Asked 10/16/2009
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Is It Possible To Get Personal Loans After Bankruptcy? Is It Possible To Get Personal Loans After Bankruptcy? |
Answer 1/1 - Submitted 10/16/2009
Yes it is possible to get a personal loan after bankruptcy. These loans are sometimes called bankruptcy, no problem personal loans. The major downfall with these loans is that because you have a poor credit rating you end up having to pay a higher interest rate on your repayments compared to someone with a good credit rating. This therefore gives you a fairly high chance of going back into debt again. The way around this is to borrow as little as possible and do a monthly budget to make sure you have enough money to cover the monthly payments. This said it is good that after bankruptcy people can still borrow money.
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