Personal loans

[ssboy81]

What banks give personal loans after BK?

[justbroke]

Almost none. Typically, you need to have a pretty descent credit score to get a personal (signature) loan. I would suspect that most banks want a FICO score of 680 or higher for a personal loan (unsecured). Now, some banks are nicer than others and if you are with a Credit Union with very good history with them, they may go for it. I'm with Navy Federal (which some people hate), and have a generous NAVCHEK line of credit. However, I didn't get that account until almost 9 months after discharge. My score was around 660 at the time.

Some banks just don't like a bankruptcy and will deny for that reason alone. A good to excellent credit score, however, is one of the most important factors.

Now, if you're just looking to buy a used car -- as you mention in this thread -- then you can actually find financing. Your interest rate will be tied to your current FICO score and there will be some "penalty" for the bankruptcy... but it can be done! I refinanced my 23.99% redemption loan 3 months after discharge to a 12% loan. Again, your mileage may vary (pun intended).

When buying a car, the car serves as collateral so banks are a little easier about loaning money for something that they can recover (repossess) in case of non-payment.