There is no doubt about the fact that personal loans are becoming an extremely popular type of loan at present. Most personal loans come with lower interest rates as compared to other types of consumer debt.
It would be possible for you to have several personal loans with some lenders or you might have more than one personal loan across different lenders. However, it is the lender who is more likely to block you from getting several loans at the same time than the law itself. The number of loans can be limited by the lenders or the total money that they’re going to give you.
Applicants will not be typically declined only because of an existing loan; however, your application might be rejected in case there is a lot of existing debt.
The best personal loans will allow you to fulfill your financial target without hurting your credit scores or creating debt at high rates of interest which you cannot manage. For this reason, it will be a sensible idea to consider other ways of getting your money in the long run.
You come across some lenders who have a limit of the number of loans that they will give you, the maximum amount that can be borrowed, or both.
On the other hand, you will come across some lenders who want their borrowers to make some payment prior to applying for the 2nd loan. According to lenders, it would also be prudent to have a personal loan from one more lender. You might be approved for the 2nd loan in case you have almost paid off the first one and do not have much existing debt either.