How Many Personal Loans Can You Take Out At Once?
Situations can arise where you need to take out a personal loan. You may have to make an unexpected purchase or you may want to consolidate your debt into one payment. But sometimes one loan may not cover your needs, especially if those needs change. While there isn’t any federal regulation that prohibits how many personal loans or personal lines of credit you can have, some lenders set their own limits. It’s a good idea to understand how many personal loans you can have before you apply—as well as what they can say about your financial well being. By Stephanie Vozza via Fox Business with contribution from Luis F. Rosa, CFP® EA.