100% Recommend

David Beard

Expertly compared by David Beard

Products Updated October 13, 2021

The actual rate you're offered will depend on your personal circumstances – including your credit rating.

13 providers expertly compared:

Natwest Bank

Loan Amount
£7,500 - £19,950

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

With the Natwest if you're thinking about buying a new car, getting your your finances in order or making some new home improvements then a loan from the Natwest could be just what you need.

Representative Example

13 providers expertly compared:

Royal Bank of Scotland

Loan Amount
£1,000 - £50,000

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

To apply, you must be 18+ and a UK resident with a Royal Bank of Scotland current account (held for 3+ months). Borrowing money is a big decision. But with a personal loan from the RBS, it doesn't have to be a headache.

Representative Example

13 providers expertly compared:

Paragon Bank

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.7%

Loan Term
1 - 30 years

Loan Type
Secured & Unsecured Loans

Status
Homeowners & Tenants

Rated 4.7/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.7%

Total repaid will be:

£50,805

Paragons finance packages contain flexible terms to make sure you get a deal that's right for you. From personal loans to second charge mortgages Paragon has a range of funding solutions

13 providers expertly compared:

Hastings Direct

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.8%

Loan Term
0 - 5 years

Loan Type
Unsecured Personal Loan

Status

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

If you're looking to replace your car, planning on some new home improvements, or you simply wish to get your finances in order, a personal loan from Hastings Direct could be the funding solution you're looking for.

Representative Example

13 providers expertly compared:

Prestige Finance

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.8%

Loan Term
1 - 30 years

Loan Type
Secured Loans

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

Prestige Finance is part of OneSavings Bank who are a specialist lender, primarily focused on carefully selected sub-sectors of the mortgage and loan market through an integrated multi-brand approach.

13 providers expertly compared:

Post Office

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

Loans from the Post Office are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender. Terms from 1 year to 7 years, depending on the amount borrowed and funds could be transferred the following day with an instant lending decision in most cases.

Representative Example

13 providers expertly compared:

AA Loans

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

The AA don't just keep cars on the road, they can help keep your finances running smoothly too. Whether it's a new purchase, a holiday in the sun or getting some help to manage your existing debt the AA is here to help with a personal loan.

Representative Example

13 providers expertly compared:

Leap

Loan Amount
£100 - £15,000

Annual Percentage Rate (APR)
4%

Loan Term
1 - 6 years

Loan Type
Peer-to-Peer Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

4%

Total repaid will be:

£50,805

Leap's aim is to help streamline your debts with a low-interest peer-to-peer loan, so you’ll have more money to do more of what you love doing.

13 providers expertly compared:

Lending Works

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
7.9%

Loan Term
1 - 5 years

Loan Type
Peer-to-Peer Loans

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

7.9%

Total repaid will be:

£50,805

Lending Works is a peer to peer lender that connects people that want to invest their money with borrowers who want to get a better rate on their personal loan. Loans available from £1,000 to £25,000 over 1 -5 years.

13 providers expertly compared:

Oplo

Loan Amount
£2,000 - £15,000

Annual Percentage Rate (APR)
18.2%

Loan Term
2 - 6 years

Loan Type
Poor Credit Lender

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

18.2%

Total repaid will be:

£50,805

Oplo Personal Loans offer unsecured personal loans from £2,000 to £15,000. Whether you’re looking to buy a new car, a new kitchen or thinking of any type of major purchase they can help secure the funding you need.

Representative Example

13 providers expertly compared:

Koyo

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £7,500

Annual Percentage Rate (APR)
27%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

27%

Total repaid will be:

£50,805

Koyo offers one-day loan approval and they normally give a decision after 1 full working day. Once approved, Koyo says the money could be in your account within 1 working day.

Representative Example

13 providers expertly compared:

Everyday Loans

Loan Amount
£1,000 - £15,000

Annual Percentage Rate (APR)
93.6%

Loan Term
2 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.3/ 5

Poor Credit

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

93.6%

Total repaid will be:

£50,805

With everyday loans, you're more than just your credit score. Here at everyday we look at your credit future, not just your credit history. As such even if you have bad credit now or you've had a poor credit score in the past, we may be able to help.

