Who said it is? It may be true you would have filed bankruptcy petition. Does it mean that it is the end of your life and there is no ‘life’ in future? You should wait till your bankruptcy petition is discharged. After that, you can gradually start the rehabilitation process by improving your credit status. Though filing bankruptcy will impact your credit, it will be only for seven years in the normal course. But, in practice, it takes a lesser time to get over that impact. It will, therefore, not be a surprise then that you may even think of applying for and getting a loan!
Make a fresh start
Once the bankruptcy petition is discharged, you become ‘free’ of debts. There is nothing to worry and lose night sleep. Even the lenders, whom you m ay approach for a loan, may view you as a free man from debts because through the discharge, all the debts have been wiped out. May be, there is another set of lenders who might entertain the thought that you are a person, who has shirked from responsibility of clearing the debts. In case you are in regular employment with a good salary, the view will be quite different. Employment and income do play a major part in the matter of getting a online loan at http://www.realisticloans.com. The chances of getting a loan will be brighter if you have been in employment for considerable length of time and holding a decent position with good income.
In spite of all the things said above, at times, lenders may not be willing to consider your loan application favorably. They may insist on a third person guarantee. The guarantor should, first of all, be credit worthy. Any one known to you personally, may be a friend of yours or one of your relatives could sign as guarantor. There will be another condition imposed by the lenders. The guarantor should not have any objection to his name being shown as guarantor, in the credit report. There is no need to mention that, in the event of the borrower failing to make the repayment when due, the guarantor will be affected. He may have to make arrangements to settle the loan.
Online loans can be availed
For those who have filed bankruptcy petition, there is yet another option, i.e. online loans. There are umpteen lenders offering loans online. You should make it a point to visit web sites and find out who are all offering loans online. You may then contact them and get complete details pertaining to their loan offers. Since you will have complete details concerning the lenders, with their offer details, etc. you should be in a position to study them carefully and select a particular lender whose terms you think are reasonable and viable as far as you are concerned. Mostly, the interest rate charged by these online lenders will be lower Time taken by these online lenders, in deciding on a loan application, is very minimum.
If you do not have a checking account already, it is time to have one. The normal tendency of these online lenders is to deposit the loan amount direct to your account. Just as they remit the loan amount into your account, they would also like to draw the monthly installments from the account. It is, therefore, your responsibility to see that you maintain a decent balance in your account always, to cover the regular monthly installments. Finally, please satisfy yourself that both your employment and income are good to convince the lenders. They will consider loan applications only in such cases.