Have you wondered if you can have multiple active loans with Axis Advance? Our customers ask this question all the time so we decided to write a quick blog post to help assist. Our company policy is to only grant ONE active loan at a time if you’re eligible.
If you need additional money, you can request to refinance your installment loan. All accounts are subject to terms and conditions for this particular situation.
Downside of Having Multiple Active Loans
We attempt to underwrite every application to ensure customers are able to comfortably repay based upon their loan agreement. We also understand that some customers may seek additional funds elsewhere after a loan is approved and funded. We don’t recommend doing going that route if you can prevent it. The downside of multiple loans could be the juggling of making several payments risking falling behind.
Generally, when reviewing your bank statement (if required) and based upon your answers, we can determine if you have multiple small unsecured personal loans. This approach allows us to know more about your financial picture as part of our due diligence. It may make sense to consolidate a few loans with loan proceeds from your new account. This isn’t for every customer nor does ever customer decide to go this route.
Long Term Effect on Multiple Open Loans
Unsecured multiple active loans are not the best strategy financially. We encourage our customers if they are not able to make their scheduled payment comfortably during the loan finalization process, to not take on the additional burden and consider the overall situation. At Axis Advance we understand that we cannot prevent certain customer decisions but rather give advice to help each customer succeed if they choose to open an installment loan with our company.
Do you have additional questions? Check our of FAQ’s.FAQ's