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  • Fast Payout
  • No Fees
  • Secure Application
  • Available 24/7
  • Bad Credit

You might have recently taken out a personal loan. However, you’ve realised that you actually need more funds to cover another expense. You are, of course, wondering if there is a way for you to get financing for the second time. The second loan can be a huge help especially since you have grossly underestimated the financial needs. But can you?

Can You Acquire More Than One Loans

Most lenders will allow you to apply for a second loan as long as you have already paid off part of the balance of your initial loan with them. If you have established a good history concerning your repayments, then they will likely approve the application too.

However, this might not be a good thing. For the second loan, you cannot expect to get the same terms extended to you for your first loan. Loan terms and interest rates will depend on your credit score as well as the ration between your income and your credit. Since you have just recently took out a loan, expect that your debt to income ratio is going to be high and the lender will view that as a risk. Borrowers with high existing debts are generally considered high risk by lenders as this reduces their ability to get their repayments done on time.

Problems Caused By Taking More Than One Personal Loans at a Time

Aside from causing your credit rating to dip, applying for another loan when you are still paying off an initial one may make you look as if you’re in a hurry to borrow money which you obviously do not have. The lender will probably think that they might not be able to get the money back from you. If they do decide to lend you more, expect that the terms are nowhere as good as the initial loan you got. Naturally, the lenders will want to find ways on how to mitigate the risks involved.

Things to consider before getting a new loan

If you do decide to get another loan while you’re still paying for an existing one, expect that you will likely have problems getting credit in the future. When done in moderation, taking a credit can be good for your credit. But if you are getting too many inquiries on your credit report due to too many loan applications, lenders will not look at you too kindly. The new loan is going to cost you a lot more, so expect that the interest rates will be more expensive.

You’ll owe more every month as well. Multiple loans would mean more repayments to do every month. Keeping track of your due dates would be harder. Besides, it might not even be the kind of financial help you need. Always relying on loans every time you are in a financial bind will only cause you to get stuck in a debt cycle. 

A personal loan is one of the most common types of credit. They are very popular because there really are no restrictions on how and where to use the money you can get from a personal loan.Personal loans can be used to purchase a boat, if you ever need one. But that's not the only thing you can use personal loans for. 

What You Can Do With Personal Loans

Here are the most typical uses for a personal loan:

Home improvement

House repairs and home improvements usually cost a lot of money. Renovating your home is a good idea since it can increase the value of your property,

Education

Whether you have a child to send to school or you want to finish college, getting a personal loan can help you pay for the tuition fee. Even if you have some money saved up, you may still need to get a personal loan since tuitions are usually very expensive.

Business or Investment

Are you planning to start a business or grow your investment portfolio? A personal loan can help you obtain the necessary capital for your business and investments.

Debt consolidation

Many people take a personal loan to consolidate debt. By getting a personal loan, you can consolidate your existing debts but make sure that the new loan has a lower interest rate in order to save money on fees and charges.

Travel and other personal reasons

If you want to go on a dream destination but lack the funds to do so, you can get a personal loan to fulfill that longing.

Remember that a personal loan is a financial obligation that you need to pay as agreed upon in order to avoid damaging your credit history.

Frequently Asked Questions

Is There Any Complicated Requirements?

No. All you need to provide is your personal information and proof or income or employment verification. Also, you need to include a checking account information where you wish to receive the funds. Since there’s no need for collaterals, you don’t have to provide anything else aside from what was requested on the online form.

How Fast Can I Receive The Funds?

You can receive your money in as fast as 15 minutes. The application process is easy and fast. You will be notified once you are already approved for a loan. After that, the money will be deposited immediately to the checking account that you have provided.

What If I Miss My Payments?

These things could happen. Some lenders can be lenient for the first and second months. However, you should be aware that missing or delaying your payment could affect your credit badly. On top of that, lenders will also incur additional fees or charges for late fees.

What If I Lie In My Application?
It is not recommended for you to lie on your application. Once a lie is caught, you may face serious consequences. The lender has the full right to void your application or charge you additional fees. You could also face jail time if you are caught falsifying documents.

What Is AGuarantor Loan?

Guarantor loans require a guarantor to co-sign for the loan agreement. If the borrower fails to make payment or defaults on the loan, the guarantor takes over and inherits the responsibilities on the loan. It is recommended that the guarantor and the borrower are closely related.

What Is A Payday Loan?

Payday loans are small cash assistance funds that you can acquire easily. Repayment terms are flexible. You can have it tied on your next paycheck or pay it in advance. It is often referred to as cash advance, short-term loans, and cash loans.

What Is ALogBook Loan?

Logbook loans require the borrower to pledge an asset as collateral. In this case, a vehicle. The borrower hands over their ownership of the vehicle to the lender until the loan is fully paid. If the borrower defaults, the lender may seize or sell the asset to pay for the loan.

Am IEligible?

Even if you have poor or no credit at all, you are eligible to apply for an unsecured loan. Our lenders don’t require minimum credit to be eligible. As long as you can pay the loan on time to prevent extra fees and charges.

Payment Method

It is easy to get paid. All you need to do is to provide a checking information during your application. Once you get approved for a loan, you will receive a notification and the money will be sent directly to your checking account. It’s fast, reliable, and incredibly easy-to-use.