| Presumably you looked at all your possible alternatives | | | | you can get a secured loan, which is something |
| and determined that bankruptcy was the only way to | | | | backed up by some type of collateral such as a home, |
| go. So now the papers have been filed, your slate has | | | | a car that is paid off, or sometimes even the sum total |
| been wiped clean and you are ready to start over, this | | | | of your household goods. In certain ways, this can |
| time not making the same mistakes you did the first | | | | present a danger to you, since if the unexpected |
| time around. But one of the things you will very likely | | | | happens and you need to default on this secured loan, |
| need is a loan and you may think that it is impossible to | | | | you stand a good chance of losing whatever you put |
| get a loan after bankruptcy. | | | | up as collateral. |
| Nothing could be further from the truth. It is far from | | | | The preferred type of loan for you right now, |
| impossible to get a loan after bankruptcy, although you | | | | especially since you probably do not have assets that |
| are going to need to look beyond what you might | | | | can be put up for collateral on a secured loan, is to get |
| consider to be your traditional lending sources like your | | | | an unsecured loan, sometimes also known as a |
| bank or credit union. | | | | signature loan. Again, as stated earlier, you are going to |
| The reason for this is that your bankruptcy shows up | | | | be a higher risk because of your past bankruptcy and |
| on your credit report in the equivalent of flashing red | | | | also because the lender has nothing to repossess in |
| lights and huge neon signs so that potential lenders are | | | | case you default on the loan, but it can still be done. |
| aware that you have filed. And the reason for that is | | | | A great place to look for a personal loan is online. In |
| simple – you are now considered a much greater | | | | today's very competitive financial lending market, many |
| credit risk, and loans are placed and interest rates | | | | potential lenders online can offer great programs and |
| determined based on the amount of risk that the | | | | great rates, and do not rate you as poorly or as high |
| lender feels he needs to take with your loan. | | | | of a risk as your traditional lending sources. |
| The first thing you need to do is to make sure all of | | | | After you get your loan, be sure to move heaven and |
| your debts have been fully discharged in your | | | | earth and whatever else is necessary to make your |
| bankruptcy. If the proceedings are still taking place and | | | | payments on time, every month, without fail. One of |
| it is not complete yet, you very likely have a very poor | | | | the things you are trying to do is to re-establish your |
| chance of securing a loan, since that is just about the | | | | credit, and there is nothing more positive on a credit |
| highest risk factor that can be considered by a lender. | | | | report than noting that you have a history of billing your |
| Some lenders require that there has been at least two | | | | debts on time. |
| years gone by since you filed and the time that you | | | | With a bit of due diligence on your part, you can find a |
| apply for a loan. But that policy is more "tradition" than | | | | loan after bankruptcy where the rates are not |
| anything else, and not many places follow that policy | | | | stratospheric and actually quite reasonable. Do some |
| any more. The most important thing you can do and | | | | comparison shopping for your loan, as you would |
| may have to prove and demonstrate is that you are | | | | comparison shop for anything else, and do not |
| making timely payments on any credit accounts you | | | | consider yourself a second class citizen in the process |
| currently have open. This is critically important. | | | | because of your past bankruptcy. |
| You will have a much easier time in getting your loan if | | | | |