It is very hard to get approved for a loan if you have filed for a recent bankruptcy. Despite that, you should not be despair at all as it is possible to find such a loan company that specialized in extending loans to people with really bad credit and just filed a bankruptcy recently. The following are the top 3 loan companies that will approve loans for borrowers who filed for a bankruptcy in the past 3 years.
1. Net Credit
Net Credit is well known for extending installment loans to people with average and poor credit score. Net Credit offers a personal loans that ranges from $1,000 – $10,000. You must have a stable job to get approved for the loan. They will determine whether you qualify by using an automated system. In the final stage, a team will review your loan application and determine if you will get approved. NetCredit only offers loans for residents in selected states.
You can apply for Net Credit loan by submitting an online application form. You will need to provide information such as telephone number, social security number, and income in the online application form. The repayment term will depend on the loan amount and credit score. Usually, borrowers will take 6 months to 2 years to repay the NetCredit loan.
2. Lending Point
Lending Point can quickly approve loan for people who filed for a recent bankruptcy in the past 3 years. Their minimum credit score requirement is 600 and you need to earn a gross income of at least $20,000 per year. Lending Point currently only offer loans in 14 states. It offers a loan amount starting from $3,500 – $20,000. and the loan term is in between 2 – 3 years.You can expect to receive the funds in the following day after your application get approved.
Lending Point charges an origination fee that is equal to 5% of the loan amount. You have the option to pay the 5% origination fee upfront or spread out over a few months. It does not charge any prepayment fee so you can prepay the loan without getting charged any penalty fee. If you repay late, you will get charged with a late fee of $30. The interest rate that Lending Point charges starts from 17.46%.
3. Mariner Finance
Mariner Finance extends loans to people in post bankruptcy and has poor credit score. Its minimum credit score requirement is 580 and you need to have an annual income in between $35,000 – $45,000 to get approved. You can apply for a personal loan at a local Mariner Finance branch or complete an online application. Mariner Finance will carry out a hard credit check when you send in the online application. If the online application gets approved, you can receive a phone call from a loan specialist and asked to visit your local branch to submit the necessary documentation.