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5 things pensioners applying for a loan should remember
Are you a pensioner applying for a loan? Here are 5 things you should remember
As a pensioner, applying for loans and finance can be problematic. Some of the best deals in the market may be unavailable to you because you do not meet the ideal criteria that lenders look for. For example, because of your situation you may no longer be able to generate income. To make up for this, you need to make sure that other aspects of your loan application are presented strongly to allow you to obtain the loan most suited to you.
Your age may make you a credit risk
In general, the main thing that lenders consider when reviewing a credit application is risk. Your credit history, income and age may all point to you being a high credit risk and lenders may consequently decline your application. Because of these factors, senior citizens and pensioners may experience greater difficulty in obtaining a loan. However, if you can show that you are able to service your loan for the duration of the term, or even prepay the interest, you still have a good chance of succeeding in your application.
You need to demonstrate loan serviceability in your application
Regardless of your age and employment status, the main thing you need to show is that you can actually pay back the loan you wish to take out. If the lender decides that you will have no difficulty making the scheduled repayments for the term of the loan, you will probably be successful in your application. Any information you can provide regarding your assets and income will obviously be relevant.
Being an existing homeowner may help your situation
Even if you have strong income as a pensioner, a number of factors such as illness or
hospitalisation may affect that income and lead to financial difficulty. If you are a homeowner, you may be able to access any funds or equity in your property to secure the loan and convince the lender that you can meet the proposed repayments for the term of the loan.
Non-standard loan facilities may be difficult to obtain
Line of credit mortgages, some long-term fixed-rate mortgages and mortgages that offer payment breaks are all innovations that have appeared in the mortgage market in recent years. Unfortunately, many of these mortgages may be unavailable to pensioners. Lines of credit, for example, which allow the homeowner to take equity out of his or her home, present greater risk to a money lender because of their potential to extend the loan period and create more opportunity for default. Because pensioners may already be considered high risk, it is unlikely that these financial products will be available.
You may be required to apply for loan insurance
Depending on your circumstances, you may wish to obtain loan insurance. This ensures that your loan repayments are met in the event of involuntary unemployment, injury or death. Although the premium may be higher than average due to your status as a pensioner, a lender may nevertheless require you to obtain loan insurance before approving your application.
About the Author
Nick Cameron is a writer for Australian Debt Reduction which is part of Australia's largest Debt Relief organisation and has assisted more than 10,000 Australian's reduce their debt. You can read more articles and find out more about how to reduce your own debt at http://www.australian-debt-reduction.com.au or by calling 1300 306 272 from within Australia.
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| DTI - Welcome to the DTI's Innovation Home Page |
| The DTI is working to stimulate a significant increase in innovation throughout ... It covers Living Innovation, web streaming of a series of high profile ... |
| www.dti.gov.uk |
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| Innovation - Wikipedia, the free encyclopedia |
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| en.wikipedia.org |
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| National Innovation Website |
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| www.innovation.gov.au |
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| www.innovationtools.com |
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| Innovation Weblog - Trends, resources, viewpoints from Chuck Frey ... |
| The Innovation Weblog - Valuable trends, resources and viewpoints in innovation, creativity and brainstorming from Chuck Frey at InnovationTools. |
| www.innovationtools.com |
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| CORDIS: Innovation Portal: Home |
| This Innovation Portal is supported by DG ENTR of the European Commission, ... European Commission adopts new Communication on Innovation: on 13 September ... |
| cordis.europa.eu |
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| CORDIS: Promotion of Innovation: Home |
| This programme stands at the cross-roads of the Community's policies on Research, Innovation and SMEs. |
| cordis.europa.eu |
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| Innovation Network... leveraging innovation, creativity and ... |
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| www.thinksmart.com |
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| Business Innovation : Car Reviews, Online Gaming, and Product Branding |
| If your in need of great Online Gaming material, we carry up to the minute news and reviews for all of your favorite games and gaming systems. |
| www.businessweek.com |
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| Innovation - Life, Inspired | PBS |
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| www.pbs.org |
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| Innovation.org - Welcome |
| Impact of Innovation Saving & Improving Lives Controlling Healthcare Costs Strengthening ... Future of Innovation New Medicines in Development Next Wave of ... |
| www.innovation.org |
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| See all blog posts tagged with innovation on Technorati. |
| www.technorati.com |
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| Innovation Relay Centres - The World Largest Network for ... |
| Innovation Relay Centres giving advice on Innovation, Technology Transfer and Exploitation. Major European source for innovative technologies or new ... |
| irc.cordis.lu |
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| The Tech Museum of Innovation | Welcome |
| The Tech Museum of Innovation - Welcome! The Tech Museum inspires and educates the innovators of the future. |
| www.thetech.org |
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| del.icio.us |
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| innovation |
| Publication highlighting the research activities of NUS. The site provides snippets of selected articles online, and provides a subscription form online. |
| www.innovationmagazine.com |
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| Canadian Innovation Centre |
| Services includes invention evaluation, technology due diligence, market research, and education programs. |
| www.innovationcentre.ca |
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| London INNOVATION :: Home |
| Maximise your business potential through innovation. Learn the secrets of successful business innovation in London. |
| www.london-innovation.org.uk |
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| Eric Von Hippel's Homepage |
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| web.mit.edu |
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| Intel Innovation in Education |
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