5 Ways To Borrow When Retired 

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Once you have retired, this should be the time of your life where you can relax, forget about financial worries of the past, and enjoy your golden years. Unfortunately, pensions all too often don’t cut it, and you may find yourself in a position where you need some extra cash to tide you over. But what can be done? Thankfully, there are a variety of solutions available to you, so you can live life once you have retirement without having to hold onto financial worries of the past. Listed are some of the very best options for you to access funding when you need it the most.  

Car Loan 

Car loans can be a great option for those who have retired and need funding fast. This is easy to do as it is secured by the vehicle that you are purchasing. Paying this in cash can also help to save interest but only works if it doesn’t delete your savings entirely!  

Debt Consolidation Loan 

This is a type of loan that is specifically designed to consolidate debt, as the name suggests. This will generally mean that the debt is paid off over a longer period. Additionally, the interest rate may well be lower tan any current debts you have, which is a huge benefit.  

Unsecured Loans  

Unsecured loans are a great form of lending when retired. This will not put any of your valuable assets at risk, so it is certainly something to consider if you need cash fast. You can take out a loan, and pay it back over monthly repayment, often within a timeframe that suits you. Additionally, many bad credit direct lenders in the UK, meaning you can access money, even if you have not been able to maintain a perfect credit score in the past.  

Payday Loan 

Although you may not be working anymore, payday loans are not exclusively available to those who are expecting a next payday. Almost anyone can get payday loans, and this includes retirees. 

Whether it is a secured loan or unsecured loan, retirees who receive their monthly income from the government can take out a payday loan, only repaying it when their next influx of cash comes in. You should only consider a loan such as this if you know you are receiving adequate funds to repay it. Never borrow money if you think it will put you in a worse position in the loin run, causing further financial damage and stress to you.  

Mortgage Loans 

Mortgage loans are extremely common and are accessible to anyone who owns property. This type of loan uses your home as collateral when you borrow money. This is great if you need cash fast to tide you over in the short term. If you think you cannot pay this back due to a lack of income, then do not go down this route. However, for many this is an ideal route and to take out a mortgage loans can help you get the cash you need to cover any emergency cost that have come into your life.  

About the Author

Damien Troy is an experienced and notable author, who loves taking on new challenges and writing across a huge range of topics -channelling his personal experience and expertise. When Troy isn’t tapping away at his keyboard, creating his latest masterpiece, he can be found exploring new countries and cultures or burying his head in a good book.

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