Ways & How

how to get a loan after bankruptcy

how to get a loan after bankruptcy

The kind of lifestyle you currently live greatly contributes to how your life will turn out in the future. You have to consider that if you spend so much of your money on needless and unplanned items, there will come a time when you have to rely on credit cards and loans. Of course, you need to spend and allot money to certain monthly expenses, such as the home mortgage, bills, car insurance and fuel and your day-to-day needs. These things are essential to the way you live because they are planned, fixed and expected. However, there are a lot of things that we spend money on which are unplanned. When your sources of money do not allow you to pay your obligations and debts, you may have to file your certificate of bankruptcy. If you already have bad records with your credit card provider, you may not be able to get a good loan. The bank may already have trust issues against you. But this is not the time to fret because there will still be some banking or lending institutions you can go to for a loan. The interest may be higher, but you must take the opportunity to get up again. Here are solutions to your problems on how to get a loan after bankruptcy:

  1. Seek a friend who can help you out.



    Real and true friends will stick with you even when you are   down and bankrupt. Look for a friend or a family member who you think you can trust and ask for his or her help. Ask, or plead (if you have to), him or her to become your co-signer. Ensure that friend or family member can handle the responsibility.

  2. Use collateral. Before you make any loan application to the bank or a lending institution, make sure that you ready everything they may ask of you. If you have a property or properties, prepare their titles and tax declarations so that you can use them as collateral to the loan. This will guarantee the bank or lending institution that they have something to get from you as a form of payment if you are unable to pay your loan at the appointed time.

  3. Use online loan applications. There are certain social networking sites on the Internet used by lenders and borrowers. Get a peer to peer assessment on your capacity to pay the loan that you borrowed from them. Let them know that you have a job at the time of application and that you have sources of income to pay for your debt until the agreed time.

  4. Visit your bank. Paying your bank a visit may help you as you apply for a loan with them. Prove to them that you will be able to pay your debts in due time.

If you are a person who does not carry cash, you should carry with you all the discipline you can so that you will know when to spend exceedingly and when to stop. Be aware that it will not be an easy task to look for ways on how to get a loan after bankruptcy, especially when no one is there to trust you again. All it takes is a little discipline and responsibility when using your credit card. Whenever possible, it is best to pay for the entire credit bill, rather than to accumulate balances at each month.

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