Us Personal Loans

A bankruptcy is the most damaging thing you can have on your credit report, and it remains there for 10 years. This does not mean, however, that it is impossible to secure a personal loan after bankruptcy. You can get a personal loan–though the terms of the loan may not be favorable. The more you do to improve your credit score, the higher your chances of being approved for a loan and the better the terms will be.

Difficulty: Moderate Instructions

1. Step 1

   Pay all of your bills on time. Late payments on bills will appear as negatives on your credit report and reduce your likelihood of getting a loan.

2. Step 2

   Save some money in your checking or savings accounts. Building up moderate savings will demonstrate that you are being responsible with your money.

3. Step 3

   Apply for a personal loan at your local bank.

4. Step 4

   Consider asking a friend or family member to co-sign the loan, if you are rejected. Remember that a co-signer will be held responsible for the loan, if you don’t make the payments.

5. Step 5

   Wait and try again at a another bank, if you are rejected at first. Banks have different requirements, and the longer the time since your bankruptcy, the less it will hurt your credit score.

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