How to Obtain a Loan after Bankruptcy
Filing for bankruptcy due to loans might seem like a death sentence to your financial future. Will any lender ever trust you again? The good news is that there is credit out there for you; the bad news is that it will take time and you will have to work for it. Your 'quick cash loans' bankruptcy is going to stay on your credit for as long as 10 years, so you will have to make sure to be on your financial tippy toes for a long time in order to show that you have learned your lesson and now understand how to be financially responsibly.
Build up your Compensating Factors
You are going to need compensating factors in order to make yourself look good in the eyes of the lender. This means creating a reasonably sized quick loans online account, having steady employment/income and very little debt. The debt part will likely be easy, especially if you wrote everything off in the bankruptcy. The catch 22, however, is that if you wrote everything off, you have nothing reporting on your credit report, or at least anything good. On the other hand, if you reaffirmed your mortgage or car payment and you pay them on time moving forward, you have some leverage in helping your credit score move back up.
Get a Secured Credit Card
It might not be what you want, but a secured credit card for six to twelve months will open other financial doors for you in the future. Pony up and pay for the card, including any monstrous fees that they charge as a result of you being a "risk" and use it responsibly. The key here is that you need to actually use the card, not just say that you have one. Use it to pay for groceries, gas or any other necessities that you have the means to pay off right away. The longer you charge and pay things off right away, the faster your credit score will positively react.
Apply for Loans
Within two to four years after the discharge of your bankruptcy, you can start applying for loans. This is assuming that you have taken proper care of your credit leading up to this point. Remember that lenders want to see compensating factors that make you less of a risk. If you were diligent about putting money loans away every week in your savings account and now have several credit cards that you have managed responsibly, your credit will reward you. Remember that you are not restricted to one lender, so if the terms seem excessive even given your past credit blemishes, shop around, just make sure to do it within a 2-week period so that your credit is not negatively impacted by multiple inquiries over a long period of time.
Getting a quick loan after bankruptcy is not impossible; it just takes work. If you just sit back and wait for the waiting period to be over so that you can apply for quick loans with a credit check again, the odds will not be in your favor. On the other hand, if you do your due diligence and make sure to baby your credit so that it gets back where it needs to be, you will be pleasantly surprised at the number of options you have down the road.