5 Loans For Senior Citizens With Bad Credit
February 12, 2021 | June Mckaig
Being a senior citizen with bad credit can be hard to wrap your head around. But all hope is not lost! There are a variety of financial aids to choose from if you need money but can't apply for a traditional loan to your past monetary mishaps.
We know that tensions are high at the moment so here are the great loans for senior citizens with bad credit.
1. A Pensioner Bridging Loan
A pensioner bridging loan is a loan borrowed against your property to help you with short term monetary requirements. It's a fantastic option for you if you have a lot of equity in your home.
Essentially, it bridges the gap between current financial instability and the purchase, the move, and the sale period.
While there are plenty of reasons why a retiree might take out this type of loan, the following tend to be the most common:
- There has been a chain break in the property sale.
- You're looking for a home to purchase but your money is tied into your current house.
- To pay for care home fees for a short period.
- To release cash quickly for emergencies before your house sells.
Upon approval for a pensioner bridging loan, you will receive the money for up to one year. The good part is that there aren't any exit penalties or tie-in periods. This means that once your house sells, you can repay the entire loan in full without being hit with hidden fees.
2. A Reverse Mortgage Loan
Over the years, reverse mortgages have become increasingly popular. In essence, they involve turning your mortgage on its head by using the equity you have in your home.
Sometimes, this loan type will be given to you as a lump sum or be paid in – typically – monthly installments.
The reasons why pensioners decide to take out a reverse mortgage loan varies drastically, but some of the more common ones are as follows:
- To pay for healthcare
- To pay bills
- To pay off your current mortgage
- To add to your retirement income
- To pay for home renovations and improvements
There are also different types of reverse mortgages that do complicate the matter. However, financial advisors are always on hand to give you tailored advice.
3. A Home Improvement Loan
If something awful has happened to your home – such as a flood, broken gas pipe, or a natural disaster – you can acquire a loan to help fix the problem.
The property itself is typically used as collateral here so there is no risk to the lender. This loan type varies from state to state and country to country so it's vital that you check your local resources to see whether you'll qualify.
4. A Vehicle Title Loan
For those of you who own a vehicle – it doesn't matter whether you still drive it or not – then a title loan might be the good option.
Here, lenders give you a lump sum of cash when you put your vehicle’s title up as collateral. The only requirements are to:
- Own a vehicle
- Have a lien-free vehicle title
- Have a driver's license or another form of government/state-issued ID
Moreover, the process can be started from the comfort of your own home. It's one of the most convenient options we've discussed.
5. Payday Loans For Senior Citizens With Bad Credit
Payday loans are a short-term form of financial aid that allows you to borrow up to $1,000 depending on the documents you submit in your inquiry. Generally speaking, the repayment terms are attractive and flexible, allowing you to receive easy financial help when you need it most.
This kind of loan is great to help when you are dealing with an emergency you cannot handle on your own. Things such as medical bills, paying for medications, home repairs, or emergency travel are all examples.
How To Apply For A Payday Loan
The process of getting started with an online payday loan is further proof of why this loan is so convenient. We make sure to make our process quick and easy. Just follow our guide below:
- Go to our website and complete the online form that you can find on our homepage.
- Wait for a loan representative from your closest Florida payday loan near me location to call you. They will tell you about the rest of the process, answer any questions, and define the documents you need to bring.
- Take your ID card, most recent income stub either from your pension, investments, and so on, and a blank check from your checking account to your nearest Fast Payday Loans Florida store.
- Wait while a loan expert takes a look at your documents. This helps them to pinpoint the sum of money you can borrow.
- Once the loan rep is able to approve you, you can complete the simple paperwork with the help of the loan specialist.
- If you gained approval, you'll receive your money on the same day as you apply.
Have questions already? We're always happy to help. If you don't feel like filling out the online form or want some clarity before you start the application process, just give us a call. We can't wait to hear from you.
If you are a senior citizen dealing with an emergency, you don’t have to go about it alone. There are plenty of options available to you for help. Check out one of these helpful loans to see which one could fit your situation.