It is possible to get a loan after bankruptcy in Canada. To qualify for a loan, you need to re-build your credit by following these steps:
- Get your bankruptcy discharge as soon as possible. Perform all of your duties so that there are no delays in getting your discharge. As soon as you are discharged you can begin rebuilding your credit.
- Take steps to perform after bankruptcy credit repair. The most important step is to:
- Save money after bankruptcy to repair your credit. Once you have saved money, you can do the final step:
- Get a secured Visa card to rebuild your credit. A secured Visa card accomplishes two objectives: it allows you to have a credit card that you can use to make purchases where a credit card is required (such as over the internet), and it shows up on your credit report as a regular credit card, which helps you build your credit.
Once you have money (step #3) and have re-established credit by getting a secured credit card (step #4), you can now apply for a loan. Even though you have a bankruptcy on your credit report, these steps will allow you to rebuild your credit and get a loan after bankruptcy in Canada.