Loans: is it possible to take out more than one?

Occasionally, circumstances don’t unfold as we expect, finances become tight, and we turn to additional help to bring our budget into line. If you find yourself in this position and have already taken out a loan before, don’t worry! You can apply for multiple loans to restructure your finances or deal with emergency situations.

Is it possible to acquire two loans from the same banking institution?

If you have a margin of credit available at your financial institution, you can request two or even more loans, whether in the form of personal or payroll loans.

Another common scenario involves customers who have several types of credit at the same bank. This often occurs with those who have difficulty getting out of their Credit Card Revolving Credit or Special Check. In many cases, they need a personal loan to fully pay off their debt and choose to pay off the loan, which generally has more affordable installments.

How can I obtain loans from the same financial institution?

If you intend and wish to take out another loan, check your available credit scores. If there are conditions seen during the credit analysis, take out your loan, signing the contract and waiting for the loan to be released. Hiring is as if it were the first time you were taking out a loan, following the same steps and requirements requested the first time.

Why perform credit analysis again?

In addition to looking after their financial resources, banking institutions also show concern for their customers. It is for this reason that a profile analysis is carried out whenever a customer requests a loan or financing. This analysis evaluates the applicant’s payment capacity and checks whether they have a good payment history by consulting the bodies that record Brazilians’ credit information. The result of this analysis could influence your chances of obtaining a second loan.

Is it safe to have multiple loans at the same time?

In a scenario of limited financial resources, maintaining simultaneous loans can lead to a person losing control of their finances, leading to a possible need to take on more debt or, in extreme cases, result in their name being included in credit protection bodies.

Can I take out multiple personal and payroll loans?

As these are different types of loans, differences are seen when taking out more than one loan in these types, in which:

With regard to personal loans, according to the Central Bank, there is no regulation that stipulates a maximum amount. The following restrictions are determined by the financial institution in question, that is, dependent on the credit assessment carried out.

In the case of payroll loans, according to the Central Bank, there is no defined limit on the number of payroll loans that can be taken out. However, legislation establishes that this type of credit must respect the maximum consignment limits.

Is it viable to apply for a loan when you already have financing? And the opposite?

When you already have financing and want to obtain a loan:

This is possible, but it is recommended that the combined installments do not exceed 30% of your monthly income. It is important to note that in financing situations for the acquisition of real estate or vehicles, your income may be more compromised, as these are more substantial investments. Therefore, it is essential to check the impact of financing payments, loans and your regular expenses, both fixed and variable, in order to avoid excessive individualization.

When you already have a loan and want to acquire financing:

This is also possible to do. Typically, people who opt for financing already have a credit card, which is a form of personal loan. However, it is crucial to maintain a concrete and established financial plan to ensure that it is possible to meet all proposed financial obligations.

Therefore, loans are considered a valuable financial tool, providing people with the opportunity to make dreams come true, face financial challenges and invest in their goals. However, it is essential to use them wisely and responsibly. Before taking out a loan, it is essential to carefully analyze your finances, set clear goals and understand all the conditions and terms of the loan, precisely to avoid the need to obtain more than one loan, which can be somewhat harmful to your finances. and for your financial organization.

Excess debt can lead to an unsustainable financial situation, with interest and charges that can make life difficult, with an increase in numerous payments, resulting in debt and defaults that are extremely high and difficult to negotiate.

Therefore, planning, controlling expenses and a realistic assessment of your ability to pay for alternatives and possibilities is essential, especially when it comes to avoiding financing and loans as much as possible.