How Can You Get a Personal Loan If You’ve Been Declared Bankrupt?
People who have been declared bankrupt can still apply for personal loans even if you think all hope is lost. The thing is while this loan can help you get through a tough financial time, you will need to be precise with your spending. You may not have much money left, and if you don’t know how to handle your finances correctly, you may end up with more debt.
Personal loans can help those with bad credit scores, those who are unemployed and also those who have been declared bankrupt. Here is how you can get a personal loan if you are in this situation:
- Being employed
To be eligible for a personal loan you may need to show your lender that you are employed and that you have a steady income. Some banks will not accept your request if you are self-employed or have a part-time job, so it’s best to check the lender’s rules and restrictions before applying.
If a lender refuses your request, seek other financial institutions that can help you.
- Other sources of income
If you have a steady income, a bank can accept your application for personal loans. Lenders usually allow loan requests if the client earns at least their required minimum income. Depending on the type of revenue and how you get it, you may be eligible for a loan.
- Assets can help
If you want to apply for bankrupt loans or other personal loans, you may want to have an asset or two. Assets are needed to secure a loan, so the lender will at least have a form of guarantee that you won’t default on your loan.
- Show some control
If you can show the lender that you can manage your debts and repayments, you will have a higher chance of getting a loan. To do this, you will have to present a positive credit history, an adequate income and have little to no trouble with paying debts and taxes.
- It takes two to play the game
If the standard methods for acquiring a loan don’t work, you can try a different method. You can apply for a personal loan with a guarantor and that way, you will have an increased chance of having your request approved.
- Payday loans
If you need short term loans or loans that don’t value that much, you can apply for payday loans. They usually go between one thousand and ten thousand dollars. The repayment terms are between sixteen days and a year, so you will have all the time to pay them back.
- Personal overdraft
If you have a good credit history, you can apply for a small personal overdraft and get your bank to accept your request.
Remember, bankruptcy is not the end of the world. You can still apply for many types of loans and get back on your feet. All you need is patience, control and a lot of research.
For example, if you are bankrupt and can’t find a way to get some money, you can apply for personal loans with Badcreditloans.net.au. We have some nice offers that may actually help you get back on your feet – provided you’re smart with your money. Visit our website for more details on personal loans.