Personal Loans After Bankruptcy

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Is it possible to get a personal loans after bankruptcy? Yes you can, as long as you know how and where to apply for a loan. Here are the steps you need to know to get started.

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<ul><li><p>Personal Loans After BankruptcyLoans Up to $50,000</p><p>Personal Loans After Bankruptcy - - - Unsecured Cash Loans</p><p>Is it possible to get a personal loans after bankruptcy? Yes you can, as long as you know how and where to apply for a loan. Here are the steps you need to know to get started.</p><p>Many people find themselves in a position that they had to file for bankruptcy because they just could not afford their debts. A lot of people feel that once they have file for bankruptcy, they will not be able to qualify for any type of credit or loans for years to come. That is just not the case! Here are a few steps that can help you with the process of getting approved for a loan or a line of credit. If you are new on your job, you really need to wait at lease 6 months before you apply for credit.</p><p>Your Current Employer</p><p>1. The first and most important step is your current employer. If you have been on your job for at lease 6 to 12 months, you would stand a much better chance at getting approved for a line of credit or a loan. Many lenders will not accept your application if you have not been at your current employer for 12 months.</p><p>Credit Score</p><p>2. All lenders use some type of minimum credit criteria before they will process or approve an applicant. Sometimes they will use your credit score or just pull a copy of your credit report to review your credit activity. Before you apply to a lender, the best thing you can do is just ask the lender what is their minimum credit criteria. Or you could ask then do they accept applicant's that have filed for bankruptcy? You would generally get the following responds.</p><p>A. They do not accept applicant's that have filed for bankruptcy</p><p>B. They will accept applicant's that have filed for a bankruptcy over 2 years ago.</p><p>C. They will accept applicant's that have filed for a bankruptcy over 5 years ago.</p><p>D. They will accept applicant's that have filed for a bankruptcy and has restored their credit history with at lease two unsecured lines of credit.</p><p>If you were trying to get a home loan, most lenders would require that your bankruptcy is 3 years old.</p><p>Ordering Your Credit Report</p><p>3. You can order a copy of your credit report online for free. Before applying for loan, you should have your own personal copy of your credit report. There could be some new unpaid bills that have been added to your credit report. If there are bills on your credit report that should have been included in your bankruptcy, you could write the credit-reporting agency to have them remove or you can let your bankruptcy attorney handle it for you. Once you have a copy of your credit report, you will know if you meet the minimum credit criteria for a lender before they have ordered your credit report.</p></li><li><p>Where To Apply For A Loan?</p><p>4. The best place to apply for credit is at your current bank or credit union. Call or walking to your bank or credit union and tell their loan officer that you would like to apply for a line of credit. Before you apply, don't forget to tell the loan officer that you have filed for bankruptcy. At this point, the loan officer will tell you your options, if any are available. A second option is to apply for a loan at a credit union or a small financial institution. If your credit union is connected to your employer, they could be a little more flexible than the average bank. There are also lenders that offer loans to individuals that have bad credit. You will need to go online to find a list of lenders that offer loans to people that have poor credit.</p><p>Secured Loans and Credit Cards</p><p>5. Some banks offer secured loans and credit cards to people that have filed for bankruptcy. Not all banks offer this, so you need to ask them before you try to apply for their program.</p><p>Higher Rates For Bad Credit</p><p>6. Once you are approved for credit, get ready to pay a higher rate of interest for their program. If you make all of your payments on time for 6 months, you can request a lower rate from your bank or financial institution. If they were not willing to reduce your rates, I would try applying with some other financial institution.</p><p>Open At Lease 2 Unsecured Credit Accounts</p><p>7. Once you have been approved for credit and have paid on time for 6 months, try to open at lease one more unsecured credit account. An unsecured credit account really helps to rebuild your credit quickly.</p><p>Only Accept Terms That You Can Afford</p><p>8. The last point to cover is that you should only accept a line of credit that you can afford. Many people go out and get a car payment that they know seems a little high. It will be very hard to get approved for any more credit accounts, if you are late on any of your car payments. Get an idea of what would be an affordable car payment before you go to the car dealer. If you select a car that is above the amount that you have in mind, you are only asking for problems down the road.</p><p>In terms of personal loans after bankruptcy, there are a number of methods that you can use to get the credit you need to get approved for a personal, business, home or auto loan.</p><p>Personal Loans After Bankruptcy - - - Unsecured Cash Loans</p><p>Your Current EmployerCredit ScoreOrdering Your Credit ReportWhere To Apply For A Loan?Secured Loans and Credit CardsHigher Rates For Bad CreditOpen At Lease 2 Unsecured Credit AccountsOnly Accept Terms That You Can Afford</p></li></ul>