Question : Can personal loan be taken after discharge from bankruptcy?
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?
- asked by Laura
All Answers:
Answer #1
Sure, if her credit is good. Paying householdbills even come into consideration with creditchecks. Four years is about the time that she canstart rebuilding her credit. The trick is to havebetter control and not apply for too many cards.
- answered by grannywinkie
Answer #2
I had a co-worker that filed for bankruptcy andbought a condo and a car within six months. Itall depends on how good of a lawyer you have andthe terms of the bankruptcy.
- answered by Reina de Trebol
Answer #3
The laws now are much tougher. You are able tofile for bankruptcy, once every nine years.But all"us other preople" using credit cards, get chargedahigher interest as a result of your friends"declaration" and"celebration" to use a cardagain. <}:-{(
- answered by jwjeepers62
Answer #4
Sure, but she may be subject to a super highinterest rate and fees. It will also depend whatshe has done so far to start rebuilding her creditand what her current credit to debt ratio is. Does she have a positive payment history? And nomatter what that bancruptcy will be reported bycredit bureaus for 7 years. But still yet thereare lots of loans to be had out there your friendjust needs to be sure and read all the fine printand understand what she's getting into with anynew loans.
- answered by Zoey774
Answer #5
Bad credit personal loans normally carry a higherrate of interest. This is because of the higherrisk potential in such loans. One may also beovercharged on this account. The borrowers areasked to pay a hefty charge and have to face someinflexible terms of payment. Nevertheless, thereare lenders who charge reasonably lower rates ofinterestcomfort and afuture comfort also leads to this trap. Decidingthe monthly repayments and the number ofinstallments further strain your mental faculties.An expert advice from knowledgeable people willhelp in this decision. Being aware of onesfinancial condition, the borrower can decide thevarious details of the loan in a much bettermanner. Thus, the final decision is reserved withthe borrower himself.
- answered by Fast S
Answer #6
Yes she can get a personal loan. But wouldn't itbe better for her to save until she can affordwhat she wants? Wasn't credit what got her intotrouble in the first place?
- answered by DLeibowitz
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