free2 loans review

free2 claims to provide "free thinking finance", offering unsecured personal loans specifically designed for over 55s.


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Compare loans for over 55s

Upper age limitMinimum annual incomePension income allowed?
HSBC UK75 at the start of the loan£10,000YesMore info
M&S BankNo upper age limit£10,000YesMore info
Post Office Money70 when the loan term ends£12,000YesGo to site
Sainsbury's Bank83 when the loan term ends£7,500YesMore info
Tesco Bank75 when the loan term endsN/AYesMore info
Late repayments can cause you serious money problems. See our debt help guides.

What is free2?

free2 is a personal loan broker that provides unsecured loans specifically for those aged over 55. It aims to provide better borrowing options for those with an excess guaranteed pension income (either an annuity or final salary pension), without having to use their house as security against a loan.

Retired or semi-retired borrowers often have limited choices when it comes to getting unsecured finance, especially for larger loan amounts. free2 gives borrowers with a pension income the opportunity to use it to cover the cost of the loan.

Unlike other credit brokers, free2 operates as the authorised representative for a single lender, RS Consumer Finance Limited.

free2 Over 55s unsecured loan

free2 currently offers one specific type of loan – an unsecured personal loan for those aged over 55. Loans are offered from £5,000 to £150,000, with a fixed interest rate. You can choose to repay the loan over 5 to 20 years, but the loan must be paid off before you turn 75.

You can use the loan for any worthwhile personal purpose, and if you die during the loan term, the remaining balance will be written off.

How do free2 loans work?

free2 unsecured loans are available for UK homeowners aged at least 55, who have an excess guaranteed pension income. Like with a regular personal loan, you’ll need to apply for a free2 unsecured loan by completing an application form.

You’ll need to provide the following as part of your application:

  • Personal and contact details
  • Information on your assets, debts and liabilities
  • Three months of bank statements
  • Personal ID

Once you’ve applied, free2 will assess your affordability and perform a credit check. If you’re successful, you’ll then receive a call from a free2 staff member to talk you through the loan agreement. Once you’ve accepted and signed your agreement, you should receive the funds within 48 hours.

Is free2 safe?

free2 is authorised and regulated by the Financial Conduct Authority (FCA) and a recognised loan broker. However, as with any personal loan, you should only borrow what you can afford to repay.

Am I eligible?

In order to apply for a free2 personal loan, you’ll need to meet the following criteria:

  • Be aged 55 to 70
  • Have a excess guaranteed pension income

Is free2 right for me?

free2 unsecured personal loans may suit those older borrowers looking to get additional funds without having to dip into their savings or without having to use their house as security against a loan. It may especially be useful for those looking to borrow more than £30,000 as it can be difficult to secure a loan of that size without a regular income.

Pros and cons


  • Large loan amounts
  • Flexible loan terms
  • Designed specifically for those with a pension
  • Does not require you to use your house as security


  • Only available to those aged 55-70
  • Must have excess guaranteed pension income
  • Rates may be less competitive than a secured loan

The verdict

free2 offers an alternative to pensioners looking to borrow money and who may find their existing options limited. With large loan amounts, and no need to use your house as security, the free2 Over 55s unsecured loan may be worth considering for borrowers over the age of 55 wanting to get a competitive loan.

Frequently asked questions

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