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You can most certainly take out a second personal loan but there are a few conditions that need to be met before it becomes reality.You still need to qualify for the second personal loan before a lender will disburse it into your bank account. All the same eligibility criteria still apply.
The lenders will typically check your credit report, verify your income, and confirm your employment. They may also need to confirm your immigration status by checking and confirming your visas or residency status.
A second personal loan is a viable option if you can qualify. Most importantly, it’s a good idea if your debt-to-income ratio can withhold another loan. Your income must be more than the payments you have to make on your debt. This is one of the key ways in which lenders stop people from becoming over-indebted.
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