THIS is how to get a second personal loan [2022] (2023)

At a Glance: A second personal loan is a viable option if you can qualify. Your income must be more than the payments you have to make on your debt. Lenders will check your credit report and verify before disbursing a second loan.

Disclosure: Stilt is a lending company. Nonetheless, we are committed to recommending the best loan products to our readers when their needs are outside Stilt’s loan offerings.

Personal loans are a versatile tool. They can help you finance a large project or purchase you can’t or don’t want to pay for upfront.

If you already have a personal loan, however, you may be wondering if you can get another. Is it possible to get a second personal loan? Do lenders allow it? If so, which lenders should you consider for a second loan?

The short answer is, yes, it’s possible to get a second personal loan if you meet the eligibility requirements. There are some things you should consider before taking out another personal loan, though.

This guide goes over everything you need to know about taking out a second personal loan, including who is eligible, the best lenders, and how to decide if it makes financial sense for you.

Table of Contents

Can I Take Out a Second Personal Loan if I Already Have One?

The short answer is, yes. You can most certainly take out a second personal loan but there are a few conditions that need to be met before it becomes reality.

You still need to qualify for the second personal loan before a lender will disburse it into your bank account. All the same eligibility criteria still apply.

The lenders will typically check your credit report, verify your income, and confirm your employment. They may also need to confirm your immigration status by checking and confirming your visas or residency status.

A second personal loan is a viable option if you can qualify. Most importantly, it’s a good idea if your debt-to-income ratio can withhold another loan. Your income must be more than the payments you have to make on your debt. This is one of the key ways in which lenders stop people from becoming over-indebted.

Dangers of Taking Out a Second Personal Loan

A second personal loan sounds like a great idea. But is it really worth it when you consider the monthly installments?

You already have a personal loan and you’re already locked in on monthly installments. A second loan could push you into a negative cash flow situation if you don’t manage it correctly.

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Consider the project or purchase you want to finance with your second personal loan. Is it worth going into more debt? Is the project or purchase something you really need?

If you do need the thing you want the loan for, you should also figure out if there are cheaper borrowing options such as a home equity loan/HELOC or a 0% APR credit card that you can pay off during the intro period.

Borrowing more than you can afford can wreak financial havoc. Your credit score will also take a dive if you start missing loan installments which will make it much more difficult (or, at the very least, more expensive) to borrow in the future. You can also get trapped in a debt cycle where the interest charged is more than you can manage to pay off.

That being said, let’s assume you have checked your finances and you can take a second personal loan. Where do you start your search for lenders? Which banks offer personal loans for those who already have one?

Best Lenders for a Second Personal Loan

Here are some lenders we recommend for taking out another personal loan as well as who each is the best for and how to qualify:

Considerations to Make Before Taking a Second Loan

As mentioned earlier you must be absolutely sure about a second personal loan before you commit to such a responsibility. Here are two concepts you must understand which can help you decide whether a second loan is a good idea.

The Cycle of Debt

When not managed properly, debt can lead to something called a debt cycle.

Borrowers are strapped for cash so they take out a loan or use a credit card to afford expenses, then eventually need to take on more debt to pay off the original debt.

Here is a simplified overview of a debt cycle:

  1. Consumers need money.
  2. They get credit to afford expenses (credit card, personal loan, etc.).
  3. The lender requires payments to be made.
  4. Borrowers can’t afford payments so they take out more loans or credit card debt.
  5. The cycle repeats.

There’s nothing wrong with taking out loans. You just need to make sure you can afford repayment without having to go into more debt.

Remember a second loan also demands interest and monthly payments just like your first loan. This means your total required monthly payment will increase and more interest will accrue each month since you have two loans instead of one.

Check your debt-to-income ratio (your total debt divided by your total income) and make sure you’ll have enough of your monthly income remaining after your debt payments to afford essential expenses. You generally want to keep your debt-to-income ratio under 30%.

You must have enough to cover your housing and living expenses or else a second loan may be a bad idea.

Impact on Credit Score

If you can’t escape the debt cycle, you’ll inevitably end up over-indebted. You need more money and take more loans to cover the gap in your finances.

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In the short term, this may seem like a sensible idea, but when your money depletes, you again face a shortage of cash. This shortage causes you to miss payments which has a negative impact on your credit score.

The businesses you owe money to report the missed payments to the credit bureaus. If you miss too many payments, you’ll damage your credit score quite badly.

This again has a bad effect on your debt cycle, because if you apply for any debt consolidation loans, you’ll get really bad interest rates compared to what you would have gotten if your credit scores were better (had you not missed any payments).

