Case study: Linda and Grant, a retired married couple
Imagine this scenario: As 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 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.
I am a senior citizen and I would like to know how I can apply for a short term loan. I have seen ads, I still need to know how to start.
Hi Phyllis,
Thanks for getting in touch! To apply for a short term loan, check the eligibility criteria and documents needed by the lender of your choice. But generally, they would need:
Personal information. Your name, date of birth, Social Security number and contact details are all commonly required for loan applications.
Financial information. Include all sources of income and provide evidence of them. You’ll also need to provide the details of your debts and liabilities.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
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 compare pensioner loan options so you can choose the right loan for you.
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
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.
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