| Most people have needed a little extra cash at some | | | | have to pay extra charges--like an annual fee on a |
| point in their lives. And just because you've declared | | | | credit card--and you may have to pay higher "extra" |
| bankruptcy doesn't mean you can't get approved for a | | | | fees. For example, a late payment charge on your |
| loan or line of credit! However, your special | | | | loan might be higher than average. Again, be wary of |
| circumstances mean that you may have to accept | | | | any loan company that seems to be charging you |
| some conditions, such as: | | | | exorbitant, unusually high fees. |
| HIGHER INTEREST RATE | | | | OFFERING COLLATERAL |
| Since your credit history has some black marks, | | | | You may need to offer some type of collateral to be |
| lenders will view you as a riskier borrower. From their | | | | able to obtain credit or a loan after bankruptcy. If |
| perspective, you're more likely to make late payments, | | | | you're trying to get approved for a credit card, choose |
| miss payments or default on your loan. In an effort to | | | | a "secured" card that uses a cash deposit from you |
| balance out this risk, many lenders will charge a higher | | | | as the collateral on the money you borrow. For other |
| interest rate to borrowers who have declared | | | | types of loans, you may need to offer your house, car |
| bankruptcy in the past. Although you can expect to | | | | or other valuable possession as collateral. |
| pay a rate that's one or two percent higher than | | | | Here is a list of recommended Personal Loan Lenders |
| average, watch out for excessively inflated rates. | | | | online. It's important to use a reputable lender online to |
| Comparison shop to see what kind of deals you get | | | | make sure your personal information is secure. |
| offered. | | | | It's possible to get credit and/or a loan after declaring |
| HIGHER FEES | | | | bankruptcy, though you may need to accept certain |
| As with the interest rate, the higher fees are your | | | | conditions or terms. In general, expect to pay a little bit |
| lender's way of balancing out the risk of lending to a | | | | more for any money you borrow, unless your loan is |
| borrower who has declared bankruptcy. You may | | | | secured with some type of collateral. |