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When you file for bankruptcy, it is normally done to help you when you have gotten in over your head with debts. It can be a way to restart your financial position and start over with no large debt burden hanging over you.

Once you have filed for bankruptcy, it will be viewed negatively by most traditional lenders who check your credit reports. But payday lenders are far more understanding when reviewing your history in granting loans. If you need money urgently you may consider requesting a bankruptcy loan through an online payday lender to increase your chances of approval.

What is a bankruptcy payday loan?

A bankruptcy payday loan is a short term loan (usually about $500 or less) that has requested after filing for bankruptcy. Even though bankruptcy may remain on your credit history for an entire decade, you can still get a payday loan during emergencies to cover urgent expenses. Also, you have a full right to request for a payday loan while paying Chapter 13 bankruptcy. You only need to provide all the required details and your situation about default to the lender while requesting a bankruptcy payday loan.

Are payday loans for bankrupts real?

Yes, payday loans for bankrupts are real. There are a number of lenders who will approve your loan request after you have filed for bankruptcy. The best way to go about asking for a payday loan in bankruptcy is to work with a lender like CashOne which has more than 100 payday lenders to refer your request to. This will increase your odds of approval. These loans are most commonly approved and are sometimes referred to as ‘loans after bankruptcy’.

Which type of loan is the best for bankrupts?

There really is only 1 kind of loan in the majority of states which is preferred – payday loans for bankrupt persons. There are other options in a few states, like an auto title loan, but these require you to put your vehicle up as collateral. Miss your payment and they can take your car which is a high price to pay!

How do the bankrupt payday loans work?

The bankrupt payday loan process is the same as any payday loan process. You complete the short, secure, loan request form in a couple of minutes and submit it. You get an answer in under 2 minutes. No driving around from store to store filling out long forms, wasting gas, and wasting your time.

Eligibility criteria for requesting a payday loan in bankruptcy

Requirements for requesting a bankruptcy loan are the same as any other online payday loan. You will need to provide some basic information such as Proper ID, email address, phone number (cell is fine), where you live, your job and income status, and bank information. Depending on where you live, you may have to provide additional information.

Here are a couple of other things that may be considered if you request a bankruptcy loan:
  • Your ability to pay your loan. This is the #1 requirement lenders have when evaluating a loan for you.

  • Your employment. You may probably be required to be employed or have some form of regular income each month. Unemployment, disability, social security, and annuity incomes may be considered for eligibility depending on the lender.

Why choose CashOne for bankruptcy loans?

We have been in business for more than a decade and served over 500,000 Americans so you know we can be trusted to do our best to find a lender that works for you. We have a high success rate but not everyone is approved. The longer it has been since you filed and completed your bankruptcy the better your chances for approval.

Bankruptcy Loan FAQs

Can I get a payday loan if I have a bankruptcy on my credit report?

Maybe, but it is not a certainty. There will be fewer lenders who will consider your loan request, but there are some who will. Your loan fees may be higher after bankruptcy.

If you had a payday loan when you filed for bankruptcy, you are unlikely to get a new one. Also, if you got your loan less than 60 days before filing it is unlikely to be discharged by the court. In this case, you will still owe the old loan so a new one will not be approved.

How can I be approved for a bankrupt payday loan?

Complete the simple form and be honest about your situation. Any discrepancies in the information you provide will result in an automatic rejection of your request. If you are working and have more than $1,000 in monthly income, there are lenders who will consider granting a loan.

How does bankruptcy affect my credit and loan eligibility?

After completing your bankruptcy and having the court approve your filing, you will find that it will show on your credit reports.

If you filed for Chapter 7 bankruptcy, it stays on your credit report for 10 years. Other types of bankruptcy normally stay on your credit report for 7 years. The longer the time since you filed the less impact it has on your credit score. People who work diligently to pay their bills on time and re-establish their credit can often achieve a good score (700 plus) in as little as 2 years. So do not despair, you can overcome the initial negative effects of the filing.

Do I have to disclose that I filed bankruptcy to lenders?

Yes, when applying for a bankruptcy loan you must answer the questions on the loan request form truthfully including any question about bankruptcy. If you do not disclose it, you will be rejected for any loan request.


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