You Can Get a Loan After Bankruptcy
If you are looking for a loan after bankruptcy do not think that just because you have been in this situation that you will not be approved for any kind of credit in the future. There are plenty of companies around today who are more than willing to offer lending facilities to those who have had to file for bankruptcy.
It is important to note that the competition is fierce between these companies and so the chances of a person getting a loan approved after being bankrupt is greatly increased. The only thing that these companies will want to know from these people is that their debts have been discharged.
As mentioned there are plenty of lenders who are willing to grant loans to those who have been made bankrupt. But often before a loan can be approved the lender will require that there has been a gap of two years since the bankruptcy has been charged. Then again, there are others who will approve a loan as long as you can clearly show that you have been making all payments on time to all of your creditors.
Along with what we have mentioned previously, some lending companies will require someone who has been made bankrupt and applies for a loan with them to be able to make a down payment. The amount of the down payment that this person will need to make will generally be based on the amount they would like to borrow. Most companies will be happy if the person is able to pay between 3% and 5% of the total cost of the loan for use as the down payment.
But some people who have filed for bankruptcy may find it difficult actually getting this sum of money together and there are programs available which may be able to provide them with assistance. The programs help those who would like to get a loan but do not have sufficient funds themselves to provide them with the down payment that they need.
It is vital that once you have been able to discharge all your debts after filing for bankruptcy that you start to rebuild your credit history. The best and probably easiest way of doing this is by applying for a credit card; however, you may find that initially you will have to get a secured one. Also once you have received your credit card then make sure that you pay your bills on time and also if you can, clear the whole balance amount each and every month.
When you have started to re-establish your credit history once more through using a credit card or credit cards you then need to keep a check on your credit report. Ideally, if you can arrange to check these every few months (say once every quarter), this will help to ensure that no mistakes or errors occur on it. If you do notice any discrepancies, then immediately talk with the credit reporting agency and arrange to have these removed. If you do not, then these could adversely affect your credit rating and result in you not getting the loan that you want approved.
Above we have looked at just a number of things that can help you when it comes to getting any kind of loan after bankruptcy approved. If you do, keep the things above in mind then not only applying for but getting the loan approved will be a lot easier for you.
It is important to note that the competition is fierce between these companies and so the chances of a person getting a loan approved after being bankrupt is greatly increased. The only thing that these companies will want to know from these people is that their debts have been discharged.
As mentioned there are plenty of lenders who are willing to grant loans to those who have been made bankrupt. But often before a loan can be approved the lender will require that there has been a gap of two years since the bankruptcy has been charged. Then again, there are others who will approve a loan as long as you can clearly show that you have been making all payments on time to all of your creditors.
Along with what we have mentioned previously, some lending companies will require someone who has been made bankrupt and applies for a loan with them to be able to make a down payment. The amount of the down payment that this person will need to make will generally be based on the amount they would like to borrow. Most companies will be happy if the person is able to pay between 3% and 5% of the total cost of the loan for use as the down payment.
But some people who have filed for bankruptcy may find it difficult actually getting this sum of money together and there are programs available which may be able to provide them with assistance. The programs help those who would like to get a loan but do not have sufficient funds themselves to provide them with the down payment that they need.
It is vital that once you have been able to discharge all your debts after filing for bankruptcy that you start to rebuild your credit history. The best and probably easiest way of doing this is by applying for a credit card; however, you may find that initially you will have to get a secured one. Also once you have received your credit card then make sure that you pay your bills on time and also if you can, clear the whole balance amount each and every month.
When you have started to re-establish your credit history once more through using a credit card or credit cards you then need to keep a check on your credit report. Ideally, if you can arrange to check these every few months (say once every quarter), this will help to ensure that no mistakes or errors occur on it. If you do notice any discrepancies, then immediately talk with the credit reporting agency and arrange to have these removed. If you do not, then these could adversely affect your credit rating and result in you not getting the loan that you want approved.
Above we have looked at just a number of things that can help you when it comes to getting any kind of loan after bankruptcy approved. If you do, keep the things above in mind then not only applying for but getting the loan approved will be a lot easier for you.
posted by david at
11:02 PM
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