Personal Loan after discharge

Anonymous · ‎05-01-2018

My husband and I are filing chapter 7 this month. We *may* need a loan for about $5,000 about 7 months post discharge. I know getting back in to debt is not a good thing and I'm going to do everything possible to avoid it, but this MIGHT be unavoidable. Are there any recommendations as to where we could get a loan for that amount so soon after discharge? Is it even possible?

CH-7-Mission-Accomplished · ‎05-01-2018

It would have to be family or friends or a hard money loan shark type operation -- unless you have collateral worth more than the 5K? For example if you had a car worth 10K, you might be able to get a CU to loan you 5K against it.

Scupra · ‎05-02-2018

I agree with CH-7 on this one. Personal loans have such strict UW to begin with, 7 months is really quick.