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Loans After Bankruptcy: What You Should Know

You can get a personal loan after bankruptcy, but it will cost you.

a couple filling out a personal loan application
Updated May 14, 2025
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Edited by John Howard
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Written by Rachel Alulis
Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

  • It’s possible to get a personal loan after bankruptcy, though it will be harder to find a lender.
  • Credit unions, local banks, and online lenders offer loans with more lenient lending criteria.
  • To secure a loan post-bankruptcy, consider secured loans, a cosigner, or cash advance apps.

Personal loans are incredibly versatile. You can use them to consolidate debt, cover home repairs, or for emergency expenses. But can you get personal loans after bankruptcy? 

Bankruptcy has a huge effect on your finances for years after you file. Your credit score plummets, making it difficult to secure a personal loan or get a new credit card. Difficult, yes, but not impossible. There are lenders willing to work with every type of borrower.

Read on to learn where to find personal loans after bankruptcy and how to improve your chances of approval.

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Can you get personal loans after bankruptcy?

Bankruptcy is not the end. There are personal loans for people who have been bankrupt. The catch is that it won’t be as easy as before.

Lenders now consider you a high-risk borrower. Many won’t approve you, and those that do will charge steep interest rates and additional fees, like an origination fee. Some lenders will even require you to secure the loan with collateral or add a cosigner.

That said, lenders will review your current financial situation, not just your past. If you’ve taken the time to rebuild credit, have a good income, and decreased your debt levels, you are more likely to qualify for a personal loan.

Types of bankruptcy

Bankruptcy is a complex legal process. The law doesn’t set a specific number for how much debt you need to file for bankruptcy. You must prove you can’t reasonably repay what you owe. Then you need to decide between Chapter 7 and Chapter 13. Which one you choose impacts your eligibility for personal loans.

Chapter 7 bankruptcy

Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy. It requires you to sell all non-essential assets to repay creditors. Once completed, your eligible debts are discharged, meaning you are no longer required to pay them. This type of bankruptcy stays on your credit report for up to 10 years.

Getting a personal loan after Chapter 7 is a mixed bag. On the one hand, you can start rebuilding your credit and applying for loans or credit cards right away. On the other hand, lenders look less favorably on Chapter 7 bankruptcy, and it stays on your credit report longer.

Chapter 13 bankruptcy

Chapter 13 bankruptcy is considered “reorganization” or “repayment” bankruptcy. You do not sell your assets. Instead, you establish a repayment plan with your creditors that lasts three to five years. Once completed, any remaining dischargeable debt is erased. Chapter 13 bankruptcy stays on your credit report for up to seven years.

Personal loans while in Chapter 13 bankruptcy aren’t usually possible. You must wait three to five years until your debts are discharged to apply for a loan. When you do apply, lenders typically look at Chapter 13 bankruptcy more favorably since you repaid some of your debts.

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How long after bankruptcy can you get a personal loan?

The exact timing for getting a personal loan after bankruptcy varies by lender. The majority of lenders want you to wait at least one to two years after filing before applying. If you filed for Chapter 13, you must wait until the repayment plan is complete, usually three to five years.

The longer it’s been since filing, the better terms you’ll receive. If you can, wait seven to ten years for the bankruptcy to fall off your credit report. Once the bankruptcy is off your report and your score has improved, you will have a much easier time securing a loan with favorable terms.

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Is getting a personal loan after bankruptcy difficult?

Securing a personal loan after bankruptcy will be challenging. Bankruptcy does enormous damage to your credit score, causing it to fall anywhere from 100 to 200 points. The exact amount varies based on your credit before filing.

Lenders are cautious and tend to charge more to high-risk borrowers. You will be able to find a loan, but you will have to pay more for it. The best thing to do is build up credit and then apply for a loan.

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Where can you find personal loan lenders after bankruptcy?

You can find personal loan lenders that work the Chapter 13 online, or at credit unions and local banks. Credit unions tend to have lower interest rates and lenient requirements. Local banks can be a good choice if you have a good relationship with them.

Online lenders that offer bad credit loans are another popular option. Many approve borrowers with less-than-stellar credit scores; some don’t even require a credit check. Before you apply, do a little research and make sure they have a good reputation.