Does It Make Sense for Me to Have More than One Personal Loan?

Well, it depends on whether you can afford repayment and if you really need the thing you want to purchase or finance with the borrowed money.

The rule of thumb with any type of debt is to only take out what you can afford to repay according to the loan terms. If you can’t afford the monthly payments that come with the loan, don’t take it out.

In addition, you should only take out loans for things that are necessary. For example, maybe taking out a second personal loan to pay for a vacation isn’t the best idea. If you need to make car repairs to get to work, on the other hand, another loan may be a worthwhile investment.

How Many Loans Can You Have at Once?

There is no hard limit to how many loans you can have at once.

As mentioned previously, lenders typically like to see a debt-to-income (DTI) ratio under 30% or so. This means that you will need to demonstrate consistent income and not have too heavy of a debt load.

For example, a lender is much more likely to give you another personal loan if your income is $6,000 a month and your total monthly debt payments would be just $1,000 (DTI ratio of 16.67%) than if your total monthly debt payments would be $3,000 (DTI ratio of 50%).

So, yes, you can take out a loan if you already have one. You may even be able to take out additional loans if you have multiple already.

It’s not uncommon for people to have a personal loan, auto loan, mortgage, and even student loans at the same time.

Can You Get Two Loans from the Same Bank?

Each bank and lender has its own policies around if you can get out a second loan from it or not.

With that being said, most allow you to take out a second loan as long as you meet certain eligibility requirements.

Aside from credit score and debt-to-income ratio requirements, some banks may also require that you haven’t missed any payments on your first loan for a certain amount of time or that your first loan balance is under a certain amount.

Can You Take Out Two Loans from Different Places?

It is possible to take out two loans from different places if you meet the eligibility requirements—mainly credit score and debt-to-income ratio.


When lenders decide if you are eligible for a loan from them, they will consider your other loans which have an impact on your debt-to-income ratio. If they think you will be able to afford repayment on your new loan in addition to current loans, you are likely to be approved.

3 Simple Steps to Applying for a Second Personal Loan

If you are considering applying for a second personal loan and you’ve made on-time payments for half of your existing loan term, just follow these 3 simple steps.


Apply online for the loan amount you need. Submit the required documentation and provide your best possible loan application. Stronger applications get better loan offers.


If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.


The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.

Read More

  • How to Get a Personal Loan Without an SSN
  • No Prepayment Penalty Loans
  • Types of Personal Loans
  • Soft Inquiry Personal Loans
  • Personal Loans Without a Cosigner
  • Getting a Personal Loan as a New Employee

Bottom Line on Second Personal Loans

Personal loans are wonderful financial tools. They can help you finance all kinds of projects and purchases. But you should only take one out if you know you can afford it.

Think about your financial situation. Can you handle payments on multiple loans? Is your income stable enough to manage repayment for the entire term? Or do you have enough savings to afford your loans if you lost your source of income?

If so, you can consider a second personal loan.

Are you still looking for a second personal loan? You could be eligible for one. Read through the tips and the eligibility criteria supplied above and apply today.

Need a Loan? Get One in 3 Simple Steps

If you are considering applying for a personal loan, just follow these 3 simple steps.


Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.


If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.


(Video) The Best Personal Loans of 2022

The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.

About Stilt

Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.

Learn what others are saying about us on Google, Yelp, and Facebook or visit us at If you have any questions, send us an email at [emailprotected]

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

See author's posts


Can I get a second personal loan if I already have one? ›

Yes, an individual can avail of more than one personal loan. Similar to the first loan, an individual will have to meet the eligibility requirements of the second loan set by the lender. Loan providers consider several factors, such as your existing loans and current income before approving loan applications.

Can I get 2 personal loans at the same time? ›

Yes. Many lenders allow multiple outstanding personal loans. You can take out a personal loan from multiple banks or online lenders, as long as you qualify. If you already have a lot of outstanding debt, however, a lender might not approve you for an additional loan.

Can I borrow more money on an existing loan? ›

The Takeaway. In most cases, borrowers can't add to an existing personal loan. However, you may be able to apply for a second loan. Eligibility requirements vary by lender, but in some cases you need to have made several consecutive on-time payments before applying for a new loan.

What are the 2nd loan eligibility requirements? ›

Can I apply for a second loan?
  • Have made on-time monthly payments for the six previous consecutive months. ...
  • Have no currently past due payment.
  • Have no more than 1 outstanding loan through Upstart at the time of application.
  • Have no more than $50,000 of outstanding principal at the time the loan originates.

