The Secret To Rebuilding Credit After Bankruptcy

Rebuilding credit after bankruptcy isn't easy, especially through traditional lenders, such as a bank or credit union. These institutions have strict guidelines making it hard enough to qualify without bankruptcy on your credit report. To them, you are a liability, and lending you money, in most cases, is a risk they are not willing to take. 

However, you can access credit counseling resources and financial recovery strategies to help understand how credit reports like Equifax and Experian work so that you can rebuild your credit. You can also use post-bankruptcy loan options that are available to you, even if your credit rating is in bad shape. One of those loan options is title loans.

3 Reasons You May Need Post-Bankruptcy Loan Options To Rebuild Credit

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 with responsible borrowing 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 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, and it could happen to you too. If it does, you need to be prepared for a difficult financial battle. Your bills never stop coming in, but your ability to pay them can be greatly affected 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 Lot To Offer As Collateral

Some traditional banks will go out on a limb and offer you a personal line of credit even though you just filed for bankruptcy. However, the options aren't 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 be 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 Credit After Bankruptcy

Bankruptcy doesn't care about your health, income, or possessions. It's a good technique if you want to clear your financial canvas, but it comes at a cost. That is why it’s important to learn about financial recovery strategies that can help you get approved for loans and credit cards after bankruptcy. 

Finding the best personal 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 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 your identity. 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 to pay the debt. It isn’t a must that it is a pay stub from a job, but you need to show another type 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 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. That means the vehicle must be free from any claims or judgments against it, and registered in your name. If you share the title or the title is not in your name, you must have it transferred to you to use it for a title loan.

Responsible Borrowing 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, and be sure to bring along the four items listed above or apply online for faster approvals. 

NOTE: If you opt for title loans online, you can get your money deposited into the bank a lot faster, as long as you have what you need to qualify. 

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 to such loans after they file for bankruptcy. Life never stops happening, meaning something unexpected is bound to pop up, and you may need some help.

Texas title loans may be just what you need in that situation. Using a resource can help you access the money you need when rebuilding credit after bankruptcy. To get started today, all you need to do is complete and submit the online inquiry form and a loan representative will call you with more information.

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