Bankruptcy is not the end of the road. There are various loan options that you can get even after you have been declared bankrupt, and installment loan is one such loan. It is understandable that during your bankruptcy or after your discharge you are likely to find yourself in need of a loan. You can find several lenders in Canada who might offer you a second chance.
Installment loan will give you extra time to repay back the money that you owe. The lender providing you this loan through http://www.installmentloanscanada.ca will focus more on your ability to repay than your past credit history. There are a few criteria that a lender will consider before accepting your loan application, which are-
Ability to manage repayment
This is one of the main requirements that your lender will have. When considering you for an installment loan they will check if your income will allow you to easily manage the repayment, after they have taken into account your debts and liabilities.
Monthly income
In order to qualify you may be required to be employed. Different lenders have different criteria. Some might not consider your application if you are self-employed or work part time. So, check with the lender ahead of applying.
Guarantor
If you are unable to meet the eligibility criteria of the lender you may apply with a guarantor so that you can increase your chance of being approved.
After bankruptcy, you are likely to be viewed as risky, as you have demonstrated your inability to repay back your debt in the past. Thus, you may be charged high interest rates even if you qualify for loans after bankruptcy. So, compare the available options and if you have decided to get the loan, pay it on time. Taking such steps will help rebuild your credit after bankruptcy and will give you access to better rate in future.