How long do you have to wait to apply for another loan? ›

Wait for a 30 day cycle before applying for a loan.

Each time you apply for new credit, that credit application shows up as an inquiry on your credit report, which can lower your credit score. Don't apply for a loan and get rejected.

Is it hard to get a loan if you already have one? ›

Moneysmart explains that each application you make for a loan can appear on your credit record, and having multiple applications can lower your credit score. This can make it harder to be approved for another personal loan – or something as important as a home loan, with the lender of your choice.

Will multiple personal loans hurt my credit? ›

If you pay on time, multiple personal loans (like any installment loans) can help your credit. Credit scores reward on-time payments. Applying for multiple personal loans in a short period of time can cause your scores to dip slightly, but any decrease is usually temporary.

What is the maximum personal loan you can get? ›

What amount can a personal loan cover? While the exact amount will vary according to the loan provider you go to, you can avail up to INR 20 Lakhs if you are salaried and INR 30 Lakhs if you are a self- employed businessman when availing a loan.

How many personal loan can I take? ›

In most cases, individuals are eligible for a personal loan amount of up to 30 times their monthly income. Additionally, to minimise the risk of default, lenders keep the EMIs of the loan to about 45-60% of your monthly income.

How do I top up a personal loan? ›

You can choose to:
  1. Get a new loan that pays off your current loan and gives you the extra money you need. You'll then have 1 loan with a new interest rate and monthly repayments.
  2. Take out a second loan. This means you'll have a separate loan alongside your existing one.

How do you increase how much you can borrow? ›

To increase your borrowing power you must pay all your debts off. As your lender will look at how much money you already owe and will assess you accordingly. In addition to this, you should try to get a pay rise that the lender can see and see the potential of growth in you. You may also want to decrease your expenses.

Can I still get a PPP loan in 2022? ›

Unfortunately, PPP loans in 2022 aren't happening –– eligibility for the program ended in May 2021 and there are no signs of it coming back. There are other options for securing small business funding besides PPP loans. Read on to learn about your options for how to get the funding you need.

What are 5 things you need to get approved for a loan? ›

Here are five common requirements that financial institutions look at when evaluating loan applications.
  1. Credit Score and History. An applicant's credit score is one of the most important factors a lender considers when evaluating a loan application. ...
  2. Income. ...
  3. Debt-to-income Ratio. ...
  4. Collateral. ...
  5. Origination Fee.
1 Nov 2022

Is it too late to apply for PPP? ›

Notice: PPP ended May 31, 2021

The PPP ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

Can you have 2 loans at the same bank? ›

The simple answer is yes – it is possible to have multiple loans at the same time. However, there are certain problems that may arise if you wish to do this. One of the first things you'll need to work out is whether your lender will actually let you.

How many times can you apply for a loan? ›

And there's certainly no limit to the number of applications you can make. You're quite entitled to apply for as much credit as you wish. But there are consequences for your credit rating when you apply for more than one loan or credit card in a short period of time.

What does your credit score need to be for a personal loan? ›

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.

How many inquiries is too many for a personal loan? ›

For many lenders, six inquiries are too many to be approved for a loan or bank card. Even if you have multiple hard inquiries on your report in a short period, you may not see negative consequences if you're shopping for a specific type of loan.

What is a loan forgiveness program? ›

What is the Public Service Loan Forgiveness Program? The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your federal student loans after 120 payments working full time for federal, state, Tribal, or local government; the military; or a qualifying non-profit.

How much loan can I get on 35000 salary? ›

How Much Home Loan Can I Get on My Salary?
Net Monthly Income (₹)Loan Amount (₹)
₹ 30,000₹ 17,09,806
₹ 35,000₹ 20,46,586
₹ 40,000₹ 23,83,366
₹ 50,000₹ 30,56,926
2 more rows

How much loan can I get on $50000 salary? ›

Based on that, you can get a personal loan of up to Rs. 15 lakhs with a monthly income of Rs. 50,000. If you are looking for a personal loan with the best interest rates, check out our CreditMantri Personal Loan page for the top 10 personal loans for 2022.

How much loan can I get on 40000 salary? ›

How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.

How much loan can I get on 45000 salary? ›

Salaried individuals are eligible to get housing loans up to 60 times their net monthly income as a rule of thumb. So, if your in-hand salary is Rs. 45000 per month, you can get a housing loan up to Rs. 27,00,000 approximately.

