How Many Personal Loans Can You Have At Once?

Close up of a loan application form with pen and coins on table, depicting one of the multiple personal loans a borrower is hoping to get
Close up of a loan application form with pen and coins on table, depicting one of the multiple personal loans a borrower is hoping to get

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Have a loan that just falls short of the exact amount that you need? In situations such as these, you may be wondering if you can have multiple personal loans at one time to cover all your desired costs. Taking multiple personal loans at once is possible in Singapore.

But before you do that, it’s crucial that you understand exactly what every personal loan involves. We’ll help you understand what personal loans are, how many personal loans you can have at once, and the downsides to having multiple loans at once.

What’s a personal loan?

A “personal loan” is a blanket term to describe a sum of money you might borrow from a licensed money lender, a financial institution, or a bank.

Typically, personal loans need to be repaid in monthly instalments, also referred to as monthly repayments. These instalments are spread out over a period of time called a loan tenure. This period of time may vary depending on the terms of the loan, and may be spread out over months or years. Interest rates on the personal loan may also vary based on these terms.

Normally, you can expect Singapore’s major banks to offer loan tenures of between 1 and 7 years for loan repayment.

Personal loans are all-purpose loans. This means that you don’t have to disclose what you’re using the loan for. Home renovations, emergency car repairs, medical bills, and more are all things that you can use a personal loan for.

As unsecured loans, personal loans don’t require you to pledge a collateral to be granted the loan.

How much can you borrow on a personal loan?

The amount that you can borrow on a personal loan will vary based on your income — you cannot get a personal loan without income proof in Singapore.

If you earn less than $120,000 per year and meet the minimum income requirements, most banks will allow you to borrow up to 4-6 times your monthly income.

If you earn more than $120,000 per year, the majority of banks will allow you to borrow as much as 10 times your monthly income.

That being said, the ultimate amount that you can borrow will depend entirely on how creditworthy you appear in the bank’s eyes. Banks will assess your credit history, monthly salary, and other loan commitments before deciding how much to lend you. In general these factors help them assess your ability to repay your personal loans and other types of loans across multiple banks in Singapore.

Applying for multiple loans — how many personal loans can you have at once?

There’s no fixed number when it comes to how many personal loans you’re allowed to have at any point in time: you can have personal loans from multiple banks.

However, take note that there is a legal loan limit in place for Singapore’s unsecured personal loans. Instead of a limit on the number of loans you can take, this limit is on the amount. As of 1st June 2019, you can only borrow as much as 12 times your monthly income with unsecured loans. This measure protects us all from overborrowing.

Keep in mind that no matter how many or how few personal loans you have at any point in time, banks will assess your credit report thoroughly to ensure you’re not borrowing more than the legal loan limit that has been established.

Moreover, if your total debt from unsecured loans exceeds your legal limit for over 3 consecutive months, you won’t be able to apply for a new credit card, unsecured facility, or an increase in credit limit. You also won’t be able to use your existing credit card or draw down on your unsecured credit facilities.

So if you ever wondered, “Can I take multiple personal loans?”, there’s your answer!

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Can you apply for two personal loans at the same time?

If you’re applying for a Singapore personal loan, you absolutely can apply for two or multiple personal loans at the same time from different banks.

However, there’s no guarantee that every bank is going to approve your loan — manage your expectations and be aware that it’s unlikely all the personal loans you’re applying for will get approved.

You can apply for multiple personal loans at once, but should you?

While it may be tempting to stretch the limits and see how many personal loans you can have at once to fulfil all your possible cash needs, it’s important that you’re able to manage your monthly loan repayments in that instance.

Not only is managing multiple monthly loans simultaneously highly stressful, but also it may stretch your finances and put you in a risky position financially.

If you need help making an informed decision, be sure to consider your monthly repayment capacity and ensure it would remain feasible for you.

Are there any downsides to applying for multiple personal loans at the same time?

Yes, there are downsides to applying for multiple personal loans in Singapore. Keep these in mind and understand the position you’re putting yourself in when you’re seriously considering doing so.

#1 Lenders will be wary

Applying for multiple Singapore unsecured personal loans may be cause for concern to lenders, as it implies that you may be under financial strain and perhaps even unable to repay any loan you take from them.

#2 Your credit score may take a hit

Any loan that you apply for will also impact your credit score, as lenders will have to make an inquiry into your credit report to assess your financial health. Too many of such inquiries on your credit report within a short span of time may indicate that you’re frequently applying for new sources of credit, or that you’re stuck in a debt cycle.

For those who don’t already know, a credit score is a number that’s used by banks, financial institutions, and sometimes even employers, to assess your creditworthiness.

Why does having a healthy credit score matter?

Having a healthy credit score indicates that you’re financially healthy, and will significantly increase your chances of qualifying for financial products such as personal loans, renovation loans, credit cards, home loans or mortgage refinancing.

On the contrary, having a poor credit score can make it difficult for you to gain access to these financial products, as lenders may not be able to trust that you can repay what you owe.


Maintain a long-term perspective and consider the impact that taking multiple personal loans can have on your financial outlook in time to come. While you can apply for multiple personal loans at once, it doesn’t mean it is always the best thing to do.

If you really need a loan to tide over tough times temporarily, definitely compare personal loans from banks and licensed money lenders before settling on the one that best suits your needs!


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