Is it possible to get two loans right after each other?
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jackie123
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Yes is the simple answer.
But the follow is, why? if you have too many searches on your credit file over a set period, many lenders will see this as desperation and might decline you on those grounds (too many searches). This limit will vary from one lender to another but 6 searches in 6 months is probably at the top end.
if its a case that you need a top up, i would approach your first lender as if you are within 30 days of the initial application being made they might be able to lend more but without incurring a further search on your credit file but the downside is that the rate would possibly be higher or there would be a penalty to repay the first loan back unless there is provision for this within the terms.
in the first instance go back to the original lender and explain what you want.
if you have already taken the maximum from that lender (a typical maximum is £15000 as this was the old limit under the consumer credit act but some lenders have increased to £25000 which is the current consumer credit act limit on unsecured debt).
feel free to get in contact if you want to talk this through some more....
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But the follow is, why? if you have too many searches on your credit file over a set period, many lenders will see this as desperation and might decline you on those grounds (too many searches). This limit will vary from one lender to another but 6 searches in 6 months is probably at the top end.
if its a case that you need a top up, i would approach your first lender as if you are within 30 days of the initial application being made they might be able to lend more but without incurring a further search on your credit file but the downside is that the rate would possibly be higher or there would be a penalty to repay the first loan back unless there is provision for this within the terms.
in the first instance go back to the original lender and explain what you want.
if you have already taken the maximum from that lender (a typical maximum is £15000 as this was the old limit under the consumer credit act but some lenders have increased to £25000 which is the current consumer credit act limit on unsecured debt).
feel free to get in contact if you want to talk this through some more....
