Compare loans for retirees in 2018 | finder.com

Compare loans for retired people

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Learn what your financing options are when you’re retired.

As you move into your older years, your lifestyle changes and so do your finances. When that happens, you may find that getting a loan isn’t as easy as it was when you were earning an income from employment.

However, there are lenders that will consider you for a personal loan as a retiree. These loans can help you access to money if you don’t have sufficient time to save for it, or if you don’t want to dip into your equity. Find out what your loan options are in our guide below.

Credible Personal Loans

Our top pick: Credible

Quickly get personal loan offers from top online lenders.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000
  • Loan Terms: 2–7 years
  • One simple form
  • Must have good to excellent credit

    What types of retirement situations are considered by lenders?

    • Self-funded retirees. If you earn income from investments such as rental properties or your retirement savings account, you’re referred to as a self-funded retiree. If you’re in this situation, you may require a loan because you don’t have enough cash assets at the moment or you need quicker access to money than your accounts allow. When applying for a loan, make sure you have as much proof of your assets and income as possible to prove to the lender you’ll be able to manage the repayments.
    • Those on pension or Social Security. If you receive pension as a form of income, you may still be able to qualify for a personal loan. Be sure to check the eligibility criteria of the lender.
    • Retirees who work part-time. If you have steady employment, even if it’s only part-time, this income will be considered by lenders. Remember minimum income criteria may apply, so check this before submitting your application.
    • Non-residents. The majority of lenders will require you to be a US citizen or permanent resident. However, some lenders consider non-residents for loans even if they’re a senior. You can compare temporary resident personal loans to learn more.

    Personal loans you may be able to apply for as a retiree

    Rates last updated October 16th, 2018

    Reveal your potential loan offers and rates

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99%–36% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99%–35.99% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.99% to 14.87% (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    $35,000
    5.99%–29.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.16% to 35.89% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    550
    $100,000
    3.09%–35.99% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    640
    $35,000
    4.99%–29.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34%–155% (Varies by state) (fixed)
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    Bad credit accepted
    $5,000
    99%–199% (fixed)

    Compare up to 4 providers

    Different loan types available to retirees

    There are a few different types of personal loans available to retired seniors:

    Linda and Grant, a retired married couple

    loans for retired peopleAs a couple, Linda and Grant receive $1,270 in retirement benefits twice a month. They’ve paid off their house and have a small source of additional income from a rented-out investment property. While their payments are enough to support their lifestyle, they don’t have the means to make additional larger purchases. When their car stopped working, they considered a personal loan to buy a replacement.

    Option 1: They looked into an auto loan to purchase a vehicle. Since an auto loan is a secured loan, they found they could get reasonable interest rates.

    Option 2: Linda and Grant also looked into an unsecured loan option so that their car couldn’t be taken away in the event they fell behind on payments. They looked into peer-to-peer loans, which can also come with affordable interest rates.

    Ultimately, Linda and Grant decided on a peer-to-peer loan because they felt more comfortable borrowing money without collateral attached.

    How to know if you’re eligible

    If it isn’t clear whether you meet the minimum eligibility criteria for your senior loan, then it’s best to get in touch with a lender before submitting your application. For example, you may have income from investments that isn’t consistent. Lenders won’t be able to guarantee approval before you submit your application. But they may be able to clarify certain criteria or provide you with additional details.

    To give yourself the best chance of being approved, make sure you have all of your information on hand before starting the application. This would include:

    • Personal information. Your name, contact details and identification information.
    • Loan details. Explain how much you need and the purpose of the loan.
    • Financials. Remember to include all sources of income and provide evidence of them. You’ll also need details of debts and liabilities.
    • Assets. What assets do you own? This may be your own home, rental properties, vehicles or investment accounts.

    You may be able to save the form if you don’t have all of your information on hand to come back to it later, or download a PDF of the application form from the lender’s website to find out everything you need before you start.

    Financing options for veterans

    Did you or your spouse serve your country? You might want to look into lenders that offer personal loan offers specifically for veterans. For example, Pioneer Services has a special financing program for career-retired military from $500 to $10,000. Other lenders might have special deals for veterans that they don’t advertise, so it doesn’t hurt to mention your service when looking for financing.

    Bottom line

    Finding the right loan in retirement can be key to keeping your finances secure. It’s important to compare all of your options thoroughly before submitting your application.

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    3 Responses

    1. finder Customer Care
      RenchDecember 23, 2017Staff

      Hi Merriel,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      You can also have a look on this page for helpful info and compare your options for pensioner loans.

      Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.

      Best regards,
      Rench

    2. Default Gravatar
      KendallOctober 12, 2017

      I’m retired now & on a fixed income. I have approximately $10,000 in credit card debt which I’d like t pay off. Earlier this year, I was a victim of credit card fraud. Experian investigated & removed the fraud but it’s taken months to restore my credit. I pay rent and all my bills on time. Can I still be considered for a small loan to pay off credit cards? Thank you.

      • finder Customer Care
        RenchOctober 12, 2017Staff

        Hi Kendall,

        Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

        Yes, you may still apply for a loan. You may explain this further to your preferred lender.

        Please click the name of your preferred lender on the page to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.

        Best regards,
        Rench

    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper Personal Loans

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site