Sometimes, one approved loan may not be enough to implement plans. For example, due to a small amount or the occurrence of additional expenses. And sometimes clients want to simultaneously apply to several banks and choose the best offer. Let's talk about whether it is possible to take out several loans and what this can lead to.
Why do borrowers take out multiple loans at the same time?
There are many options. For example, a client asked the bank for 300 thousand rubles, but was approved for only 100 thousand rubles. Or he took out a loan, but still does not have enough money. Therefore, the borrower tries to get another one. Or the circumstances have changed, he needs more money to implement his plans. Or he wants to take out a loan on more favorable terms to pay off the one he received earlier at an inflated rate. But most often this happens due to unforeseen expenses.
Example:
Alexey wanted to do some cosmetic repairs at home. He needed 150 denmark mobile database thousand rubles for this. He took out a loan for the corresponding amount from the bank. But during the repairs, it turned out that the wiring was living out its last days, the plaster was crumbling, and there were literally a few minutes left before the pipe would leak and the gas boiler would break down. And now the repairs are turning from cosmetic to major, and Alexey needs another loan for 200 thousand rubles.
Is it legal to take out multiple loans?
The law does not prohibit citizens from taking loans from several banks. No regulatory act establishes such requirements. Another thing is that it obliges creditors to assess the debt burden of potential clients. Simply put, if you are too indebted, you may be denied a new loan. The way out of this situation is to obtain additional sources of income and reflect them in the application. Or a secured loan, which will give the bank additional guarantees.