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