Posted on Nov 29, 2018

Achieve Finance

Can I Get A Payday Loan After Bankruptcy?

A payday loan online following bankruptcy – is this even possible? In short, yes. However, it is important to keep in mind that doing so will take both time and effort seeing as a bankruptcy negatively affects your credit rating for years to come. However, more challenging than even obtaining a payday loan online is finding a potential lender that doesn’t charge exaggerated interest rates with difficult terms.

If you’re looking to help increase your credit score through a payday loan online and using such to make your payments on time and in full after filing for bankruptcy, then planning, preparing and organizing for a a post-bankruptcy loan accordingly is of extreme importance in order to increase your chances of acceptance.
Getting A Payday Loan After Bankruptcy!

A Federal Reserve study concluded that, “Ninety percent of individuals have access to some sort of credit within the 18 months after filing for bankruptcy, and 75% are given unsecured credit” which demonstrates that genuinely obtaining a loan following bankruptcy is in fact less challenging than expected. More so, approximately 20% of the studied group successfully accessed a loan after bankruptcy. This is most likely due to the reasoning that once a borrower’s debts have been erased, their debt-to-income ratio will have improved, which is one of the main factors that a potential lender looks at when assessing risk.
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