Bankruptcy can be very devastating, not just on your personal life and emotional health but also on your financial future. Recovering and overcoming bankruptcy is easier when you take advantage of a fresh start loan that is written specifically for those borrowers who have been forced into bankruptcy as an alternative to losing everything that they own. Many good people with great intentions have gone through the bankruptcy process, and perhaps you know firsthand how quickly your financial difficulties can lead you down the road to filing for bankruptcy protection. A fresh start via a fresh start loan can put you back on the right track.
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Borrow 20,000 Or More
Recognizing a need for this type of loan product, the financial industry responded with a tailor made solution that can help most borrowers get back on their feet financially. The trend of overusing credit cards and increase in the number of people losing their jobs has led to a record number of bankruptcy proceedings. The beauty of the fresh start loan is that it can help you with immediate financial needs that you have while helping you recover your good name as a borrower.
While there is no one reason that you might need a fresh start loan, the thought behind it is that you can use the loan as a means to start over and having a life that is not concerned with late or missed payments. Fresh start loans are available in amounts as much as $20,000, and are usually the first type of loan that you can qualify when you are just recently out of bankruptcy or your bankruptcy has been discharged.
Having a reputable employment history can further the chances of your approval for a fresh start loan. Borrowers who are just out of bankruptcy but are working at a job that they have held for a number of years are the best candidates for this loan because they are seen as favorable borrowers by many lenders. Lenders know bankruptcy law - and because of this, they also know that you will be unable to file for bankruptcy protection for a number of years. Since you are working, you appear to be a stable borrower, and you have an income that can be garnished if you fail to pay them. All of these factors add up to security for the lender; either you pay or they will collect from your paycheck each week. It really is simple reasoning. And because you are free from bankruptcy, you are suddenly free from debt. This gives the lender reason to believe that you will have adequate money to make the payments on your fresh start loan.
Applying For Your Fresh Start Loan
To apply for your fresh start loan to help you shed the stigma of bankruptcy, visit the website that has been established for these types of loans by your chosen lender. Once there, you can fill out a comprehensive application that will ask, among other things, basic contact information, information about your employment, and information about your bankruptcy. The lender may also ask that you pledge security to them to receive your fresh start loan, such as the security that can be obtained when the lender places a lien on your home or vehicle.
Becoming An Appealing Borrower
When you receive your fresh start loan, make sure that you actually make a fresh start with it. Becoming an appealing borrower means that you become a responsible borrower who makes their payments on time, each and every time that a payment is due.