| You have reached the age of retirement or you | | | | As lenders of loans for the retired consider |
| took early retirement for any reason, | | | | pensions, disability benefits or any such |
| personal or professional. So, the first | | | | allowances as your income, the actual loan |
| outcome is that now you don't have a regular | | | | amount to be offered and interest rates to be |
| monthly income. However, due to retirement, | | | | charged by such lenders would always depend |
| you should not suffer due to discontinuation | | | | upon the amount of benefit you are currently |
| of your job. If you have retired and now you | | | | receiving. In addition several other factors |
| have some important assignment, this | | | | are taken into account while deciding your |
| assignment will not suffer due to money. | | | | eligibility for loan, which include your age, |
| There are lenders who offer loans to retired | | | | your health status, the monthly payment you |
| people, called-Loans for the retired, which | | | | can easily make, any other source of income |
| is meant exclusively for retired people. Such | | | | which may include income from savings and |
| lenders consider your pension as an income, | | | | investments etc. Therefore, loan amount and |
| based on which they offer loans to retired | | | | interest to be charged by the lender depend |
| people. Even if you are getting disability | | | | upon the profile of the borrower but usually |
| benefit, it will also be considered an income | | | | it varies in between £10,000 to |
| by these lenders. | | | | £100,000. Once you apply for a loan for |
| | | | retired people, you can get in principle |
| If you are a retired person, struggling to | | | | decision within 24 hours. While making |
| manage your debts but you are not sure | | | | application for this category of loan, you |
| whether you should go for further loans or | | | | have to enclose copies of your pension |
| not, there are organizations who offer free | | | | statements and other documents showing your |
| financial advice to retired people based on | | | | income, if any from other sources. |
| their individual conditions. Such | | | | |
| organizations include few local age concern | | | | So, lenders evaluate the following factors |
| groups such as Age concern, national helpline | | | | before offering loans for retired people are: |
| for people of all ages , local citizens | | | | |
| advice bureau etc. If you are not able to | | | | 1 Age |
| find such organizations and if you feel | | | | |
| lenders do not offer impartial advice to loan | | | | 2 Amount of pension |
| seekers, the best way is to visit several | | | | |
| lenders who offered loans to retired and | | | | 3 Any other income such as disability |
| based on the advice of several lenders you | | | | benefit, income from savings and investments |
| can easily decide about such loans. | | | | |
| | | | 4 Your health status |
| Loans for retired: Loan Amount and Cost | | | | |
| | | | 5 The monthly payment you can easily make. |