is another important factor in deciding the max personal loan amount. Why? Because it is a measure of your creditworthiness. The higher your credit score, the more likely you are to qualify for multiple loans. 

Debts

If you have a lot of debt, it may be difficult to qualify for multiple loans. That’s because your debts can affect your credit score.

5 Popular Lenders That Offer Multiple Loans

Popular lenders who offer multiple loans include SoFi, Upstart, Prosper, Marcus by Goldman Sachs, and LendingClub. Each lender has guidelines and policies regarding how many loans a borrower can have. 

Lender	Maximum number of loans	Min/Max amount you can borrow	Minimum credit score	Term length
SoFi	2	$5,000–$100,000	680	2–7 years
Upstart	2	$1,000–$50,000	600	three and five-year terms
Prosper	2	$2,000–$40,000	640	three and five-year terms
Marcus by Goldman Sachs	No limit	$3,500–$40,000	660	3–6 years
LendingClub	No limit	$1,000–$50,000	0	3–5 years

So, can you get 2 loans from the same bank? As you see, it’s possible.

In fact, many lenders allow several outstanding personal loans. You can get a personal loan from many different banks or lenders if you meet the requirements. 

However, a lender may refuse to grant you an extra loan if you already have a large debt.

Now let’s get into more detail.

SoFi Personal Loans

To be eligible for another SoFi personal loan, apart from having made three consecutive scheduled payments on an existing loan, you need to have a minimum credit score of 680.

A personal loan has a minimum of $5,000 and a maximum of $100,000. Due to legal obligations, the minimal loan amount in certain states may be higher.

Upstart Personal Loans

How many loans can you take out with Upstart? You can take two Upstart loans at the same time, but you must fulfill specific requirements:

• You must have made on-time monthly payments for the six previous consecutive months.
• You must have no past due payments.
• You can’t have more than one outstanding loan with Upstart at the time of your application.
• When the loan is originated, you must have a maximum of $50,000 of outstanding principal.

Prosper Personal Loans

Can I get another loan if I already have one with Prosper? If you have an outstanding loan with Prosper, you can apply for a new joint loan if your account is in good standing — that is, after nine months of on-time payments.

$40,000 is the maximum overall outstanding balance you may have using Prosper, no matter how many loans you have. For example, if you already owe $7,000 on your first loan and are applying for a second one, the maximum amount for a personal loan you can borrow is $33,000.

Marcus by Goldman Sachs Personal Loans

Can I get another personal loan if I already have one with Marcus by Goldman Sachs? Yes, Marcus by Goldman Sachs offers five types of personal loans: debt consolidation loans, home improvement loans, wedding loans, moving and relocation loans, and even vacation loans. 

So if you’re a customer of Marcus and have a good credit score (660), you may be able to take out multiple loans. You can get loans starting from $3,500, while the personal loan maximum amount is $40,000 with Marcus. However, Marcus by Goldman Sachs doesn’t allow for co-signers or co-borrowers.

LendingClub Personal Loans

How much can you add to an existing personal loan with LendingClub? You can apply for as many loans as you want, but your total debt combined between all LendingClub loans cannot exceed $50,000.

Before you can apply for an additional loan, you have to:

• Have an outstanding balance and length of your current loans
• Have a payment history with LendingClub
• Have an account standing.

Student Loans

If you’re planning on paying off your student loans fast, you are probably curious about how many college loans you can take. There really isn’t a special limit on the number of lenders, but the figure is basically set by the maximum you are allowed to borrow. Your maximum loan amount will be determined by your year in school and whether the loans are federal or private.

For example, the maximum amount an undergraduate student can borrow from the federal government is $12,500 per year and $57,500 in federal loans.

On the other hand, graduate students can borrow up to $138,500 in total and $20,500 per year.

SBA Loans

How many SBA loans can you have? In practice, there is no limit to the amount of SBA loans that a borrower may take out as long as they comply with the provisions of the SBA.

There are two main types of SBA loans: SBA 504 and SBA microloans. The former is used to finance the purchase of fixed assets, while the latter can be used for working capital or to finance the purchase of inventory or supplies.

VA Loans

How many VA loans can you have? The Department of Veterans Affairs doesn’t limit how many VA loans you can have at once. You can even have multiple VA loans in different stages of the process, as long as you don’t close on any of them until you’ve paid off the others. 

The key to utilizing your VA loan twice or more is to have the proper paperwork. Namely, veterans and active-duty military members who fulfill the program’s service requirements have VA loan entitlement. 

This means that a lender gets compensated for an accrued amount of money if a Veteran defaults on their VA loan.

FHA Loans

How many FHA loans can you have? You may take out as many FHA loans as you like, but you can only have one FHA loan at a time.

However, if you meet the following criteria, you may be eligible for an FHA loan without selling your current property:

• You’re moving to a place that is too far away from your present home or where low-cost rental housing isn’t available.
• You’re selling a home you shared to purchase a property, and the co-owner is adamant about staying in the house (for example, in a divorce).
• You have co-signed an FHA loan for someone else and now want to buy your own property.

Things to Consider When Taking Out Multiple Loans

Now that you’ve learnt about the max personal loan amount, i.e. how many loans you can count on, let’s talk about strategy. There are a few things to consider when taking out multiple loans:

• You can take out multiple loans from the same lender. This is called loan stacking, a popular strategy for people who want to consolidate their debt or free up some cash.

• You can check and compare different lenders to find out who has the best offer. This is called rate shopping, and it’s a good option if you’re looking for the best interest rate.

• You can take out a single loan that covers all of your needs. This is called a consolidated loan, and it’s a good option if you want to simplify your finances.

Conclusion

So, how many loans can you have? It really depends on the type of loan and your lender. But in general, you can have multiple loans out simultaneously as long as you meet the requirements for each one. 

Just be sure to manage your loans responsibly to avoid getting in over your head.

FAQs

Can you get another bank loan if you already have one?

Yes, you can. In fact, you can have multiple loans from banks as long as you can prove that you can make the payments on all of them. However, each bank has different policies, so it’s always a good idea to check with your lender before taking out multiple loans.

Can you have 3 loans out at once?

Yes, you can have three loans at once. The number of loans you can take out depends on your circumstances, including your income, credit score, and employment history.  

Can I have multiple loans at the same time?

You can have multiple personal loans from different lenders, but most people choose to consolidate their loans into one monthly payment. If you have good credit, you may be able to get a lower interest rate by consolidating your loans.

So, how many loans can you have at once? You can have several loans, but the precise answer depends on a particular lender and your current situation. Also, it usually doesn’t really pay off to have as many loans as possible since it may be difficult to track them all, and you may end up accumulating debt.