Bankruptcy and Personal Loans

It’s never an easy decision to file for bankruptcy, but, unfortunately, it often becomes necessary for some people. If you have found it necessary to file for bankruptcy, you may be wondering if you’ll ever be able to get a personal loan again, and the good news is that, yes, you can get a loan!

Bankruptcy used to be a kind of “death sentence” where your credit and general finances were concerned. Nowadays, though, it’s much easier to rebuild after bankruptcy and to get back on your feet, financially speaking.

 With that said, many lenders will happily provide you with a personal loan after a completed bankruptcy. If your bankruptcy is still pending, however, or has not been fully discharged, it may be a little harder to get a personal loan and/or your loan rate may be higher.

With that said, no matter where you are in terms of your bankruptcy or how long ago it was filed, you can find a lender who will work with you if you look hard enough. You may have to jump through some extra “hoops,” such as providing security for the loan in the form of cash or property, but it can still be done!

Remember, too, that just because you can take out a personal loan after bankruptcy doesn’t always mean you should! The post-bankruptcy period is a time to rebuild your credit and to get a fresh start. It’s not a time to make foolish financial decisions and get yourself right back into the same situation! As such, only take out a loan when you honestly need one for valid reasons and are willing and able to pay it back in a timely manner.

As long as you act responsibly and take advantage of the resources available to you, not only can you get a personal loan after bankruptcy, but you can get a whole new lease on life as well!