Unexpected expenses can occur every day, especially when you’re getting older and your medical bills keep piling up. But hey, being retired is not only about scheduling your doctor visits or sitting in front of a TV all day. Maybe you want to try something new, travel a bit or buy a new iBook not for your grandkids, but for once just for yourself? And maybe the only reason you don’t do that is that you think you don’t have enough money.
If that is the case, then you can pack your bag or plan a visit to an iStore for the next weekend. How is that possible? As a retiree, you won’t have any problems with getting a personal loan. Read on to find out how and where to apply, what you need, and – most importantly – is it safe?
One thing is important, whether you are under or over 65 years old. Most companies lend money only for those under 65 as they consider it safer when it comes to getting their money back. If you meet this criterion, you will be able to choose from many offers from different providers.
It is when you can choose between a payday loan or an instalment loan. A payment loan is when you borrow the amount of many, and on a specific day you give it back plus some interest for the company. It is a good option, especially when you get a cost-free loan. It is an offer from some providers who decide to loan money for free, so you don’t have to pay for interest, insurance or commission. You give back the exact amount you’ve taken. The downfall is, you don’t have too much time for repayment, payday loans are in most cases a short term, you can take them for less than a year and when you take a cost-free loan the period is even shorter – usually no longer than 30 days.
If you are afraid that you won’t have enough time to gather the required amount of money, you should consider taking an instalment loan. Usually, you take it for a longer period – one or two years and pay it back gradually. So in your monthly budget paying back the loan won’t cause too many problems with cash flow. But there’s a catch as instalment loans tend to be more expensive than others and in the long run, you have to pay back much more than you’ve borrowed.
But even if you are over 65, you may still find a loan company willing to lend you money. It may be important for them to know exactly how big is your monthly income or it may turn out that you will be able to borrow money only for a short period, say no longer than 30 days.
Getting a loan shouldn’t pose any problems. You can apply online to each loan company’s site. The good news is, you don’t need much to do this – your ID, bank account number and sometimes telephone number is more than enough. You will be asked for filling out the application form and give the following information:
Your monthly income won’t be an issue. Being a retiree there are many ways you get your money, but no one expects you to have a steady job. Whether you are a self-fund retiree or you are on a pension or part-working, all you have to do is simply describe your financial situation and possibilities. You don’t need any documents or certificates; your statement is enough. The loan company will then analyse your application and decide whether or not lend you money. After the verification process and the acceptance of your application, you can be asked to pay an insignificant sum to the providers’ account just to verify your bank account number as well. If everything is in order, you can expect your money soon. It is even possible that – if you have an account in the same bank as your provider, that you will receive your money in a matter of minutes!
The first step to taking a loan is analysing your financial situation. You have to be sure that you’ll be able to pay the money back. After that, you should read the contract carefully and double check all the conditions. Look for possible hidden costs, the insurance for example or whether they will charge you for not paying back on time and how much. Check whether it will be possible to prolong the time you have for paying back the money – you never know, you might need it after all.
We also encourage you to read our top loans list as we are trying to include only reliable providers in there – when it comes to loans, it’s best to stick to well-known companies with a long history and hundreds of satisfied clients. You can read about the companies online by yourself of course, but unfortunately, the Internet is no longer an unbiased source of information, and every comment you reed may be part of a marketing campaign. Indeed, even negative comments may be posted by someone paid for spreading false rumours.
When you already decided to take the loan and have the provider you may think again about the sum you want to borrow. Try to take the smallest amount possible, as it will make the repayment much easier.