How to get a loan if on a Pension.
National Finance Choice endeavor to help as many people living in Adelaide on a pension, obtain a loan as possible. Pensioner loans are sought by people on different pensions, and lenders in Adelaide and across Australia look very carefully at applications from pensioners to make sure that afford-ability is met; that is to say that there is enough money from the pension to live on, as well as making the loan repayments.
Loans for people on a pension can be grouped into several categories, depending on the type of pension you are receiving. Loans for pensioners include people on aged pension, TPI / Veteran’s pension and sole supporting parents pension to name a few.
If you are on a pension, you may be saying that the money you receive is not enough to live on, and advocate groups supporting pensioners are always trying to have the pension amount increased; arguing that it is not enough. The problem is for people on a pension looking for loans, if the pension is not enough to live comfortably on, how can you afford to repay the loan?
At National Finance Choice, we have lenders on our panel that will approve loans for pensioners in some circumstances. Most people on a pension are looking for car loans Adelaide has to upgrade their car. Often it is best to discuss your chances of approval with an NFC finance broker because it maybe possible to get an approval on a lesser amount that what you were thinking of.
TPI pensioners for example are often to get loans approved because of the amount they receive. Aged pensioners that are asset backed; owning their own home are also often to get loans because they have less liability, they don’t have the commitment of rent or a mortgage to pay.
There is also the option to include a second applicant on the loan, to strengthen the application for people that are not receiving enough from their pension to meet ‘afford-ability guidelines’, part of the 6 ‘C’ of credit assessment or lending criteria for loans, all lenders must adhere to by law; for your protection.
If you are looking at pensioner loans, before making an application, discuss your own unique circumstances with finance brokers Adelaide has at NFC SA. We can take the worry and uncertainty out of applying for loans for people on a pension.
