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Can You Take Another Personal Loan If You Already Have One
Generally, the lenders won’t approve you a second loan if you already have one. But, even if you are eligible for a second loan, it’s suggested not to take it. It may affect your credit score a bit and it’s apparent that credits will take a good amount of time to recover. You may even land in some trouble with the cycle of debts.
Why it’s not a good idea to borrow two personal loans at the same time?
Just think once if you want to opt for another personal loan. You have to undergo a long process again and the credit score may take a hit. You always need to avoid overborrowing of personal loans due to the following reasons.
- It might not fulfill your exact financial need
- As your credit score will get a huge beating, you may have problems borrowing in the future.
- Your debt to income ratio (DTI) may increase and you may face problems to be approved of future loans.
- You may strike in a debt cycle
Hence, when borrowing a personal loan for the first time, calculate the amount which you exactly needed. If the amount falls short by a few dollars, then you can opt for a few alternate loans like payday loans which don’t damage your credit score.
What Are The Requirements For Your Second Personal Loan
If you’re desperate and if you want the second personal loan at any cost, you should have the following requirements
- Make your credit report clear of debts. There’s a high chance of your loan rejection if you have a bad credit score.
- Repay all your previous debts as much as you can. Because your debt to income ratio will reduce which plays a key role in your loan approval.
- Make your payments on time to make your credit report healthy. The payment history has a huge 35% effect on your credit score.
- Calculate whether you can afford to repay the amount you opt for. Or else, you will fall in the cycle of debts and you may have to struggle in the near future.
Falling short of cash after your first personal loan? Apply at CashUSA247 for short term loans and we ask for NO credit check. We approve the loan instantly and the process is very short. You just have to fill the form and ask for the cash advance you needed. The amount will get deposited within the same day or next working day.