Can you take out multiple personal loans?

in Loans

bambi asked:

Most personal loans are $25,000 at max. If you need $100,000 for let’s say surgery, can you take out four loans from different companies or will the other lenders see you have more than one personal loan already out and deny your application? Serious and experienced answers only, please.

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5 comments

jimmyjohn on August 23, 2009 at 7:29 am

It’s going to be difficult to borrow $100,000. without collateral. I think you can pledge (tie up) your IRAs, other retirement accounts, cash valur life insurance policies, real estate owned or annuities coming in. Applying for four, $25000. loans at the same time might help, but the interest for such a high amount will be high if you have no collateral.
hondachick on August 26, 2009 at 5:57 am

well im not experienced but u should appreciate everyones response who give genuine answers. anyways, it depends how much money u earn and which banks u ask loans of. for eg. i got a loan and credit card which i spent quite bit on so i asked for a little finance for my tyres and some other things, and i couldnt even get full amount coz i had those other commitments above. well good luck and let me know if it works coz i want some surgeries too lol
cashloaneasy on August 27, 2009 at 4:42 am

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june e on August 27, 2009 at 9:29 pm

Yes, why not? you can take 2-3 personal loans

There are 2 types of personal loans – secured personal loans and unsecured personal loans. Secured personal loans require you to pledge any of your assets like you house to the lender as collateral. Many people choose this type of loan due to many benefits like lower interest rates, long repayment time and easy terms and conditions. But your asset is under threat if you cannot make timely payments. Your asset can be taken over by the lender and thus you lose the possession of it.
CanadianBlondie on August 29, 2009 at 11:52 am

Yes, they’ll see the other loans. Multiple applications for loans can affect your credit score, which will affect the rate of your loan, so if you need $100K, and they don’t want to lend you more than $25K, you might consider putting up some collateral.

You should try to ask for the whole $100K from the lender you’d like to borrow from, and see what they need from you in order to lend you the whole amount. Also, banks generally have loan officers with different levels of lending authority; you might need to see the one that has the authority to lend $100K.