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Three Pointers On Personal Loans After Bankruptcy Discharge

Written By Devi Kristanti on Thursday, October 23, 2014 | 4:13 AM


One of the most damaging aspects of bankruptcy is the damage it does to ones self-esteem. Guilt, having to take such a drastic measure, worry about unpaid creditors, all contribute to a sense of failure that is really unnecessary. You are not alone in your tribulation. You will not be the last or the first who needed to seek relief with bankruptcy or by taking a personal loan after bankruptcy. Notwithstanding all this, you must admit that the sense of relief is sublime - a good night's sleep a blessing. And landing a personal loan after bankruptcy may add to that relief.

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What Is a Bankruptcy Discharge?

A discharge is a priority within many bankruptcy agreements that acknowledges you as the borrower to be exonerated from any personal liability in the future regarding certain types of debt from the past.

Any debts qualifying under this priority are no longer your responsibility. (This lower debt load will help you get a personal loan after bankruptcy.) It does not stop there. It prohibits any creditor or their representatives from hounding you for repayment. This applies across the board, from phone calls, to letters of demand, to any means the creditor may stoop to wrest funds from you. Some debts, taxes, child support, and the like, will remain owed by you even after the bankruptcy and you will still be responsible for them. But, even at that, responsibilities are so much more easy to face. None of this will affect your ability to get a personal loan after bankruptcy.

Bankruptcy Does Not Quell the Need for Cash

Immediately after a bankruptcy, it will be hard to qualify for a number of loans. This can last for a number of years. But, if you need a cash infusion, they are not impossible to find.

Lenders do exist who are willing to lend to folks who have experienced bankruptcy. If you need some guidance, personal loan options abound and here are some tips to getting funded. Before you venture into the personal loan market - and your best bet would be the internet - be aware that there are predators out there who will prey on your low self-esteem and other vulnerabilities to take your cash and offer little in return. Trying to get a personal loan after bankruptcy with these shysters will only cause you more trouble.

ONE - Secured or Unsecured Loans

Secured loans require collateral of real value property, usually real estate or a late model vehicle. Having collateral can ease the application and lower your interest rates. Unsecured loans, while a bit harder to get, are not impossible, but they do carry very high interest rates.

TWO - Amount and Repayment

You should have a budget and this should make it easy for you to determine how much you need and how quickly you can pay it off. The more quickly you pay, the lower your cost. The more frequently you take such loans and meet their maturity, the better your credit report becomes.

THREE - Spread It Around

Once you have located a number of lenders willing to fund loans for those with bankruptcy, check their qualifications carefully before applying. Getting refused hand over fist can do your credit report even more damage. Lenders may come to see you as loan hungry. Applying to 3-5 lenders could give you the opportunity to shop for the lowest rates and the most affordable repayment terms. But again, do not reach for the unattainable, at least not right now.

Mustering up your self-confidence and sticking to the guidelines above, you should be able to get the personal loan after bankruptcy that you need.


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