Learn About How to Get a Loan After Bankruptcy!
Depending on your financial situation, each decision you make can either help or hurt you. It’s never easy to know what to do in these scenarios, especially when you’re facing constant obstacles.
In some cases, a person struggling with increasing debt may choose to declare bankruptcy; it’s not a simple choice to make, but it may be the only one they have. If you chose a similar decision, you might be considering a loan to get you back on your feet! However, you may also wonder, “How do I get a loan after bankruptcy? Am I not allowed to apply for one?”
While getting loans after bankruptcy can be difficult, it may not be impossible! Keep reading to learn if it’s possible to get a loan after bankruptcy and see which options you could qualify for!
Is it Possible to Get a Loan After I Declare Bankruptcy?
It can be discouraging to know that it’s hard to get a loan after bankruptcy; yet, some options could still be available for you. For example, you may still be able to earn money through a personal loan if you have credit. While you may have low credit after declaring bankruptcy, a personal lender may be willing to help you. But be aware that not every lender may be as charitable. In fact, having bad credit can diminish the loan options you have available.
Unfortunately, if you need a loan after bankruptcy, you may not have a chance to apply for many loan types for a while. Depending on the type of bankruptcy you filed, you might have to wait years just to get the opportunity to inquire. That’s inconvenient if you need to cover an immediate expense!
So what else can you do? Are you out of options? Thankfully, you could opt for a choice that could aid you in your situation: title loan!
How Can I Get an Auto Title Loan After Bankruptcy?
A title loan could offer a more flexible choice than other loan options. So even if you have past bankruptcy, you could still qualify for quick funding! Just use the title of your car as collateral to earn the funds you need for your situation!
Remember that your bankruptcy must be discharged to be eligible for a title loan. You may not qualify for funding if you’re undergoing bankruptcy proceedings. Not only that, but you would need to meet some title loan requirements. But don’t worry! The qualifications for a title loan can be just as simple as applying for one!
In addition to your vehicle’s title, you will need to possess the ability to repay auto loans and a car with enough positive equity. Once you satisfy the qualifying criteria, you could get cash in no time at all!
Not sure what your car’s equity amount is? No problem! You could look for many online appraisal tools that can help you find a rough estimate of your vehicle’s equity! Simply input some brief details from your car into the tool to acquire an estimation. Speak to your title lender or provider to see if your vehicle’s equity warrants a car title loan.
Where Can I Apply for a Car Title Loan After Bankruptcy?
Now that you know it’s possible to get a loan after bankruptcy, it’s time to apply for the best option! Shop around to get side-by-side comparisons and choose the best option for your personal financial situation!
No matter how you choose to get an auto title loan, you could still get the chance to obtain money- even if you have a past bankruptcy! Just make sure you meet the proper criteria to qualify for emergency cash. Once a title loan lender or provider approves you, it could be easy to collect your money and escape your current financial situation! Don’t forget to contact your local lender if you have any questions or concerns.