Bad Credit Loan Personal Financing Have Pros and Cons


For many people, filing bankruptcy is one of the toughest decisions they face. Considering the stigma often attached to a person who has gone through the process, many will struggle for years attempting to avoid the process. However, those who choose to go through the court for debt relief of find that after bankruptcy bad credit personal loan access has not been lost.

Many non-traditional lenders find that persons who have gone bankrupt to be more dedicated in paying their obligations, as they know they cannot seek relief on their debts for many years.

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Bad credit personal loans do have downfalls. They are often issued at higher interest rates than traditional loans and also have other initial charges that are higher as well. And whereas personal loans with no collateral are dischargeable under the new bankruptcy laws, loans issued prior to a bankruptcy are protected through the court system.

Following a bankruptcy discharge a person cannot file for protection for another seven years and the lender can then use the courts to receive an order of default. With this order in hand, the lender can use wage garnishment to recover the amount loaned. After bankruptcy bad credit personal loan granters have a better chance of recovering the money than those granted before bankruptcy.

Stigma Of Bankruptcy No Longer As Severe

Although people who file bankruptcy still experience the stigma of a negative credit history for many years to come, the increase in the number of people filing for bankruptcy has opened up other options. With this increase in bankruptcy filings, comes an increase in leaders willing to issue out bad credit personal loans.

Even the changes in the new bankruptcy laws have not slowed down the number of bankruptcy filings. The added knowledge that those in debt can still obtain loans after filing bankruptcy makes the option of filing a little easier for some.

Bad credit loan personal financing may seem like an attractive option for those seeking some debt relief post-bankruptcy. However, these types of loans are usually at the top of the states allowable interest rate and often people who take out these loans find themselves back in the in same boat they were prior to their bankruptcy filing. They may be just as in debt or more so than they were before their bankruptcy discharge.


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