Recent Q&A about Personal Loans
Recent Q&A
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Recent Q&A
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The answer to your question as you have posed it is "no." Unsecured personal lines for recent bankruptcies with low interest, no fees and extended payoff terms is not an option. You may be able to borrow from some lenders, but you will likely pay the max interest, high processing fees and be subject to the terms the lender sets, not the ones you want. Low interest, no fees, no collateral are all the stuff of borrowers with great credit scores.
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Borrowers with perfect credit can shop for low-interest, unsecured loans with no fees and an extended payoff. High-risk borrowers with poor credit and a recent bankruptcy do not have that luxury.
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Personal loans or signature loans are based on the ability of the individual to repay the loan. If you do not have a job or another legitimate asset, and your income is limited to unemployment benefits, a creditor assumes, based on experience and industry research, that it is highly likely you will not be able to repay the loan. While you no doubt assume that your circumstances will improve in the near future, there is no proof that they will. Unfortunately, creditors are required to based their lending decisions on current income rather than projections. If lender policies prohibit them from extending credit, your best bet is to talk to family and friends.

