Loan for a Pensioner

mickmyers31

Hello,

My brother-in-law is 73, has an excellent credit score and no outstanding debts. His last loan was settled 5 years ago and his net pension incomes total around 1000 per month, with domestic outgoings of £600 a month (including living expenses).

His daughter is planning her wedding and he wants to provide her with the wedding and honeymoon. He has a few grand in savings but also wants to look for a 5 year personal loan of £10,000 to fund this and has asked us to look for him.

My question is without doing the applications are there lenders who would lend unsecured to a 73 year old at a reasonable rate?

He refuses to consider Equity release as he wants to leave the property untouched.

If we could lend them the money ourselves then we would, but it's impossible for us at the minute.

Many thank in advance for any replies.

CLAPTON

why hasn't he saved 10,000 over the last 5 years?

mickmyers31

Thanks for the reply, although I don't see how it helps in answering our question...

I aware in recent years he's spent on home improvements, new furniture, visiting family abroad, I'm sure we've all spent on luxuries from time to time rather than saved every penny.

As I say, he has some savings (around £7k apparently) but would like to borrow £10k as well, we're simply looking for advice as to who if anyone would would lend at a reasonable rate.

Emmzi

At 73 he is a high risk to a lender. He also has around £400 spare a month. Nowhere near enough to get a £10k loan.

If there are no assets he can sell, I really would have a sit down and explain that most older children expect to pay for their own weddings. Daughter must be at least 40s if not 50s surely? It is a kind thought but I'd be embarrassed to take that much off my dad, and would appreciate a family heirloom so much more.

tell_it_how_it_is

Emmzi wrote: »

Daughter must be at least 40s if not 50s surely?

Not necessarily, one of my former girlfriends was 18, and her dad was 70 at the time. There's plenty of Des O'Connor types out there, and fair play!

Back to the original question, I think it would be difficult to acquire a loan of that amount at that age. Could various people perhaps club together, or save jointly for a little longer? Or, even if he is insistent, just ask him to contribute a smaller portion of his existing savings?

Just as a personal aside, I wouldn't feel comfortable saddling an elderly family member with a loan to pay back at a couple of hundred quid a month over the five years, for the sake of a wedding day.

ineed

tell_it_how_it_is wrote: »

Not necessarily, one of my former girlfriends was 18, and her dad was 70 at the time. There's plenty of Des O'Connor types out there, and fair play!

Back to the original question, I think it would be difficult to acquire a loan of that amount at that age. Could various people perhaps club together, or save jointly for a little longer? Or, even if he is insistent, just ask him to contribute a smaller portion of his existing savings?

Just as a personal aside, I wouldn't feel comfortable saddling an elderly family member with a loan to pay back at a couple of hundred quid a month over the five years, for the sake of a wedding day.

Very true, my dad's in his 70s and I'm only 24. He had a mid life crisis and decided he needed another child .

And also yeah it's pretty much impossible to get a loan as n OAP unless he could find a guarantor I suppose, might work. I'd not expect anyone to take a loan out for me if I were getting married though, as others have said his daughter could pay for her own wedding. Maybe get a loan out herself?