How to Get an Unsecured Personal Loan After Bankruptcy

Bankruptcy is widespread in our present economy. People lose their jobs and cannot pay their debts and eventually claim bankruptcy. Starting over is not easy but you can get new unsecured personal loans after bankruptcy if you know what to do and where to look for them.

Instructions

Difficulty: Moderate

1. Order your credit report from all three credit agencies. Creditinfocenter.com lists contact information for all three agencies (see Resources below).
2. Examine your reports carefully when you receive them and report any mistakes. The only bad debt on the report should be the bankruptcy itself.
3. Establish a bank account with your local bank. Make regular deposits into the bank. If your employment offers it, have your paycheck direct deposited in this account.
4. Apply for an unsecured personal loan at your local bank after you establish the checking or savings account. Talk to the loans officer about your bankruptcy. He can tell you what steps to take to get your loan approved with his bank or he may say he cannot help you.
5. Ask your bank loans officer to recommend a financial institution that will give you an unsecured personal loan if your banker says his bank cannot help you. Apply to the recommended company.
6. Take the unsecured personal loan no matter the terms. You will have to pay a high rate of interest and may only be eligible for a small amount of money. Accept the terms and ask to refinance after 6 months of paying on time.

Tips & Warnings

• Rejection for an unsecured personal loan is not personal so do not take it that way. Banks have to follow certain guidelines and even though they may have some leeway, if you do not meet the guidelines they may not make a loan to you.