There is no real absolute rule established by banks and financial companies on the maximum number of loans that can be obtained at the same time. It is certain that a subject can manage to have multiple payday loans in the same period.
It is clear that in order to access credit it is necessary to have a fixed income, however, demonstrable: lenders must be sure that the applicant is able to cover the installments of the products requested in order to avoid cases of insolvency. Under the lens of banks and financial companies, the credit position of the subject ends, who must not present any type of delay in payments.
The part of the income used to pay the loan installments must not usually be more than 20-25% of the total availability. If the installments of any loans that you want to apply for do not go beyond the 1/3 threshold of monthly income, there should be no problems in obtaining other loans even though there are already some of them active.
In addition, the debtor must demonstrate that he is reliable in terms of credit: his name must not appear in the reports of the Central Credit Register for delays or non-payments.
Debt Consolidation: A Good Alternative
A financial solution capable of bringing together all outstanding debts into a single loan is that of debt consolidation. If the loans previously requested foresee the clause for early repayment, you can opt for the loan for debt consolidation and to have only one loan in progress with a single installment which sometimes is even lesser than the sum of the installments of existing loans.
In the case of a debt consolidation loan, credit institutions usually do not require collateral, such as lien or mortgage on property owned by the applicant. Among the most widespread guarantees there is, however, that of a co-obligated person who will act as guarantor. The latter situation becomes recurrent in cases of loan applicants with recent working seniority or when the amount requested for the debt consolidation loan is quite high.
Bad payers: how to behave
The situation changes when dealing with a bad payer. All credit institutions, before granting the credit, carefully evaluate all requests, paying attention to the financial situation of the applicant. The Central Credit Register is thus consulted to verify that the applicant has never had problems in coping with the repayment of one or more installments of a loan as established in the terms of the contract.
And if the name appears in the black-list, it certainly does not mean that funding cannot be obtained but that it will certainly be essential to focus on alternative routes. These include the assignment of the fifth or the loan with delegation.
The assignment of one fifth of the salary or pension is a loan reserved only to employees, both public and private, and to pensioners. It is a non-finalized loan with a fixed interest rate which provides for a repayment in constant installments, the amount of which cannot exceed the fifth part of the monthly salary (or pension).
The repayment of the installments takes place automatically and the debtor’s employer or the pension fund in the case of pensioners is responsible for paying the installments. Those who have a fixed-term contract can take out a loan with a transfer of the fifth but the debt must be paid off at later than the expiry of the employment contract.