Getting a personal loan after bankruptcy is not easy, all of your credit information is still in the system, unless it has been 7 years since your filling. However, there are ways of getting personal loans, even with the record of bankruptcy. You just have to be open-minded and willing to explore new options, as long as it means getting a loan.

Things You Will Need

pen and paper.

Step 1

Focus on the good parts of your credit. In order for you to get the loan you need, you have to identify the good points in your credit report. You might have filed bankruptcy, but a lot of lenders will knowingly loan you money at a high interest rate if you have had employment for the last 6 months. You should also analyze your debt to income ratio to determine the likelihood of you getting a loan.

Step 2

Use person-to-person lending. Person-to-person lending is a great alternative if you don't have good credit or have filed bankruptcy. Sites like prosper, boast about the ability to connect millions of borrowers and lenders that benefits everyone. The individuals on this site are just like me and you. Some are perfectly willing to take a risk in exchange for high returns.

Step 3

Go through loan sharks. Loan sharks have a bad reputation, mainly because of the movies. Most loan sharks are good individuals who invest in high risk clients. They often charge unreasonable rates and are known for changing loan terms during the repayment process. You can go to online discussion forums and search for loan sharks. Chat rooms discussing loans and loan sharks also have the ability to connect you with these types of lenders.

Step 4

Get a payday loan. Payday loans do not require you to have good credit. In fact, there is no credit checks. The only credit you need is your employment. You will have to prove at least 6 months of employment. You will also be required to have a checking account. This process takes about 20 minutes and is available online.

Step 5

Get a collateral loan. Collateral loans involve putting up a form of collateral in exchange for capital. A title loan involves you putting up your car title in exchange for a loan. This method is common among high risk borrowers and is usually one of the best options. Pawn shops offer the ability to get a short-term loan in exchange for collateral.

Step 6

Beware of fraud. Certain company's will boast about their ability to loan money to high-risk clients, but these are the company's you should be aware of. They might not really be lending money at all, they could be stealing your financial information for the purposes of identity theft. You should verify each institution with the Better Business Beureau to determine a company's legitimacy.


Tips & Warnings