March 2nd, 2012 by admin
There are definitely both up and down sides to getting after bankruptcy loans. If you don?t go ahead and get them, you?ll never move on and rebuild any credit history, but getting them is certainly a giant pain in the neck. That?s the situation in a nutshell, but there is more to it if you want to look over your situation, the pros and cons of a bankruptcy loan, and decide what to do from there. Let?s start with the negative sides. Obviously, there?s the fact that it will be difficult. It will be difficult both to get approval from anywhere, there will be hoops to jump through, and once you do actually manage to get a deal there is the fact that there will be very high interest rates to deal with. Let alone the fact that you need to be very careful of avoiding scams because there are a lot of companies out there preying on people in your situation. After everything you?ve been through, it hardly seems worth it.But then, there are the positive sides to doing this. There?s the fact that if you ever want to improve your credit and make handling your finances easier you need to build up a positive payment history. There?s actually getting financing for something. And there are always things you can do to make it easier, whether you?re looking at secured loans or a bankrutpcy loan for a car. You can either use collateral, or save up a large down payment to show lenders that are serious and able to handle this situation.
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Source: http://www.gapagos.com/finance/what-are-the-pros-and-cons-of-bankruptcy-loans/
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