Employment & Retirement

  • The Self-Employed
  • Part-time workers
  • Retirees & Pensioners
  • People on Benefits
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Loans for Employed and Retired

Within the last decade, lenders have realised that are whole sections of society that they haven’t been lending to. Thankfully this has now changed! They are now capable of lending to:

  • the self-employed – acknowledging that incomes can be more irregular!
  • the retired – realising that even pensioners aged 65+ often want to work and have the capacity to earn!
  • those on benefits – small cash sums may be available.

So, no longer do you have to be full-time employed to get an unsecured loan. Lenders are capable of taking into account other forms of income and indeed an irregular income.

Loans for Part-Time Workers

Part-time working includes anyone who is working fewer than the hours contracted by a typical full-time worker. So, it is likely to include people working half days, short weeks, or perhaps evening work. You could be a student fitting in a few hours of work between studies. Or you could be someone who prefers the flexibility that part-time work can provide. More likely you are someone who would prefer full-time work but hasn’t yet found the right job.

Regardless of the reason if you want to get a loan and work part-time the issue for the lender will be two-fold:

  • whether your work is regular enough and stable enough to ensure the loan is fully repaid
  • whether our income is sufficient to meet your monthly repayments; i.e. is the loan affordable

Loans for the Self-Employed

If you’re running your own business and so are self-employed then you might find that your monthly income varies. This has traditionally been a worry for lenders, but a new raft of lenders are prepared to consider loans to self-employed people. And you may improve your chances even further by finding someone to guarantee your loan.

Loans for Pensioners/Retirees

70 is the new 50! The fact is that being “a pensioner” means you still have a good earning potential as well as your pension to fall back on. So more and more lenders are willing to consider making loans to people who are over 65.

Even if your pension isn’t quite enough to cover all your expenses and repay your loan you may have the time to do some part-time work to provide a supplementary income in retirement. And lenders will be happy to include this in their affordability calculations.

Do you own your home? Have you considered Equity Release? Learn more now.

Loans for People on Benefits

Being dependent on your state benefits to cover a loan repayment will never be easy and the amount you might be able to borrow will be limited – your best option may be to consider either a short term loan or a doorstep loan.

Loans for the Unemployed

Can I get a loan if I’m Unemployed?

Maybe, so long as you don’t need to borrow much and aim to repay it in a reasonable time. As with being on benefits your best option may well be a cash loan delivered to your door.

 

Personal Loans Guide

If you’re uncertain which type of credit might suit you or you have a money problem then one of the guides may help you. We summarise each type of loan and its pros and cons and address issues regarding debt and credit ratings.

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Written/Reviewed by: Amanda Gillam

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