VIVA Personal Finance Blog

Can I get a personal loan after a bankruptcy?

Updated: Aug 17

Loan eligibility after a bankruptcy depends on the underwriting criteria of the loan provider, meaning different loan providers have different requirements for eligibility. While many loan providers won't approve a borrower if there is a bankruptcy on their credit report, there are some loan providers who will. Chapter 13 bankruptcies will stay on your credit report for seven years, while Chapter 7 bankruptcies will stay on your credit report for 10 years.

Qualifying for a personal loan with a bankruptcy on your credit report may be challenging but not impossible. Some lenders focus on alternative metrics such as cash-flow and employment, which could help with getting a loan, even while the bankruptcy is still on your credit report.

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