Sub: #1 Personal loans after Chapter 7
Replied on 07-23-2010, 05:30 PM
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Why is it so difficult for me to get a personal loan after filing bankruptcy over 4 years ago? I have been denied numerous times, but I have traded my car in 2x....That makes no blessed sense to me at all! I can get a car, a brand new one at that, but I can't get a $4000 personal loan....um, not getting it!




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Sub: #2
Replied on 07-23-2010, 07:43 PM
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A car loan is secured....a personal loan generally is not.

Sub: #3
Replied on 07-28-2010, 08:16 PM
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When you say it's "secured", (sorry for my ridiculous question), what EXACTLY does that mean?

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Sub: #4
Replied on 07-29-2010, 12:59 PM
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Secured means they can take your car and recoup there investment. Unsecured means there nothing to take.




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Sub: #5
Replied on 07-29-2010, 01:41 PM
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Secured means the loan is secured by property....a home, vehicle or some other investment. Unsecured loans have no security...and are a bigger risk.




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