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Bankruptcy and Loans

If you have recently filed for bankruptcy you may have a poor credit score. Bankruptcy almost always damages your credit, which can disqualify you from many types of loans and mortgages, for a few years at least. Maybe you’re okay with that and the thought of stepping into a traditional financial institution to inquire about a loan is the last thing you want to do. For the most part that’s fine. You want to focus on reestablishing yourself financially and protecting yourself from debt and overspending.

If you have managed to walk away from your bankruptcy with a little bit of savings or any sort of financial reserves, you are in better shape than a lot of other people. If you have no savings or reserves, you are in the company of many others who wonder what they will do in the case of an emergency.

But, you will be happy to know that, as long as you are employed, you will probably still qualify for an open door loan. This kind of a loan is a pay check advance. The lender agrees to lend you up to the estimated value of your next pay check. The loan is intended to have a short term duration and be paid back with your next pay check. Because of the short term intention, this loan carries a higher interest rate than most other credit card or bank loans.

Open door loans are rising in popularity, largely due to their hassle free application and approval process. You can apply for a loan online, any time of the day or night. Very little personal information and paperwork is needed. The main requirements are that you are over the age of 18, a legal UK resident, and legally employed and receiving regular paychecks totaling a minimum of £750 per month. Your paychecks need to be directly deposited into your bank account. Even after your bankruptcy you are likely still employed and meeting all these stipulations, and therefore, eligible.

Of course, after filing bankruptcy you are going to be trying to avoid borrowing money and propelling the cycle of debt, but there may be times when you have an emergency and need to find some cash fast. Only be sure that it is a true emergency and that you can pay the loan back by the appointed date. At least you know that, if you need it, you can get a loan.

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