How to Get a Personal Loan After Bankruptcy

How to Get a Personal Loan After Bankruptcy. Bankruptcy means you get your debts wiped clean without having to pay them back. However, this comes with a heavy price tag because you will not be able to obtain credit, since lenders consider you a high risk. Some lenders will make personal loans to people after bankruptcy if certain conditions apply.

Step 1

Request your credit report from all three credit-reporting agencies at the website, Credit Infocenter. Check the reports carefully and report any mistakes.

Step 2

Go to your local bank and make an appointment with the loan officer. Explain that you want to start over and request a personal loan under your circumstances. Make sure you mention your bankruptcy.

Step 3

Take the high interest or secured loan your bank offers you. At this time, do not be concerned with the terms of the loans; just get one to reestablish yourself.

Step 4

Try other banks or financial institutions if your bank turns you down. The online website, Legal Helpers, has compiled a list of companies that offer loans to people after bankruptcy. Call one of these companies and apply for a personal loan (see Resources below).

Step 5

Accept the loan terms and pay back the personal loan on schedule. After you have paid on time for 6 months, request your loan company to refinance your loan with more favorable terms.


Inability to pay personal loans, credit cards and car loans is most likely the cause of your bankruptcy. Before you apply for another personal loan, make sure you can repay this loan and all future loans, so you do not wind up back in bankruptcy court.