{"id":981,"date":"2023-12-15T17:20:00","date_gmt":"2023-12-15T17:20:00","guid":{"rendered":"https:\/\/www.drafty.co.uk\/blog\/?p=981"},"modified":"2023-12-19T16:49:05","modified_gmt":"2023-12-19T16:49:05","slug":"how-many-personal-loans-can-you-have-at-once","status":"publish","type":"post","link":"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/","title":{"rendered":"How Many Personal Loans Can You Have At Once?"},"content":{"rendered":"\n<p>Whether you are an experienced borrower or brand-new to the world of credit, you might be surprised to hear that there&#8217;s no limit to the number of <strong><a href=\"https:\/\/www.drafty.co.uk\/loans\/personal-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">personal loans<\/a><\/strong> you&#8217;re allowed to have. However, the amount of debt you can take on is limited to how much a lender is willing to let you borrow.<\/p>\n\n\n\n<p>And that will depend on various factors like your credit report, repayment history, debt-to-income ratio, number of credit checks, etc.<\/p>\n\n\n\n<p>In this blog, we&#8217;ll delve into the factors that influence your ability to manage multiple personal loans effectively and responsibly, allowing you to make informed decisions about your borrowing strategy.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#factors_that_influence_multiple_personal_loan_approvals\" >Factors That Influence Multiple Personal Loan Approvals<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#1_credit_score\" >1. Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#2_debt-to-income_ratio\" >2. Debt-To-Income Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#3_lenders_policies\" >3. Lenders\u2019 Policies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#4_assets_and_risk_assessment\" >4. Assets and Risk Assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#5_apr_rates\" >5. APR Rates<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#benefits_of_multiple_personal_loans\" >Benefits of Multiple Personal Loans<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#1_diverse_financial_goals\" >1. Diverse Financial Goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#2_repaying_boosts_your_credit_score\" >2. Repaying Boosts Your Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#3_easing_loan_terms_with_lenders\" >3. Easing Loan Terms with Lenders<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#risks_and_considerations_of_having_multiple_loans_at_once\" >Risks and Considerations of Having Multiple Loans At Once<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#best_practices_for_managing_multiple_personal_loans\" >Best Practices For Managing Multiple Personal Loans<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#1_meticulous_financial_planning\" >1. Meticulous Financial Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#2_keep_track_of_multiple_loans_and_due_dates\" >2. Keep Track of Multiple Loans and Due Dates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#3_foreclosing_early\" >3. Foreclosing Early<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#4_seeking_professional_advice\" >4. Seeking Professional Advice<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#final_thoughts\" >Final Thoughts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#frequently_asked_questions\" >Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#can_i_take_three_personal_loans_from_different_banks\" >Can I Take Three Personal Loans From Different Banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#can_i_get_a_personal_loan_if_i_already_have_two_loans\" >Can I Get a Personal Loan If I Already Have Two Loans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#what_is_the_maximum_loan_i_can_get_in_the_uk\" >What Is the Maximum Loan I Can Get in the UK?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#do_multiple_loans_affect_credit_scores\" >Do Multiple Loans Affect Credit Scores?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.drafty.co.uk\/blog\/how-many-personal-loans-can-you-have-at-once\/#can_i_take_on_a_loan_to_clear_another_loan\" >Can I Take On a Loan to Clear Another Loan?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"factors_that_influence_multiple_personal_loan_approvals\"><\/span><strong>Factors That Influence Multiple Personal Loan Approvals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_credit_score\"><\/span><strong>1. Credit Score<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A <strong><a href=\"https:\/\/www.drafty.co.uk\/blog\/good-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">good credit score<\/a><\/strong> indicates that you\u2019re a responsible borrower and unlikely to default on repayments. It can also help in securing loans of lower interest rates. On the other hand, a low credit score might result in the <strong><a href=\"https:\/\/www.drafty.co.uk\/blog\/i-need-a-loan-but-keep-getting-declined\/\" target=\"_blank\" rel=\"noreferrer noopener\">rejection of a loan application<\/a><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_debt-to-income_ratio\"><\/span><strong>2. Debt-To-Income Ratio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This is a fundamental financial metric that plays a pivotal role in determining your loan eligibility and financial health. This ratio helps lenders assess your ability to manage new loan payments alongside your existing financial commitments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_lenders_policies\"><\/span><strong>3. Lenders\u2019 Policies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every lender has its own set of guidelines and criteria that the borrower has to follow. Some lenders are very strict about these rules, while others can be more accommodating towards the borrower.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_assets_and_risk_assessment\"><\/span><strong>4. Assets and Risk Assessment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To determine a borrower&#8217;s financial stability and capacity to handle more than one loan lenders may carefully assess a borrower&#8217;s assets, including real estate, investments, and <strong><a href=\"https:\/\/www.drafty.co.uk\/blog\/how-to-save-money-each-month\/\" target=\"_blank\" rel=\"noreferrer noopener\">savings<\/a><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_apr_rates\"><\/span><strong>5. APR Rates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Annual Percentage Rate (APR) is used in the UK to give customers a uniform understanding of the fees related to borrowing money. It gives borrowers a clearer view of the true cost of borrowing and makes it easier for them to compare different loan offers from different lenders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"benefits_of_multiple_personal_loans\"><\/span><strong>Benefits of Multiple Personal Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_diverse_financial_goals\"><\/span><strong>1. Diverse Financial Goals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Multiple personal loans can be used for different purposes, allowing you to address various financial needs without depleting a single source of funds. Those can include buying a house, or vehicle, travelling somewhere or pursuing further education. A <strong><a href=\"https:\/\/www.drafty.co.uk\/blog\/what-credit-score-do-you-need-for-a-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">decent credit score helps you get a mortgage<\/a><\/strong> with lower interest rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_repaying_boosts_your_credit_score\"><\/span><strong>2. Repaying Boosts Your Credit Score<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The more timely you are with your repayments, the better reflection it leaves on your credit history. Better loan offers and financial prospects may be available if your credit history is solid.