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Is it possible to get a Small loan while Im still In chapter 13?

Is it possible to get a Small loan while Im still In chapter 13? Topic: Worst case scenario card
June 19, 2019 / By Jamin
Question: I filed Chapter 13 Bankruptcy almost 2 years ago is it possible to get a personal loan of like $500.00 dollars?
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Best Answers: Is it possible to get a Small loan while Im still In chapter 13?

Frank Frank | 4 days ago
How long have you been with your bank? you should try them first of coarse. store brand credit cards are also easy to get, but may not go as high as 500, or necessarily help your situation. worst case scenario you could try one of those check advance places.
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We found more questions related to the topic: Worst case scenario card


Frank Originally Answered: How hard will it be getting a start up small business loan now?
Pretty low right now. Some banks don't have money to loan out for small business and sometimes it's a little to risky. They say it would be better in early of 2009, but i still don't see that happening. You should still get the ball rolling before your LOAN. Get your business proposal in the making. Make sure that you can sell your proposal to get your loan. It's not going to matter on your credit if your going to get the loan or not. Having good credit will just get you a good rate. Do your shopping...are your going to rent, buy, or build. Get your spreadsheet ready for what your going to need for your shop. Get your invoices ready for your inventory and who and where you will be getting your supplies from, etc.... and don't forget...what will you use as collateral? Good Luck Guy...
Frank Originally Answered: How hard will it be getting a start up small business loan now?
I wouldn't start a business right now. Winter is statisically when businesses suffer their greatest decline. Personally, I would wait until early spring to open a business. But if you're credit is great like you say it is, it shouldn't be too difficult to start your business, given your town has good business. Let me know how it goes!

Dayton Dayton
You are required to get the advance permission of the Ch 13 trustee before incurring any new debt while in Ch 13. Typically - if you can afford the payments - Ch 13 trustees will approve secured loans for necessities, such as necessary repairs to your home, or a vehicle loan, if your old vehicle no longer runs or is a road hazard or was totaled in an accident. They also typically will approve student loans if the debtor is returning to school to further his or her education. I have also heard of Ch 13 trustees approving business loans necessary for a Ch 13 debtor to start or operate a business. However it would be rare for a Ch 13 Trustee to approve an unsecured consumer loan. You must get the trustee's permission before taking out any kind of loan of any size, or you risk having your Ch 13 dismissed. Talk to your bankruptcy attorney before requesting the trustee's permission to take out a loan. Your attorney may have other suggestions, such as modifying your Ch 13 Plan, if you are finding that you don't have enough left to live on after your Ch 13 plan payment are made.
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Barret Barret
I would *not* recommend payday lenders. Many people find themselves in a debt spiral they can't get out of after using a payday lender. Use this only as a last resort. Sell something first. Alternatively, have you checked out sites like prosper.com? They work as a middleman on person-to-person loans. Not sure if they're running right now (I'm a lender on there, but they went on a freeze a while back while they were preparing to go public). If they're not, you should be able to do a search on person-to-person lending and find some other options.
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Barret Originally Answered: A bank charges 12% interest on $300,000 loan. How much will be repaid if the loan is paid back in one lump sum
If you are paying 12% interest each year, then you will need to take 112% of the total. Why? Because you will pay 100% of the balance and add an additional 12% for the interest. So, here is your pattern.. [ which you can generalize into an algebraic expression 300000(1.12)^n ] Year 1 ... 300000(1.12) Year 2 ... 300000(1.12)(1.12) Year 3 ... 300000(1.12)(1.12)(1.12) Another way to write it is... Year 1 ... 300000(1.12)^1 Year 2 ... 300000(1.12)^2 Year 3 ... 300000(1.12)^3 So in year 3, the total amount owed is 300000(1.12)^3 or $42478.40

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