Representative Example

13 providers expertly compared:

Buddy Loans

Loan Amount
£999 - £10,000

Annual Percentage Rate (APR)
49.9%

Loan Term
1 - 5 years

Loan Type
Guarantor Loan

Status

Rated 4.2/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

49.9%

Total repaid will be:

£50,805

At Buddy Loans their goal is to pay out your money on the same day of the application and they will still consider your application if you can afford it, even if you have CCJs or DEFAULTS. Buddy Loans can be used for any purpose such as debt consolidation, car purchase or home improvements.

Representative Example

Read our customer and visitor reviews for this product:

Rating: 4.5 / 5 with 2 votes

Good comparison

by Mandy Thomson

Good comparison service and lenders to choose from. Easy application form.

Plently of loans to choose from

by SL

These facility by Feasible.co.uk provided many solutions and gave me choice of several lenders as part of the search. Vey fast and no issues using them. Quick to phone me back also.

Find the Best Loans for People on Pensions with Lending Expert Today!

As you proceed in life, it is common that a lot of your money can be tied up in assets or the property that you live in. Rather than selling this earlier than you need to, a loan for a pensioner could give you the cash injection you need to pay your monthly bills, buy gifts for your children and grandchildren or pay for holidays and travel.

With increasing living costs and age expectancy in the UK at an all-time high, we understand how important it is to find a pensioner loan that is affordable and right for you.

At Lending Expert, our free price comparison shows a list of options including unsecured, guarantor and secured loans for pensioners- allowing you to get a full market overview and find the best loan for you! Whether you are looking to borrow £100 to £250,000 – you can simply check your eligibility by clicking on the lender of your choice. 

Our unsecured loan partners can typically complete loans within 48 hours and secured loans can be approved and transferred within 4 weeks of applying.

 

We proud to offer a number of affordable loans for pensioners including:

  • Loans for the elderly
  • Loans for people over 60
  • Loans for people over 70
  • Loans for people over 80
  • Loans for retired people
  • Loans for senior citizens

 

Can I Get a Pensioner Loan with No Income?

Yes, our UK lenders are willing to consider all different forms of income if you are looking to borrow money as a pensioner. This includes any income you make by working full-time or part-time, renting out a property, investments or also any money you receive from a state pension or disability benefit (but not housing benefits).

If you do not have any income coming in, you also have the option to use your home as an asset (see home equity loans or equity release). This allows you to sell off part of your home until you die or go into long-term care – so you and your partner can still continue living in your home for the rest of your lives.

 

What Loan Options Are Available for Pensioners?

 

Unsecured/Personal Loans

With an unsecured loan, you can borrow money and your eligibility is based on your income and credit status. With competitive rates starting from 2.9% APR, this type of loan is perfect for borrowing a few hundred or thousand pounds and is perfect for those who still have a regular income and good credit score. 

 

Guarantor Loans

Ask a family member, sibling, spouse or friend to act as your guarantor and they will agree to cover any repayments that you cannot make. Guarantor loans are available from £500 to £20,000, repaid over 1 to 7 years.

Secured Loans for Pensioners (see also Homeowner Loans and Debt Consolidation Loans)

Secured loans allow you to borrow money secured against a property that you own, either partially or outright. You are able to borrow depending on much equity you have in your home and the value of the property. 

With rates from 3%, this can be very affordable and also help you borrow large amounts such as £50,000 or £100,000 or more. However, if you struggle to make repayments on time, this could put your home in risk of repossession.

Home Equity Loans/Equity Release

Home equity or equity release loans can help you unlock money that is tied up in your home. You can essentially sell off 20% to 60% of your home (see lifetime mortgages) or up to 100% of your home (see home reversion) to a lender and continue to live in the property until you die or go into long-term care.

This option can be useful if you are looking for a large, tax-free lump sum – and you can arrange to put money aside for your children’s inheritance and also benefit if your property increases in value.

What is the Eligibility Criteria for a Loan for Pensioners?

  • Will need a regular income or state pension (for unsecured loans)
  • Will require a guarantor (guarantor loans)
  • Will need to be part or full owner of a property (secured loans)
  • Have paid off part of the entire mortgage (equity release)
  • Be able to afford monthly repayments
  • UK bank account, mobile phone and email address

 

Can I Apply for a Loan for Pensioners with Bad Credit?

Yes, Lending Expert is pleased to offer a number of pensioner loans for bad credit histories – with secured loans and equity release helping you to unlock the values of your homes and give you a well-needed injection of cash.

