One of the biggest misconceptions when it comes to filing for bankruptcy is that you can never get credit again; at least not until the bankruptcy goes off of your credit. That is simply not true. It is possible but it is also hard and it will take some work and research on your part to get some unsecured loans. You do have several options available to you out there; you just have to look around and find them. Below are some places you might want to consider when getting an unsecured loan once you have filed for bankruptcy.
• Your bank or credit union – If you have a local bank or credit union that you currently do business with ask them for a loan. It can be a small loan so that you can pay the payments on it without any trouble. Let them know you’ve filed bankruptcy and that you are working hard to rebuild your good credit. If they know you personally they might just help you out.
• A local lending company – Some lending companies in your hometown might be willing to take a chance on you. Again, do the same thing you would do at the bank and let them know you are working hard to get credit reestablished. They might offer you a loan with a high interest rate, but ask them if they would consider a loan that you can refinance with a lower rate once you’ve proven that you can pay your payments on time.
• Credit card companies – In some cases you will still be able to get a no collateral or unsecured credit card even after you have filed bankruptcy. You can generally find a card that will give you a low limit but watch out for the interest rates. That’s where they can get you. Also check to see if the interest rate is fixed or variable. You always want a fixed rate on any card.
• Payday Loans – Payday loans are another option. You can get a loan through a company but you have to pay the loan back on the day you get paid. Most of them have it set up to come straight out of your bank account because you have to have a bank account to apply for a payday loan. Of course the interest rates will be higher for a loan like that, but if you have a job and a bank account you can get a payday loan without a credit check.
Getting an unsecured loan after you have filed for bankruptcy is not completely impossible. It will take some time and research on your end but be patient and it will eventually all come together in the end.