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_easing_loan_terms_with_lenders\"><\/span><strong>3. Easing Loan Terms with Lenders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For long-time customers, lenders are often willing to ease the loan terms. Much like any other business, lenders don\u2019t want their favourite customers going to the competition or stop using their products.<\/p>\n\n\n\n<p>Sometimes you might have luck negotiating a second loan. You can get lower interest rates, reduced collateral requirements, and more flexible tenures if you pay off multiple loans. More so when all the loans come from the same lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"risks_and_considerations_of_having_multiple_loans_at_once\"><\/span><strong>Risks and Considerations of Having Multiple Loans At Once<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having multiple loans at once can offer financial flexibility, but it also comes with various risks and considerations that you should be aware of. Here&#8217;s an overview of the potential risks and factors to consider when managing multiple loans simultaneously:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Multiple loan payments might put a strain on your monthly budget. As each existing loan comes with its own incurred interest rate, combining too many loans can cause a burden on you.<\/li>\n\n\n\n<li>Missing even one of the payments on any loan can be detrimental to your credit history. Default multiple times, and you may have to counter a County Court Judgement (CCJ) issued against you.<\/li>\n\n\n\n<li>If you\u2019re not careful, the current debt from your personal loans can spiral into an avalanche, where you\u2019re taking on even more credit to pay back your debt. Eventually, it may leave you bankrupt and in a worse position than when you first applied for the loan.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"best_practices_for_managing_multiple_personal_loans\"><\/span><strong>Best Practices For Managing Multiple Personal Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_meticulous_financial_planning\"><\/span><strong>1. Meticulous Financial Planning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Careful financial planning gives you a comprehensive perspective that helps you deploy resources wisely and make wise decisions. This way, you can prioritise repayments considering the loan terms, balance amount and interest rate. Your budget should include precise income figures and minute expenditures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_keep_track_of_multiple_loans_and_due_dates\"><\/span><strong>2. Keep Track of Multiple Loans and Due Dates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can set reminders on your phone for the repayment date or switch on automatic payments to save yourself from the hassle.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_foreclosing_early\"><\/span><strong>3. Foreclosing Early<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Borrowers can avoid paying a significant amount of money in additional interest over the loan&#8217;s remaining term by choosing a tenure that will not accrue other interest for foreclosure. That results in significant cost savings and enhances your finances.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_seeking_professional_advice\"><\/span><strong>4. Seeking Professional Advice<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Finance professionals have extensive knowledge of budgeting, loan structures, and repayment options. Those experts could assist you in determining your risk tolerance and financial situation. Based on all of the above variables, they make personalised recommendations that perfectly suit your needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"final_thoughts\"><\/span><strong>Final Thoughts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>How many personal loans can you have at once?<\/strong> As long as you&#8217;re accepted you can have more than one loan at a time, but consider whether you can manage the total monthly debt payments. Whenever you borrow money, it&#8217;s important to practice responsible borrowing. Keeping a low debt-to-income ratio, good financial planning, avoiding hard inquiries, use of budgeting apps, etc., can increase your odds of getting multiple loans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"frequently_asked_questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1695038663347\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can_i_take_three_personal_loans_from_different_banks\"><\/span><strong>Can I Take Three Personal Loans From Different Banks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p><strong>Yes, it\u2019s possible to take out three personal loans from different banks.<\/strong> However, having multiple loans can impact your eligibility and terms.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1695038672938\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can_i_get_a_personal_loan_if_i_already_have_two_loans\"><\/span><strong>Can I Get a Personal Loan If I Already Have Two Loans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p><strong>Yes, it is possible to take on a personal loan if you already have two loans.<\/strong><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1695038680941\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what_is_the_maximum_loan_i_can_get_in_the_uk\"><\/span><strong>What Is the Maximum Loan I Can Get in the UK?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The maximum amount that you can get as a personal loan is approximately \u00a350,000. However, personal loans usually lie between \u00a31,000 to \u00a325,000.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1695038691314\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"do_multiple_loans_affect_credit_scores\"><\/span><strong>Do Multiple Loans Affect Credit Scores?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p><strong>Yes. Hard inquiries through multiple loans can reduce your credit score<\/strong>, with a further reduction if you miss repayments. On the other hand, successfully paying back multiple loans can grant a significant boost to your credit score.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1695038701762\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can_i_take_on_a_loan_to_clear_another_loan\"><\/span><strong>Can I Take On a Loan to Clear Another Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p><strong>Yes, you can take out a loan to pay off another loan.<\/strong> This is often referred to as debt consolidation. This allows you to reduce your monthly payments to a single amount.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<p><strong>Disclaimer:<\/strong>&nbsp;The information given above is provided for reference only. This is not financial advice.<\/p>\n\n\n\n<p><strong>Related guides:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.drafty.co.uk\/blog\/how-does-an-overdraft-affect-your-credit-score\/\"><strong>How Does An Overdraft Affect Your Credit Score<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.drafty.co.uk\/blog\/why-has-my-credit-score-gone-down\/\"><strong>Why Has My Credit Score Gone Down<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you are an experienced borrower or brand-new to the world of credit, you might be surprised to hear that there&#8217;s no limit to the number of personal loans you&#8217;re allowed to have. However, the amount of debt you can take on is limited to how much a lender is willing to let you borrow. [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research"},"_links":{"self":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=981"}],"version-history":[{"count":1,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/981\/revisions"}],"predecessor-version":[{"id":982,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/981\/revisions\/982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media\/983"}],"wp:attachment":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}