Laura asked:
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?
Sure, if her credit is good. Paying household bills even come into consideration with credit checks. Four years is about the time that she can start rebuilding her credit. The trick is to have better control and not apply for too many cards.
I had a co-worker that filed for bankruptcy and bought a condo and a car within six months. It all depends on how good of a lawyer you have and the terms of the bankruptcy.
The laws now are much tougher.
You are able to file for bankruptcy, once every nine years.
But all us other preople using credit cards, get charged a
higher interest as a result of your friends declaration and
celebration to use a card again. }:-{(
Sure, but she may be subject to a super high interest rate and fees. It will also depend what she has done so far to start rebuilding her credit and what her current credit to debt ratio is. Does she have a positive payment history? And no matter what that bancruptcy will be reported by credit bureaus for 7 years. But still yet there are lots of loans to be had out there your friend just needs to be sure and read all the fine print and understand what she’s getting into with any new loans.
Bad credit personal loans normally carry a higher rate of interest. This is because of the higher risk potential in such loans. One may also be overcharged on this account. The borrowers are asked to pay a hefty charge and have to face some inflexible terms of payment. Nevertheless, there are lenders who charge reasonably lower rates of interest!–Taking a loan is not a trivial matter. It puts an important asset to stake. It also affects the financial condition of the borrower. This makes a proper search for the loan a priority. Gone are the days when searching the loan market would have raised hackles of people. Today searching has become much simpler, thanks to the power of information technology. You may get a personal loan here,
The selection of the most appropriate lender is not that easy a task. Though made simpler through information technology, ones mental faculties are the best resort in the selection process. Lenders generally promise many features along with the loan. Borrowers take this bait and fall in the trap. Failing to maintain an optimum balance between an immediate–comfort and a future comfort also leads to this trap. Deciding the monthly repayments and the number of installments further strain your mental faculties. An expert advice from knowledgeable people will help in this decision. Being aware of ones financial condition, the borrower can decide the various details of the loan in a much better manner. Thus, the final decision is reserved with the borrower himself.
Yes she can get a personal loan. But wouldn’t it be better for her to save until she can afford what she wants? Wasn’t credit what got her into trouble in the first place?