Hello Pete I here you are looking for a loan. Im sorry to say this but we cannot provide you a loan because you only have a phone bill and no credit.
In order to get a lower interest rate on a loan you need to have a high credit score. In order to get a high credit score you need to purchase and pay for thing with a credit card A credit score ranges from 300-850 Above 780 is great 660-780 is good 500-660 is okay Below 500 is bad
Interest is money you pay back to your lender in addition to your loan. It's like a fee for borrowing your money. Credit cards are plastic cards that are used to buy something now and pay when you get your credit card bill
Please dont go bankrupt!!! Bankruptcy means you are telling the government that you have no money and the government needs to give you money.
Don't say you are bankrupt when you aren't because then you could go to rail!!!
So Pete I hope that video helped you understand what you need to get a loan and understand that you should not go bankrupt.