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You can borrow as much as a lender will let you. This includes getting multiple personal loans. When applying for more debt, though, it's important to consider your own finances and goals. Try to avoid getting too many loans, and make sure that you're comfortable with the monthly payments before taking on anything new.
The most common reasons to get a personal loan include emergency expenses, major purchases, home repairs, or milestones. A personal loan may be the right option if you have a good credit score, and your costs fall under these categories.
Hard credit checks temporarily lower your credit score by as much as 10 points. If you have excellent credit, applying for a loan will most likely make your score drop by five points or less.
Hard credit checks temporarily lower your credit score by as much as 10 points. If you have excellent credit, applying for a loan will most likely make your score drop by five points or less.
Personal loan applications typically require your Social Security number (SSN) and/or some other form of identification, bank statements, and possibly other financial documents, as well as pay stubs (and potentially tax returns). You can apply for a personal loan either in person or online.