Unsecured Loans for the Retired

Legacy_user

I'm a retired lady of 69 and looking for a unsecured (fixed rate preferably) loan. Will I face any problems because of my age? Can anyone advise me any financial organisation who offer these kind of loans or is it realitively easy to get a loan in spite of my age.

silverlady_2

I don't know about loans but depending on how much you want to borrow have you thought about the 0% credit card . My husand is your age and has a SAGA ( LIverpool Victoria) card six months 0%, he has also applied for the Halifax 0% for 9months with £50 cash back if you use it 3 times in the first month, and also an MBNA card 0% for nine months he had no problems getting any of these cards. See Martins moneysupermarket site.
At the end of the 0% period just transfer the balance to another card at 0%

MSE_Martin

It is all a question of income more than age - how would you repay?

Martin

greylady_2

Thanks for the replies. The credit card information is not really an option as I'm looking to borrow about £6000. Fortunately, I have sufficient income to be able to pay this back. I didn't really want to do the trawl around the usual loan providers if anyone could suggest some lenders who may be more approachable.

MSE_Martin

Sufficient income to pay it back is unfortunately a decision for the loan company not for you. These days most loan companies are pretty sanguine. When you say income is that from an annuity pension income - that is counted as income for most of them and you should stand a good chance of getting a decent loan. If it is from other sources which are more difficult to prove then they are less inclined

martin

greylady_2

Thanks again for the reply. Would I have to prove my income?

MSE_Martin

Again it depends in what form - for example pension income is usually quite accepted - others more difficulty. In your case I would ring them up and have it noted on the form. And even if rejected call them and explain you have this income guaranteed.

System

Hi

We took out a flexible loan for £8000 with cahoot (I have a current a/c with them) and when interest rates started going up I changed it to fixed-rate @ 5.9% for 3 years.

We're your age. It wasn't a problem - but try your own bank first and see what they say.

Good luck!

M

zygurat789

When I buy something I always find out the price before I pay and I usually shop around a bit to see if the price is reasonable. The price of an unsecured loan is the interest charged for it. The range of prices for loans probably varies by more than for an other product, wasn't there a report recently of interest rates of 2,500% charged for payday loans whereas at your bank you may only pay 15%.
Be very careful of the interest rate, dont accept the figures quoted to you. Work out the total amount you will have to repay and deduct the loan amount, the result is the price you have paid.

Savvy_Sue

this post was revived by a spammer but zygurat's advice seems sound so I've left that while deleting the spam and responses.