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Question How many loans can you take out at once?

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Emily Park

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How many loans can you take out at once? Can you take out one at each bank you're a member of for example? I need to take some loans out, and want to make sure I can start a new business I plan to start. Without the loans, I won't be able to begin.
 

Jackson

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Well, that's a good question. I imagine it wouldn't be a wise decision to take out many loans at once. I personally wouldn't risk doing that. Stick with one loan at a time, because taking out multiple loans will result in multiple bills due, so keep that in mind.

Just stick with one loan. If you need to get the highest loan, check around the banks you're signed with and see which ones do the most.
 

Financee

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This depends on the type of loan, your credit score, and the overall size of the loan. Each time you take out a loan, your credit score will dip a bit. This period usually lasts about 6 months and as long as you make payments on time for your loan each month, after those 6 months, the numbers are restored. I think this is to prevent people from taking out too many loans too fast.
 

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