How to get a loan after bankruptcy

Review your credit score

First, check your credit score. Most lenders have minimum credit score requirements. It’s no use applying for a loan you don’t meet the basic eligibility criteria for.

Many banks and credit cards let you check your credit score for free once per month. You can review your credit report from each of the three credit bureaus – Experian, Equifax, and TransUnion – once per year via annualcreditreport.com. And it’s free!

Look over your credit report for errors that can negatively affect your score. If you find any, dispute them with the issuing bureaus before applying for the loan. Getting a mistake off your report can give an immediate boost to your score.

Decide how much to borrow

It’s tempting to borrow the maximum amount you can get your hands on. The problem is that loans need to be paid back on time. Lenders are more likely to approve loan amounts you can afford to repay.

Consider a cosigner

Adding a cosigner with good credit can increase your approval odds and help secure more favorable rates. A cosigner decreases the lender’s risk since they are legally obligated to repay the loan if you fail to. Keep in mind that if you miss a monthly payment, both you and your cosigner’s credit scores will suffer.

Shop around for lenders

Don’t settle on the first offer. Research personal loans for bad credit and lenders. Compare loans, including interest rates, fees, amounts, and repayment terms. Look at customer reviews and the lender’s reputation to make sure you want to work with them. Taking the time to do a little research helps you get the best deal for your financial situation.

Get prequalified

Once you’ve found a few lenders, try to prequalify. Prequalifying lets you see your chances of approval without hurting your credit score. You submit basic personal and financial information and the lender does a soft inquiry to decide if you’re preapproved.

The basic information you’ll need typically includes:

  • Full name
  • Current address
  • Social Security Number
  • Income
  • Loan purpose
  • Loan amount
  • Cosigner information, if applicable

After you’ve prequalified with a few lenders, compare your potential offers. Look at the loan amount, annual percentage rate (APR), which includes both the interest rate and fees, and repayment terms. Then, choose the best loan offer for you.

Submit an application

After you’ve prequalified and selected the best offer, it’s time to formally apply. You will likely need to submit a few documents, including pay stubs, a driver’s license, or a passport.

Many lenders – especially online lenders – provide decisions as soon as the same day. Others may take a few business days to respond.

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How long after bankruptcy can I get a mortgage?

As with a personal loan, you must wait until your bankruptcy has been discharged to get a mortgage. The time frame depends on the type of bankruptcy and the type of mortgage you’re interested in.

Conventional mortgages require a four year waiting period if you filed Chapter 7. If you declared Chapter 13, you must wait two years from the discharge date or four years from the dismissal date.

An FHA loan has a shorter wait period. These loans are insured by the Federal Housing Administration. They tend to accept borrowers with lower credit scores and smaller down payments. You must wait two years after Chapter 7 and only one year after Chapter 13. During this waiting period, focus on rebuilding your credit and saving for a down payment.

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Look out for predatory lending and personal loan scams

Not all lenders have your best interests at heart. A lot are out there trying to make a quick buck. After bankruptcy, you’re more likely to run into predatory lenders and scammers.

Predatory lending

Predatory lenders are those who offer loans that are nearly impossible to repay. These loans have excessively high interest rates, hidden fees, short repayment terms, or balloon payments due at the end. Think loans due within one to two weeks with a triple-digit APR.

You should expect higher interest rates and additional fees after bankruptcy, but they should still be affordable.

Personal loan scams

If a loan seems too good to be true, it probably is. Avoid any lender that promises guaranteed approval, as this does not exist. Upfront fees are a big tip-off. Legitimate lenders will take fees out of the loan after approval. Lenders that contact you first or have time-sensitive or high-pressure offers are likely not legit.

Legitimate lenders know that taking out a loan is not a decision to be made lightly. They will give you time to think it through. Take advantage of this time and research your lender. Check sites like the Better Business Bureau and Consumer Affairs before making a final decision.

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Alternatives to personal loans after bankruptcy

If you need to borrow money after bankruptcy, there are options besides personal loans.

Cash advance app

Cash advance apps send you a portion of your paycheck before payday. You get the money instantly (with a fee) or in one to three business days for free. They are the closest thing to bad credit loans with guaranteed approval.

