Loans for retirees with regular income?

beauregard_2

Please can you help? Neither my husband or I are working and he has taken early retirement on a pension which gives us a regular income between 15 and 16000 per annum - but the forms for loan applications all insist on employer details etc. We want a short term loan of £25000 whilst we are waiting for our house to sell - have an excellent credit rating but can't get past the 'employed' problem. Any ideas would be greatly appreciated!

humanitas

Without knowing your precise circumstances, I would have thought that you first, and probably best, approach would be your bank for a "bridging" loan.

AMILLIONDOLLARS

But the interest on a Bridging Loan is quite high. How short term were you both thinking? and don't forget for most loans the interest is front loaded and you could find that you owe more than you have initially borrowed and then there are the penalties for paying off early. Have a word with your bank first to discuss your options. Is your house already on the market? if you can hold off for a few months, this maybe you best option.

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AMD

enjoyincubus

Is there no where to just put you are retired?

Being retired is usually not an excuse to decline an applicant. Usually retired applicants have a more stable income and are less risky that other type of applicants.

Just quickly looking at the AA online application form you can enter your details as retired and it seemed to let me get to the end entering my details as being retired.

margaretclare

There shouldn't be any problem. We've had loans since we were retired. Try Cahoot, A&L, AA, Moneyback Bank - the list is endless.

Margaret

Laurenbelle

I would recommend to do your loan application over the phone or in a branch as they are able to accept retired as an option. Good Luck!