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How To Get A Loan After Bankruptcy

Mar 8, 2008
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.

Today the competition between the various lending companies is extremely fierce and so you may well find that there are really some great offers on loans, which one can apply for even if you have been registered as bankrupt. One of the main stipulations that these companies will want before they agree any kind of loan to some one who has been filed as a bankrupt is that all their debts have been discharged.

However even though there are lots of companies who are willing to lend funds to those who have filed for bankruptcy, some of these will want there to be at least a 2 year gap between when you discharged your debts and when you applied for a loan. However, there are other companies will approve a loan as long as you can show that you have been making all the necessary payments on time to 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.

However, if you are having difficulties in getting a down payment together then there are some programs which can assist you. These programs help you with getting your loan even if you do not actually have enough cash to place as a down payment yourself.

The next thing that one needs to do and which will help when it comes to applying for a loan after bankruptcy is to work on rebuilding their credit history. One of the easiest ways in which this can be done is by getting a credit card, although you may find that in the beginning you have to apply for secured ones. Then as soon as you do have your credit card, you need to make sure that you pay the bills each month on time, plus also you are able to make sure that you pay the balance that is outstanding each month as well, or at least the minimum payment if not more.

After you have started to re-establish your credit history, it is important that you check your credit reports on a regular basis. Doing this you will then be able to quickly identify any errors or problems with it and arrange for these to be removed. If not then these could once again adversely affect your credit rating and result in your chances of getting that loan approved reduced. In fact, regularly checking your credit report is a great idea for everyone.

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.
About the Author
For more insights and additional information about getting a Loan After Bankruptcy as well as getting a free competitive online loan quote, please visit our web site at http://www.personalloantips.com
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