Getting a loan after your bankruptcy has been discharged can be daunting and frustrating. Bankruptcy can carry a stigma and give you a bad credit rating for up to seven years after discharge. But there is a bright side to the bankruptcy aftermath.
Once your bankruptcy has been discharged, you are now in a unique position in the eyes of potential lenders. You all of a sudden have no debts whatsoever! Although your bankruptcy represents your willingness to walk away from financial obligations, many lenders see your new slate as one that cannot be erased quite so easily (as there are limitations on the number of bankruptcies that can be filed in certain time periods). Therefore, if you have a good employment history and have been at the same job for quite some time, you can easily qualify just a few months out from bankruptcy for a bad credit after bankruptcy loan. Albeit you may pay higher interest on the money that you borrow when taking out your bad credit loan after bankruptcy, you will be on a stepping stone path to rebuilding your credit rating and qualifying for better loans with less interest in the future.
Many borrowers who are fresh out of bankruptcy find that getting a bad credit loan is easiest when going with an online lender. Online lenders have more working capital than the traditional bank around the corner, and have less overhead versus number of borrowers that they service each month. This works out to greater rates of approval for your bad credit loan after bankruptcy, and gets you started on the road to financial recovery.
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