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Loans for retired people
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Hello all,
Looking for feed back on loans for retired people and would like to hear others experiences.
Scenario - 64yo with private pension (£30k+) & soon to draw state pension on top. "Rainy day" fund in bonds/ISA that I do not wish to touch.
Would like to borrow £5k/4yrs for a retirement treat but am getting conflicting info. regarding mainstream lenders (4% - 9% APR) who do/do not lend to people on retirement income.
Those that seem "happy" to lend money are asking rates of 25%plus.
Anyone got any experiences they would like to share?
Looking for feed back on loans for retired people and would like to hear others experiences.
Scenario - 64yo with private pension (£30k+) & soon to draw state pension on top. "Rainy day" fund in bonds/ISA that I do not wish to touch.
Would like to borrow £5k/4yrs for a retirement treat but am getting conflicting info. regarding mainstream lenders (4% - 9% APR) who do/do not lend to people on retirement income.
Those that seem "happy" to lend money are asking rates of 25%plus.
Anyone got any experiences they would like to share?
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Comments
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...use the savings instead of paying interest?
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
I agree with HBS. In your situation I would 'borrow' £5k from my ISAs and pay my ISA back over the next couple of years using the monthly State Pension. You have been living OK on the £30k private pension so won't miss the extra money that you will be getting in SP.Old dog but always delighted to learn new tricks!0
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if your savings interest is higher than the interest on a loan then get a loan, otherwise use your savings0
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Haven't had a loan for a while, but we just applied to normal mainstream lenders, online, and got good rates of interest.
Or, perhaps your regular bank might offer you a good rate?
Interest rates appear to go on credit status and income (whatever the source of the income).
As others have said, though, it might be better to use your savings.
Lin
You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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Surely the point of building a savings pot is that when you want to buy something, you can use your savings rather than borrowing.
You've worked hard to earn that money, treat yourself.0 -
Borrow the money from yourself. You will probably get an interest free loan!
It's madness paying interest if you do not have to.I can afford anything that I want.
Just so long as I don't want much.0 -
Borrowing money when you have money is silly, take it from your savings and pay it back to yourself0
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