Have you already gone through a bankruptcy and you are in need of some financing? You have probably found that it is difficult to get the financing you need for anything because of your bankruptcy. The worst is personal loans after bankruptcy because they are difficult to begin with. However, there is a way and here it is.
First, you need to know what you are dealing with. If you have recently had your bankruptcy discharged, then you are probably only going to have one choice and that will be a payday loan. If it has been a couple of years, then you have a couple of other options. You can get a bit more creative the longer it has been since your bankruptcy was discharge.
So for those of you that have just had a discharged bankruptcy you can get between $100 and $1,500 from your local cash advance store or online from a payday lender or cash advance lender. This is your only option other than selling something or a pawn shop. You should know that these types of loans are very short term and need to be treated with care.
For those of you that it has been a few years since your bankruptcy was discharged you have more personal loans after bankruptcy options. You can check with your bank first, sometimes they will work with you. If not, there are non conventional lenders, payday loans, Prosper online, and a few others. The bottom line is the longer you wait the better chance you will have to get a better loan.
By: Gressly Stevens
Posts Tagged ‘Payday Loans’
Personal Loan For Poor Credit
May 19th, 2010
Have poor credit? Well all isn’t lost. Before I even mention some options, let it be known that I don’t recommend these sources as a long term solution. As a matter of fact, some of these businesses border on being a legal loan shark.
Payday and check cashing outlets. Almost anyone with an income qualifies. Here are some of the benefits (cough..cough) of using one of these type lenders:
NO Collateral Required NO Down Payment NO Security Deposit Use The Money Anyway You Like
But be aware of the down sides too. Borrowers who obtain payday loans generally have cash flow difficulties, and few, if any, lower-cost borrowing alternatives. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percentage rate (APR), is very high.
The borrower usually provides the lender with a post dated check or debit authorization for the amount of the loan plus the fee. If the borrower does not redeem the check in cash and the loan is not refinanced, the lender normally puts the check or debit authorization through the payment system. If the borrower’s deposit account has insufficient funds, the borrower typically incurs a NSF charge on this account. If the check or the debit is returned to the lender unpaid, the lender also may impose a returned item fee plus collection charges on the loan.
This scenario reminds me of those medicine commercials. The side effects are sometimes worse than whatever you’re trying to cure! Defaulting on a payday loan has the same financial side effects. BEWARE!!
By: Christopher Wright