Filing a bankruptcy can negatively affect your credit score. Not only that, it can also affect an individual's self-esteem. Although it would lighten up the load since you will no longer have liabilities for previous loans. This measure should only be taken when you really have no other means to pay off your debts.
If you have filed for a bankruptcy, you are not the only. Due to the global economic crisis, the number of bankruptcy petitions being filed has increased. However, even if you file for bankruptcy, it doesn't mean that you no longer have financial needs. With the present situation, more and more people are in need of financial backing to stand back on their feet.
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But can you get a personal loan after filing for bankruptcy? Fortunately you can. Although a negative mark is placed on your credit rating because you filed for bankruptcy, it does not mean that you are no longer eligible to get a personal loan. It can be quite difficult to get a personal loan from the bank or from other lending firms, but there are lending firms that offer loan services that are tailored for individuals who have filed for bankruptcy.
If you need to get a loan after bankruptcy, then you should help yourself increase your chances of getting it. The things that you need to consider in order to get an approval are as follows:
Verifying your credit score
The first thing that you need to start with is to verify whether or not the lending company offers loan services to people who have previously filed for bankruptcy and what are the minimum credit score rating that they require. You should inquire about this information before filing for the loan.
Dealing with existing debts
After filing for a bankruptcy, it is imperative that you try to minimize having other debts if you plan on getting a loan. If you apply for a personal loan, while having a lot of existing debts can leave a bad impression on the lender. It would seem to them that you are unfit to handle your obligations, thus lowering your chances of getting an approval.
Restoring your credit rating
Through time, you will be able to restore your credit rating, as long as you pay your existing bills on time since your bankruptcy. If you have been paying your bills on time, this can reflect a positive rating on your credit score after two years. If you file for a loan by then, it would surely help you get an approval.
Having a collateral
If you want to improve the chances of getting a personal loan, without the need for you to wait for your credit rating to improve, then getting a secured personal loan is what you need. This type of personal loan requires that your property be used as collateral. This will serve as a fall back for the lender, in case you default your payment.
Applying for secured personal loan can greatly increases your chances of getting an approval. Even lenders which offers no credit check loans can provide faster approvals for loans with collateral.
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