The Secret For Getting Loans After Bankruptcy

Getting loans after bankruptcy isn't always easy. Traditional banks usually turn you down very quickly because your credit report is no longer pretty. They see you as a liability, so finding the money you need in an emergency becomes virtually impossible through a bank. But there's a way to get the cash you need after bankruptcy, even if your credit rating says otherwise. We are talking about two different types of loans: payday loans and title loans.

3 Reasons You May Need Loans After Bankruptcy 

It can be stressful to file for bankruptcy no matter how old you are or what's going on in your life. That's because getting loans after bankruptcy is difficult, however, life never stops being unpredictable. In fact, here are three good reasons why you might need financial help even after you file for bankruptcy: 

1. You Become Sick or Injured

When you're ill or injured, you can't always get to work or perform your tasks to your full ability. And even if you can, your hours are usually cut because of your decreased ability to perform and you may risk worsening your condition. Either way, you may need financial help at some point, but that's extremely difficult when you don't have the credit score to back up a loan.

2. You Lose Your Job And Can't Pay The Bills

People lose their jobs all the time, so it could happen to you too. When it does, you need to be ready for a difficult financial battle. Your bills never stop coming in, but your ability to pay the bills is greatly reduced after losing your job. If you find yourself in this situation after filing for bankruptcy, the battle will be even more intense. 

3. You Don't Have A Whole Lot to Offer As Collateral

Some traditional banks will go out on a limb and offer you a line of credit even though you just filed bankruptcy. The deals aren't all that great, and they usually require huge amounts of collateral. If you don’t have much to offer in terms of collateral, you may still get disqualified. 

DID YOU KNOW: You may qualify for auto title loans within 24 hours or less by using the title of your car. 

What You Need to Get Approved for Loans After Bankruptcy 

Bankruptcy doesn't care about your health, your income, or your possessions. It's a good technique when it comes to clearing your financial canvas, but it comes with a cost. That is why it’s useful to learn how to get approved for loans after bankruptcy. The choice is yours, but simple loans after bankruptcy do exist. 

Finding the best loans after bankruptcy isn't as hard as it once was. Now there's a quick and easy way to get the money you need for financial emergencies and/or living expenses. You don't need perfect credit to be approved, and your income isn't a major factor either. This is what matters instead: 

1. Proof of Identity 

You'll need your driver's license or a government-issued photo ID to prove that you are who you are. If you don't have either one of those things, go to the nearest DMV to get one. 

2. Proof of Income 

You'll have to prove that you're able to make money somehow. It isn’t a must that it is a paystub from a job, but you need to show some sort of income. This is how you show your ability to pay back the loan. However, your income doesn't have to be as high or regular as you may think. 

3. A Paid-Off Vehicle 

Your paid-off car can be used as collateral for as much as $15,000 in the state of Texas. Best of all, you get to keep possession of it as long as your loan remains in good standing. 

4. A Lien-Free Car Title

As long as you're the vehicle's rightful owner, you can get a loan using its title. 

How to Get Loans After Bankruptcy With Title Loans Online 

Contrary to popular belief, getting title loans online after bankruptcy doesn't have to take a long time. In fact, you can get approved for the cash you need within less than an hour if you qualify. Just go to Texas Car Title and Payday Loan Services, Inc. to get the process started. Bring along the four items listed above or apply online for faster approvals. 

NOTE: If you opt for title loans online or by phone, you'll get your money deposited into the bank a lot faster. 

Getting Approved for Loans After Bankruptcy Is Possible

Since getting title loans online is such a quick and easy process, it's a wonder that more people don't turn in that direction after they file for bankruptcy. Life never stops happening, which means something is always bound to surprise you. If that already happened to you, make sure you're prepared and apply for the Texas title loan you need today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.