The Loan You Can Get After Filing Bankruptcy
Filing for bankruptcy can be a highly emotional and stressful experience. The frustration and embarrassment that come with it can weigh heavily on anyone—but what can be even more challenging is rebuilding your financial life afterward.
Life After Bankruptcy: Credit Challenges
After filing for bankruptcy, your credit score can drop by 200 points or more. Someone who once had excellent credit can suddenly become a high-risk borrower. The bankruptcy remains on your credit report for up to 10 years, which often discourages lenders from extending credit.
Because of this, getting approved for conventional loans can be difficult. In today’s strict lending environment, banks and credit unions prefer borrowers with perfect or near-perfect credit. So, where does that leave someone who has recently filed for bankruptcy?
Car Title Loans: A Viable Alternative
Fortunately, there’s an alternative for those struggling to get approved for traditional loans. If you own your vehicle outright and have a clean title, you may qualify for a car title loan.
While not as widely known as conventional loans, auto title loans provide a practical financing option for individuals with less-than-perfect credit.
How the Car Title Loan Process Works
The process begins by filling out a loan application. At Embassy Loans of Florida, for example, thousands of customers have successfully obtained title loans both online and in person at one of our many convenient locations.
Once the application is complete, the next steps include:
- Verifying your identity and residency
- Checking your vehicle’s title and VIN (Vehicle Identification Number)
- Appraising the vehicle to determine its loan value
After the appraisal, the loan documents are finalized, signed, and processed. Borrowers can receive their funds quickly—some even via direct deposit.
Why Title Loans Are Easier to Obtain
Because car title loans are secured by your vehicle, they don’t require lengthy credit or background checks like traditional loans do. This makes them a convenient option for those rebuilding their credit after bankruptcy.
By using your vehicle as collateral, you can get access to the cash you need without waiting weeks for approval or worrying about your credit score.
If you’ve recently filed for bankruptcy and need fast access to cash, Embassy Loans can help. Our car title loans are simple, secure, and designed to help you get back on your feet financially. Call us today at (833) 839-2274 to learn more or start your application!
