A bankruptcy is the most devastating occurrence that can ever be noted on your credit report.
Bankruptcy says to the world that you are willing to create debt and walk away without paying.
Most bankruptcies can legally be noted on your credit report for up to seven years, so you are going to be met with difficulty when you begin rebuilding your credit from the ground up.
The road to rebuilding your post bankruptcy borrowing reputation can be a long and winding one.
You will need to start by checking your credit report to assure that all debts that you declared in your bankruptcy have been classified as either discharged or renegotiated, depending on what type of bankruptcy you filed.
If you have agreed to pay certain lenders, be certain to maintain good payment histories with those lenders by paying on time each and every month.
A good rule of thumb is to pay at least a week early.
Find The Right Lender Once you have completed your post bankruptcy credit inspection, you should go online to find a bad credit lender who specializes in financing those with shattered credit images.
Believe it or not, there are lenders who do exclusive business online who deal specifically with this type of borrower.
You will most likely not find this service at a local walk-in establishment.
Your new online bad credit loan servicer will work to find you the best loan with the easiest terms and lowest interest on your new loan.
Be prepared for a bit of sticker shock when you are given your interest rate as your bankruptcy has now made you a great risk to lenders.
Paying an elevated interest rate now, however, will have you reaping the benefit of good credit later on down the road, including lower interest.
However, you can find solace in the fact that your online lender will have the most competitive rates available anywhere.
Money For Any Purpose You can find post bankruptcy loans for any purpose.
Whether you need money for a car, home repairs, education, or travel, you can have your money in no time by using an online lender.
Typical post bankruptcy loan amounts begin around $1000, but may be as much as $10,000, or more, depending upon your income and the lending limits set by the loan servicer.
Take Advantage Of High Approval Rates Now that you have made the decision to apply online for your post bankruptcy loan, you will visit the lender on their website.
You will be able to fill out all of your application material from there.
You may be required to present proof of income by way of copies of your recent paystubs; you may also be asked to submit copies of your recent bank statements.
Additionally, you will probably need to fax or send a scanned email image of your state issued driver license card, and social security card.
If you are legal alien, you may need to submit copies of your registration card or green card.
The approval rate for post bankruptcy loans with online lenders is much greater than those of typical banks.
You can be approved either instantly, or within twenty-four hours.
You can choose to have your money either direct deposit or mailed to you in check form