With products that involve security and collateral, our lenders are looking more at the value of your asset, rather than your credit score. With secured loans, the provider is able to recover their losses if you are unable to repay. Meanwhile with equity release, the lender will be able to claim a share of your property when you die or go into long-term care. 

 

Is a Pensioner Loan Right For Me? 

When applying for a loan with a pensioner, it is important to consider all your options, including how much you wish to borrow, how long for and whether you can afford it. 

If you have spent years living in your home and have finally paid off your mortgage, you may not want to use this as collateral. 

Using equity release can provide an effective injection of cash, but be sure to explore your different options if you want to move home one day and pass on inheritance to your children. 

 

Do I Need a Pensioner Loan?

If you have a particular purpose or reason for needing money, Lending Expert is delighted to offer you a number of affordable options. Every lender offers an online application, with no-obligation and there are no fees for applying.

If you are having second thoughts, always consider alternatives such as borrowing money from family and friends or selling items around the house that you no longer use.

 

Why Should I Use Lending Expert to Find The Best Loans for Pensioners?

At Lending Expert, our passion from the start has been to provide the best loan options for the best people. Our clear, concise and fully-updated price comparison table can give you a list of viable options and help you make the most informed decision when applying for a loan.

There are no fees for applying with our selected lenders and any applications will not impact your credit score.

We are dedicated to providing our customers with the best information possible and also offer a wide range of finance and pension guides written by our team of experts.

FAQ

It is possible to take out a loan against your pension, but we’d exercise caution doing this. It’s an extremely expensive way to borrow money as the rates of interest can be jaw-dropping. Essentially, you sign over your monthly pension payments in exchange for the loan, which can last anywhere between five to ten years. Plus, you may be obliged to purchase a life insurance policy with it, further increasing the cost. We strongly advise you carefully consider all your options before taking out a loan against your pension.

Yes. There are a range of lenders who are willing to provide both secured and unsecured loans to pensioners over the ages of 60, 65, 70 and 75-80. As an older borrower there will be limitations on the loan term available. Benefit and pension income can be taken consideration if you are not in employment. You can quickly check your eligibility & apply online with Lending Expert.

You will be required to show proof of your income. This may be from benefits such as a pension, earnings via employment and PAYE, or SA302 forms if you are self employed. However, there are solutions for buy to let loans where no proof of income is required, and the only requirement from the lender is proof of the tenancy agreement covering the rent.

No. All of the lenders and brokers on our panel will require a credit check to ensure your credit worthiness. However, there a selection of lenders who can lend if you have adverse or bad credit.

Yes. There are a good selection of lenders willing to borrow to those who have retired or who are at pensioner age with a poor credit history or who have a low credit score. You can quickly check your eligibility & apply online for a pensioner loan with Lending Expert.

The avantage of using a loan broker means that they can search a wider range of loans to find you the best deal at no additional cost to you. Also, if you have some adverse credit or a none standard loan application then using a broker may prove helpful in ensuring your loan application is a successful one.

Yes. The lender will need to consider your part time earning capacity and if the loan you wish to take out is affordable. As an older borrower there may also be restrictions on the loan term depending on your age. The lender may also take onto consideration any pension benefits towards your income calculation. Our experts above will be able to provide you with advice on what options are available. You can quickly check your eligibility & apply online with Lending Expert.

Related Links

Loans For Self Employed

If you're self employed and need a low rate loan we can help. Apply in confidence with Lending Expert.

Loans For Pensioners over 65

If you're a pensioner or over the age of 65 and need a loan we can help. We can quickly check your eligibility online.

Bad Credit Loans

If you have bad credit issues or a low credit score and need a loan we can help.

Secured Debt Consolidation Loans

If you're a homeowner and wish to consolidate your debts into an easy to manage loan we can help. Check your eligibility and compare rates with Lending Expert.

Second Charge Mortgages

Take out and apply for a second charge mortgage with the help of our expert loan brokers.

Home Improvement Loans

Make home improvements with a secured home improvement loan. Get expert advice and market comparison with Lending Expert.

Bridging Loans

Short term bridge finance from our expert team of brokers. Loans from 1 - 24 months from a wide range of lenders. Apply online with Lending Expert.

Homeowner Loans

Quickly check your eligibility and apply online for a homeowner loan with Lending Expert.

Personal Loans

Apply for a personal loan from 2.9% APR online here at Lending Expert today.