Q:

Can you obtain a personal loan if you just filed for bankruptcy?

A:

Quick Answer

Obtaining a personal loan after filing for bankruptcy is possible, but can be difficult. An individual who files for bankruptcy can expect their credit score to drop by 100 points or more, which reduces eligibility for a loan and increases interest rates.

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Full Answer

In general, "bad credit" loans with no credit check, such as title loans and payday loans, are available to individuals who have filed for bankruptcy. Other options include peer-to-peer lenders, such as Lending Club and Prosper, in which money is lent not by a bank but by a private individual or group. Obtaining a secured credit card can assist in rebuilding the borrower's credit so they are eligible for more loan offers.

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