Yes — you can have more than one personal loan at the same time. There is no official limit on how many personal loans you can have at the same time, but lenders will evaluate your overall financial situation before approving another loan.
What does it mean to have two personal loans at once?
You can have two active personal loans simultaneously if you qualify with each lender. Lenders typically review your income, debt obligations, and credit profile before approving a new loan on top of an existing one.
How do lenders review applications when you already have a loan?
Lenders consider your existing debts — including any personal loans — when you apply for another loan. They’ll look at things like:
- Debt-to-income ratio (DTI): How much of your income is already committed to debt payments.
- Credit history: Your credit score and payment history.
- Income stability: Whether you have enough income to support both monthly payments.
You generally need to demonstrate that you can afford the additional loan payments.
Are there limits from individual lenders on multiple loans?
Some lenders limit how many personal loans you can have with them at the same time. Others may allow multiple loans if you meet criteria such as on-time payments on an existing loan and minimum time between applications. Lender-specific limits vary.
Can I get two personal loans through Upstart?
It depends on your situation. In general, some borrowers may be able to have more than one personal loan through Upstart at the same time, but approval isn’t guaranteed and depends on factors like your credit profile, income, and existing loan obligations.
What should I consider before taking out another personal loan?
Before applying for a second personal loan:
- Compare interest rates and fees across lenders.
- Evaluate whether you can comfortably make all payments each month.
- Think about how additional debt could affect your credit score and financial goals
FAQs
Can applying for two loans at once hurt my credit?
Yes — multiple loan applications can result in multiple hard inquiries, which may temporarily lower your credit score. Some lenders allow soft pre-qualification checks to view potential loan terms without a hard inquiry.
Can I get two loans from the same lender?
It depends on the lender’s policies. Some lenders let you have more than one loan if you meet certain requirements, while others require you to pay off an existing loan before taking another.
Is there a legal limit on the number of personal loans I can have?
No — there’s no legal cap on how many personal loans a person can have at the same time. Approval depends on your creditworthiness and the lender’s criteria.
Updated: January 2026
Disclosure: This content is general in nature and provided for informational purposes only. This content is not specific to Upstart, except where explicitly stated. This content may contain references to products and services offered through Upstart’s credit marketplace. Upstart is not a financial advisor and does not offer financial planning services.
Can I apply for 2 personal loans at the same time?
