Can I get a Loan after Bankruptcy?

Most of us are aware that filing for bankruptcy is never good for our credit score, but do we really know how devastating it can ultimately be? Filing for bankruptcy is a good way to destroy your credit in a very short period of time. Many think it is the easy solution, but it really is one that is very serious and brings about serious consequences with it.

One of the worst things filing for bankruptcy can do is ruin your credit rating. This can impact your ability to get a loan. In order for anyone to get a loan from a financial institution, you must have a good credit score. Your credit score will determine in many instances not only if you can get a loan, but the amount of interest you will have to pay on your loan will greatly depend on what your credit score may be.

So, to answer the question, is it possible to get a loan after bankruptcy? Yes, it is possible, but it certainly will not be as easy as it would have been if you had not filed bankruptcy. It is very important to remember that bankruptcy can make getting a loan extremely difficult and you should strongly consider these consequences prior to doing so.

There are many times in life when one may need to get a loan, so it is very important to easily be able to do so. No one wants to complicate matters by going through a lot of hassle to get a simple loan and pay an extremely high interest rate, but if you file for bankruptcy, this is exactly what you can expect to occur.

Source by Chad Fisher

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