10 yr loan for a 64 year old?

pip6789

Hi,
Does anyone know if it is possible to get a loan for 20k for 10 yrs from the age 64 meaning full loan paid back by 74?

Clean credit history, own property outright and have some savings. I am currently working full time with healthy pension due in next couple of years.

I'm not an expert on banking matters and wondered if anyone has any helpful advice?

jonesMUFCforever

How long is a piece of string?

It is not against the law to take out a loan for that age and that long but you will have to do your homework as every lender will have their own terms. Some might want repayment by age 70 others will be ok with 75 - some might want you to take out life cover in case you don't make it.

midnight_express

what do you want the money for ?

chambta

I suspect you'll be fine on the scant details provided.

Apples2

If history is anything to go by, your kids will be on here later asking about irresponsible lending.

somethingcorporate

Apples2 wrote: »

If history is anything to go by, your kids will be on here later asking about irresponsible lending.

:rotfl:
I spat out a little bit of coffee onto my keyboard when the penny dropped....

John1993_2

Apples2 wrote: »

If history is anything to go by, your kids will be on here later asking about irresponsible lending.

I've wondered, when we see the "irresponsible lending" posts how the deal looked at the other end, and I suppose that this is the answer.

OP, it's possible that a loan could be found, but is it really a good idea? 64's not so old nowadays, but 74 is still very definitely elderly, especially in terms of likelihood of still holding down a full-time job at that age.

10 years is also a long time for any kind of personal loan. Can you think back to something that you bought 10 years ago, and imagine paying for it still, at the same rate that you did when it was new?

Please think very carefully whether this is the best option.

iolanthe07

I do wonder why lenders are reluctant to lend to people in their sixties, especially if backed by life insurance. After all, we have our pensions and savings, and unless there is a catastrophic crash, our income is more secure than many in work.

bigadaj

Surely the only irresponsible lending, assuming nothing ridiculous like not being of age, is that perpetuated by bankers to achieve targets/ bonuses to people who won't pay it back, but the victims are the bank shareholders, not the borrowers who then don't pay it back!

dresdendave

bigadaj wrote: »

Surely the only irresponsible lending, assuming nothing ridiculous like not being of age, is that perpetuated by bankers to achieve targets/ bonuses to people who won't pay it back, but the victims are the bank shareholders, not the borrowers who then don't pay it back!

As the bank would claw back it's losses on bad loans by charging higher APR's to those who do repay their debts, lower rates for savers etc, the "victims" are actually all the bank's responsible customers.

bigadaj

dresdendave wrote: »

As the bank would claw back it's losses on bad loans by charging higher APR's to those who do repay their debts, lower rates for savers etc, the "victims" are actually all the bank's responsible customers.

Didn't work for hbos though.