Pensioner Loans

pensioner loans

Pensioner loans, loans for people on a pension

Pensioner loans, loans for pensioners, loans for people on a pension are all phrases people use to find personal loans when they are on a pension.
There is no such loan type ‘Pensioner Loan’, a personal loan can be either an unsecured personal loan, or a secured personal loan. Even the term ‘car loans for pensioners’ refers to a personal loan for a car, that is either secured against the car making it a secured personal loan or not, in which case it is an unsecured personal loan.

There are many different types of pensions, and if you are looking for a ‘pensioner loan’ from the personal loan lenders Australia has, what will be important is the surplus money you have after expenses are deducted from the pension amount; and if you can show savings.

Loans for people on a pension are generally for smaller amounts; under $2,000 and have a loan term often of months not years. if you are on a pension and looking for a personal loan lender to approve a $20,000 loan, you are not being realistic.

Most people on a pension would say that the amount they receive is too little; so it is a problem convincing a lender that you can afford to make the loan repayments, when you are living from pension cheque to pension cheque each fortnight.

Savings is very useful to show personal loan lenders that you can afford to make the repayments on a ‘pensioner loan’ for any purpose. If you can show that you have saved more than what the loan repayments will be each fortnight you will be in a much stronger position than somebody that often has their bank account overdrawn and where their bank statement shows that as soon as the pension is deposited; it is withdrawn.

Personal loans for people on a pension are often accepted by payday lenders and cash advance lenders, as opposed to Banks.

If you are on a pension before looking at ‘pensioner loans’ consult a financial professional who may be able to suggest alternatives.