There is generally no credit check, no interest, and little to no fees. Potential fees include a fast funding fee, subscription fee, or tip. Most apps require you to pay the cash back within two weeks or on your next payday.

These apps can be a good short-term solution when you need a little cash to get you through.

Payday alternative loan

Payday alternative loans (PAL) are a type of bad credit loan you can get through federal credit unions. They are small-dollar loans designed to be an alternative to payday loans.

The loan amount ranges from $200 to $2,000, with repayment terms of one to twelve months. Application fees are capped at $20, just enough to cover the cost of your application; the APR cannot exceed 28%. This is an incredibly low APR for a bad credit personal loan.

You have to be a member of the federal credit union for at least one month before you can apply. They are a good alternative to payday loans without a bank account.

Secured personal loan

If you have collateral, you may be able to get a secured loan. Here, your loan is backed by an asset like your car or savings account. The collateral lowers the lender’s risk, so they may offer a lower interest rate and more favorable terms. The catch is that if you default on the loan, the lender can take possession of your collateral.

401(k) loan

A 401(k) loan lets you withdraw funds from your retirement account. You then repay the principal plus interest back into the account. All the money goes to you, not an external lender. It sounds ideal, but there are fees and risks involved.

If you borrow from your 401(k) before you’re 59 ½, you may have to pay taxes if you don’t repay the loan. Should you quit your job, you’ll have to repay the total amount due within 90 days. Lastly, when you take out a 401(k) loan, you lose potential investment returns and have to repay it using after-tax dollars.

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Frequently asked questions

1. How to refinance after bankruptcy?

You’ll typically need to wait until your bankruptcy is discharged to refinance. This will take four to six months for Chapter 7 and three to five years for Chapter 13. Lenders will look at your credit score, income, and debt-to-income ratio. Improve your credit by making on-time payments and reducing debt. Shop around for lenders who specialize in post-bankruptcy refinancing.

2. Can you get a loan while in Chapter 7?

Getting a loan while in Chapter 7 bankruptcy is very difficult. Because Chapter 7 involves liquidating assets to repay creditors, most lenders view applicants in active bankruptcy as high-risk. You’ll likely need to wait until your bankruptcy is discharged. Emergency loans may be possible in rare cases with court approval, but they are not common.

3. Can I get a HELOC after Chapter 7?

You can get a HELOC (Home Equity Line of Credit) after Chapter 7, but most lenders require a waiting period of two to four years after discharge. You’ll also need to rebuild your credit, show consistent income, and have sufficient equity in your home. Rates and terms may not be ideal immediately after bankruptcy, but they improve with time and credit recovery.

4. Which personal loans should you avoid after bankruptcy?

Avoid loans with triple-digit APRs and excessively short repayment periods. These loans may be easy to qualify for, but they are difficult to repay as agreed, often leading to a cycle of debt.

5. Can you file bankruptcy on payday loans?

Payday loans are considered unsecured debts and can be included when you file for bankruptcy. Whether you file Chapter 7 or Chapter 13, these loans are typically dischargeable, meaning you won’t have to repay them.

6. How long does it take to rebuild credit after Chapter 7?

Rebuilding credit after Chapter 7 takes time. The bankruptcy will remain on your credit report for up to 10 years, though it affect lessens as time passes. Generally, you’ll start to see improvements in your score after 12 to 18 months. Pay all your bills on time, keep your credit utilization low, and use new accounts responsibly to build credit.

7. How soon after bankruptcy can you secure a loan?

You can secure a personal loan shortly after declaring bankruptcy, but you have to wait until your debts are discharged. Debts are immediately discharged with Chapter 7 bankruptcy and after three to five years with Chapter 13. While you can get a loan shortly after filing bankruptcy, waiting to improve your credit score can lead to better terms and lower interest rates.

Bottom line

Bankruptcy can hurt your credit for years and make it hard to qualify for a personal loan with favorable terms. Your best bet is to wait and improve your score. If you absolutely need to borrow money now, look into secured loans, opt for a co-signer, or find a lender who offers personal loans for people with bad credit. Beware of high interest rates and additional fees. Ensure you only borrow what you need and pay it back on time. Do so, and you can rebuild your credit and be eligible for better loans in the future.

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About the author

Author Rachel Alulis Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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