How much personal loan can I get if my salary is 45000? ›

However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity.
Maximum Loan Amount for Different Salaries as per Multiplier Method.
Monthly SalaryMaximum Loan Amount
Rs. 35,000Rs. 5.25 Lakh
Rs. 40,000Rs. 6.00 Lakh
Rs. 45,000Rs. 6.75 Lakh
Rs. 50,000Rs. 7.50 Lakh
9 more rows

How much personal loan can I get if my salary is 10000? ›

Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs. 5000 per month. But the loan amount might be lower than you expected.
Personal Loan For Low Salary Less Than 10000.
BankMinimum Monthly Income Required
Punjab National BankRs. 10,000
HDFC BankRs. 15,000
ICICI BankRs. 17,500
2 more rows
17 Jun 2019

Is it better to top-up a personal loan or get a new one? ›

The top-up loan will increase your overall loan term and your monthly repayments. As the lender is already familiar with you, the application process generally tends to be quicker than taking out a loan with a new lender.

Which is better top-up loan or personal loan? ›

Interest rates: Top-up loans come with low interest rate compared to personal loans. We all know that a high interest rate is charged on personal loans as it is an unsecured loan. Whereas in top-up loans, your house acts as a collateral.

What happens when you top-up a loan? ›

A top-up loan is a loan given by the bank over and above your home loan. Just like you top-up your mobile balance if you are running low on balance, similarly banks give top-up loans over your current balance. This might have increased your curiosity to know more about the product.

How much of a loan is too much? ›

Debt-to-income ratio is your monthly debt obligations compared to your gross monthly income (before taxes), expressed as a percentage. A good debt-to-income ratio is less than or equal to 36%. Any debt-to-income ratio above 43% is considered to be too much debt.

Is there a 3rd round of PPP coming? ›

Paycheck Protection Program (PPP) Round 3 applies to businesses with 500 or fewer employees, or if you're getting a second draw loan, 300 or fewer.

Is Womply PPP still available? ›

The Paycheck Protection Program (PPP) is no longer accepting applications. Womply is not involved with PPP forgiveness. Please contact your PPP lender for information on their forgiveness process.

Is SBA loan still available 2022? ›

As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications.

What is the easiest loan to be approved for? ›

The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need.

What is the best reason to say you need a loan? ›

Emergencies: If you need to pay bills right now and don't want to be late, you can take out an emergency loan to cover those costs. If you lose your job, get your work hours reduced or have an emergency medical bill, a personal loan can meet your needs in the short term.

What do banks look at to approve a loan? ›

Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered. The ratio of your current and any new debt as compared to your before-tax income, known as debt-to-income ratio (DTI), may be evaluated.

Is Blueacorn accepting new applications? ›

No Longer Accepting Loans | blueacorn.

Does PPP come back? ›

PPP Is Back With $310 Billion in Additional Funding, But Small-Business Owners Must Act Fast. The new round will go even quicker, so those who missed out must choose the right bank and move immediately.

Do I qualify for loan forgiveness? ›

The White House announced that single borrowers earning less than $125,000 per year, or households earning less than $250,000, are eligible for $10,000 in loan forgiveness. Borrowers who fall under the income caps and received Pell Grants in college will receive an extra $10,000 – totaling $20,000 in forgiveness.

What happens if you apply for 2 loans at the same time? ›

While multiple loan applications can be treated as a single inquiry in your credit score, even that single inquiry can cause your credit score to drop. However, the impact on your credit score should be the same as if you'd applied for just one loan.

Can you get multiple personal loans from the same bank? ›

You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders.

Can you get 2 separate loans from the same bank? ›

There is no rule that says you can't apply for more than one personal loan at the same time. It's certainly possible, but you may want to consider whether or not it's worth it given the fact that your credit scores and financial situation could be negatively impacted.

Can banks see if you have other loans? ›

Your credit history

This all changed in 2019 when the Government introduced comprehensive credit reporting, and banks began sharing their customers' loan and repayment history with credit bureaus. From then on, lenders could access a borrower's entire credit history. This is where your credit score comes into play.

How many loans can you get at a time? ›

Technically, there is no limit to how many personal loans you can have at once. Lenders may approve a second or third loan if the borrower has paid off part of the first loan and has a history of on-time repayment. In fact, it's fairly common for one loan to fall short of covering all of a borrower's needs.

How many loans can I apply for? ›

And there's certainly no limit to the number of applications you can make. You're quite entitled to apply for as much credit as you wish. But there are consequences for your credit rating when you apply for more than one loan or credit card in a short period of time.


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