Is it Illegal to Apply for Multiple Loans at a Time

[Holicent]

It's not illegal, but If you are planning to apply for multiple loans at a time, then there is a risk involved in doing so. First of all, it is not possible to get approved for more than one loan at a time. The lender will look at the applications and decide whether or not they are eligible for approval. If more than one loan application is submitted, then the lender will process them separately and you may have to wait longer for approval.

Another problem that might arise if you apply for multiple loans at once is the fact that the credit agency will look at your history and choose which lender they want to give approval to first. You may end up with two different lenders if both of them want to take part in your loan process but only one can actually offer you an approval letter.

 

[Heartstrings]

Well,I have no much knowledge about loans but from the little I have seen and heart from those around me,it is not illegal but comes with its own problem,why because when it is time to pay off you may be confused not knowing which to pay first. And the one I am saying here is through all this loans apps,like I said I have no personal experience.

There was a guy one certain time that was trying to commit suicide,why because he has borrowed from three different apps online and they are all sending messages to remember him of his outstanding dept,the other one was online begging people for money so as to be able to pay for hi loan depts, reason why I said it comes with its problem on it's own.

Why don't you take a loan at a time,try to pay that off,you can even engage yourself with more business/side hustle so as to be able to come up with something,. Applying for a multiple loan at a time isn't entirely a good idea.

 

[King bell]

Applying for more than one loan at a time is illegal in the United States, but there are other countries where it's not a big deal to apply for multiple loans. Read this article for more information about what's legal and what isn't.

Is It Illegal to Apply for Multiple Loans at a Time?
The U.S.'s Federal Direct Loan Program (FDLP) only allows students to take out one loan each year without repaying them back in full before applying again, which is capped at six loans during the life of an undergraduate student, five credits per year. Generally speaking, there are no limitations on how many federal student loans can be taken out during graduate studies or professional pursuits.

But there are other countries where it's not a big deal to apply for multiple loans at a time. Even in the U.S., however, borrowing more than one loan per year is generally not financially advantageous, and usually can't exceed the limits of your financial aid package. The main difference between applying for multiple loans in the U.S. and applying for multiple loans in other countries is that if you apply for more than one loan (or stay within the limits) in some other countries, your parent or spouse may be able to make payments on your behalf .

 

[eldavis]

I believe from your explanation here, you are talking about when a person tries to apply for a loan multiple times from a single lender? Anyways like you, I do not think it's illegal but it mostly depends on if it is allowed by that lender, and if they would be willing to approve it. I don't think most lenders would want to grant multiple loans at the same time to a single person though. Unless you plan on taking loans from different lenders at the same thing. This could be risky though as paying back might become an issue in the end.