Bankruptcy Loans

Best Loans for Bankrupts

Going through the process of bankruptcy can make you feel anxious and financially uncertain.

Although you now have the chance to build your credit back up, your credit has undoubtedly taken a hit and will take months to years to rebuild to a point where you qualify for a loan that isn’t too expensive in terms of interest.

One of the best ways to build up your credit after bankruptcy is through unsecured personal loans. Many people aren’t aware that you can, in fact, get a personal loan after bankruptcy through companies like Hock Your Ride.

Although going through the process of bankruptcy does make it increasingly more difficult to get a personal loan, becoming informed on your situation and knowing where to receive unsecured loans when bankrupt can make the process just a little bit easier. Allowing you to build your credit back up slowly but surely.

Once you receive your personal loan, maintaining a payment history that is full of on-time payments will allow you to eventually establish a positive payment history on your credit file and ensure that loans will become easier and easier to get, and that your loan application will be successful.

Discharged bankrupt loans

A discharged bankruptcy makes getting a loan in Australia much harder to get. But not impossible. Doing the research and finding out which loans for bankrupts are available for you in Australia will make getting a reasonable loan with reasonable interest rates much easier. One thing that may be beneficial to find out is if you’ll be able to prove that your recent bankruptcy experience was out of your control due to a specific financial situation, and how much has been repaid despite the bankruptcy taking place. A discharged bankruptcy essentially prevents creditors from taking any further action, such as levying additional fees and charges, regarding debt collection.

Bankrupt car loans

Are you recovering from bankruptcy and need a car loan in Australia quickly? Hock Your Ride understands that sometimes, everyone faces unfortunate situations in life. And that is why we are here to help.

With no credit check required, Hock Your Ride can provide you with the financial assistance you need to not only get a car but to rebuild your credit as well. Increasing your credit score through one of our car loans is a great way to start rebuilding your financial situation after going through a bankruptcy or personal insolvency.

Receiving car loans, among all other types of loans after bankruptcy, are challenging. But that doesn’t mean you are out of luck when it comes to securing a car loan following a bankruptcy situation. In terms of time, getting a car loan after bankruptcy, even if you’re a discharged bankrupt, will depend on whether you’re experiencing a chapter 7 or chapter 13. When dealing with chapter 7, you can expect your bankruptcy to stay open for 3-4 months. Before you can receive a car loan from a standard auto lender, you’re going to need to have what’s called a 341 meeting with your creditors to discuss any existing issues regarding your current debts. This is why turning to bankruptcy loans can help you get that car you need right away.

Property Loans for Bankrupts

It can be very hard to acquire a home loan after bankruptcy due to the impact it has on your credit history. A lot of banks and private lenders are very tentative to give out big loans, such as a home loan, when you don’t have a great credit score. This is why companies like Hock Your Ride is so beneficial when it comes to getting the money you need now for a home loan after going through a bankruptcy.

This is because we do not use your credit score as a factor in our decision-making process for any of our loans. Going through normal banks and credit unions may require you to build up your credit for years before successfully receiving lending from them, a process that can take anywhere from 2 years to 5 years. This can make the home loan process even more drawn out that it needs to be.

Alternatively, here at Hock Your Ride, you may be eligible for a home loan amount you can use, even if you’ve recently had a bankruptcy, getting your cash quickly and easily without having to wait 5 years because you’re a discharged bankrupt.

All you need to know about Bankruptcy

What is the bankruptcy discharge period in Australia?

The bankruptcy discharge period in Australia is usually 3 years and 1 day from when your bankruptcy was declared. During this time, you can take action steps to rebuild your credit by doing things such as securing personal loans with bankruptcies through companies like ours and paying them back on time.

How to rebuild credit after bankruptcy?

The first thing you’re going to want to do to rebuild your credit score after bankruptcy is to check your credit score, which you can do with any of the various free tools available on the internet. Knowing where you’re at and where you need to go is a crucial first step in bringing your credit score back up to where it once was.

Once you know what your credit score is, you’re going to want to start rebuilding your credit as quickly as possible. Depending on whether you filed for chapter 7 or chapter 13, the bankruptcy may disappear in 7-10 years. If you have not had your account for longer than 10 years, then you will essentially be starting from “ground zero”. Meaning, when it comes to qualifying for loans, you will essentially be weighted the same as an 18-year-old with no previous credit history. And with no credit history, getting lending can be very difficult – a credit provider is very reticent to provide loans to someone with no financial history. This is why so many people trust Hock Your Ride to give them reliable loans to boost their credit, because receiving a personal loan and paying it off on time in a consistent manner is one of the best ways to rebuild your credit after a bankruptcy.

How much can I borrow when I have after bankruptcy?

Although there is no strict limit on how much you can borrow after filing for bankruptcy, the general rule is that the higher the loan amount you’re asking for, the harder it’s going to be to get it. Once again, this is why customers at Hock Your Ride appreciate our services so much. Because we understand that sometimes, the unexpected does happen. And it is extremely difficult to consistently be in a place financially that can accommodate the unordinary and unusual.

Receiving bankruptcy loans can be extremely difficult due to the effect it has had on your credit score. Luckily, companies like Hock Your Ride can provide you with alternative financial options that don’t require any type of credit check, allowing you to get the cash you need without worrying about your credit score holding you back. If you’ve recently went through a bankruptcy, and find yourself in a position where you need cash now, then schedule an appointment with Hock Your Ride and see what we can do for you when it comes to bankruptcy loans. Whether you’re a discharged bankrupt or you’re still going through the process, we can help you!