It is unfortunate to learn that there are only limited options when filing bankruptcy. But the good news is, there are services and products available. But as much as possible, we don’t want this to happen, more so if you’re investing into the crypto market. Right now, the market is highly volatile and it will be highly recommended to read deribit review on how you can navigate through these challenging times.
Of course, there are several other options that you can do prevent bankruptcy from happening and that is exactly what we are going to discuss in the next lines.
A very simple and straightforward option is a basic bank account that’s offering countless withdrawals and deposits a month. You have to know that not all banks you’ll encounter have this product. Not only that, it’s difficult to carry on in today’s life without having some sort of account as many companies are paying their employees payroll electronically.
It is important to have a bank account to easily gain access to vital services like debit cards, telephone, ATMs, online banking and a lot more. While it is true that there are limited options, you’d find banks that are offering accounts to undischarge and discharge bankrupts without asking requirements for a credit check. Truth is, there are financial institutions that are offering guaranteed as well as non-guaranteed bank accounts.
Other Services and Products
Aside from bank accounts, there are also financial institutions that are offering mortgages, investment products as well as loans. Once again, there are limited options for discharged bankrupts because of the poor credit score and at the same time, the high risk for defaulting.
As a matter of fact, there are financial institutions that are extending their loans to the borrowers but there’s a catch, the terms are usually unfavorable and the interest rates are often high.
One option here is by applying for a payday loan since there’s no requirement for a credit check. Only those who have stable income can qualify and borrow money. What seems to be the problem with such loan type is that, the interests are quite high. Furthermore, this is only applicable for a short-term solution.
The P2P lending is yet another option among borrowers who have tarnished credit. Lenders that do P2P are offering financing both to businesses and individuals. Online platforms act as intermediaries between savers or lenders and borrowers. As per financial experts, the interest rates offered are a lot more attractive and appealing.