personal loans for the aged

kimjam

hi, does anyone know, where my 70yr old mum, can get a personal loan ? she,s had good credit all her life. thanks

sra

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Dave_the_Ginger_Cat

Many have a limit of 92, due to their systems not coping with borrowers over the age of 100 at loan maturity (92 + 7 year term). The criteria are usually about afforadbility, and sustainable income.

I'd recommend starting with her bank as they will be more likley to know her credit history. If she's a history of good loan repayments with another lender, suggest them also.

A phone around a few loan providers may also help you.

Minor inspiriation as I've been typing:

SAGA have their own credit card:

http://www.saga.co.uk/money-shop/

I can't seem to find a loan product, but think they might. Age concern may also offer advice.

Perhaps you've stumbled on a gap in the market - loans advice for our mature population

Mint's Payment protection covers folk until 80 which rather implies they do loans for maturity before that age:

http://www.mint.co.uk/global_options.asp?page=GLOBAL/LEGAL_INFORMATION/LOAN_PROTECTION_POLICY

Hope this helps a little

Kavanne

Her bank may be a good place to start.

Dave, Mint's PPI may oly cover up to 80, but it may be the case that if the borrower hits 81 before the loan maturity, they will still do the loan but without the PPI (as Natwest/RBS would and they are the same company I believe)

chambta

The PPI effectively is a life and hospitalisation policy by the way.

I can't see any provider turning her down if her credit rating is as good as you say and the payments would be affordable. My guess is she would be looked upon as a rather low risk.

jonesMUFCforever

Although her credit rating may be A1 age does come into the equation.

Statistically someone is at a greater risk of dying between 70 and 76 years of age than say 50 to 56 . The banks will have calculated this in their credit scoring system.
I can see no problem with a small loan of a few thousand but anything above £5k might become a problem.