Well, it depends on whether you really need the thing you want to purchase or finance with your borrowed money. The only way it would make sense to get a second personal loan is if it places you in a position which grants you better opportunities to escape your debt cycle.

Lets say for instance you need a reliable mode of transport to get you to work, or you want to capitalize on an opportunity that helps you grow your ability to earn more income. Then it would make sense to get a second loan. And it would also make more sense if you got the best and cheapest loan available.