How to Get a Personal Loan After Bankruptcy
Bankruptcy means that you get all your debts cleared without necessarily having to repay them. However, this has consequences because you will not be able to obtain credit. The reason is because lenders consider you a high risk. But some lending institutions will still offer personal loans to people after bankruptcy if certain conditions are sufficiently met. Discussed in this article are some tested ways on how you can get a personal loan after bankruptcy.
The first thing to do is to request your credit report from all the 3 credit reporting agencies. You want to carefully check the reports and report any mistakes, if any. If you notice a miss-match of information, you should report that immediately. Remember that lenders would want to see your credit report in order to whether or not they are going to grant you a personal loan.
After getting your credit reports, just walk to your local bank and make an appointment with the financing officer. You need to explain to the financial manager that you want to start over and request for a personal loan under the circumstances you are facing. You should explain to the officer everything about your current financial situation, and not forget to mention bankruptcy.
It is very obvious that the bank loan officer will give you an option for personal loans with too high interests. If so, just take it since you want to begin shaping your credit score. Still, the bank will offer a secured loan where you have to bring collateral for the loan. There is no way you can obtain an unsecured personal loan after bankruptcy.
If your local bank turns you down, you can try other financial lending institutions out there. Actually, there are so many personal loan lenders offering their services over the Internet. You can search the web to find lenders who are willing to offer personal loans people who have already filed for bankruptcy. Consider doing your research pretty well in order to get a list of lending companies in your area. Visit their websites to check how they operate and also about their loan interest rates.
Be careful when dealing with online personal loan lenders. This is because some of them are not legit ay at all. It is always advisable to go for only reputable online lenders. To know whether a particular lender is legit or not, just look for complaints on their websites. Remember that unscrupulous lenders can take advantage of your situation in order to con you. So, do not be that desperate simply because you have already filed for bankruptcy. Do your research well in order to land a good lending institution out there.
After landing a reputable financial lending company out there, consider accepting their loan terms and pay back the loan on schedule. After paying on time for at least 6 months, you may request your lending company to refinance your personal loan with more favorable terms. That way, you are on way to shaping your credit score.