Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Loans for Pensioners

Apply for up to £5,000 over a period of 1 to 60 months.

Representative Example: If you borrow £500 over 6 months at a rate of 25.5% per annum (variable) with a representative 46.19% APR you will make 6 monthly payments of £92.96, repaying £557.76 in total.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk/en.

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Understanding Loans for Pensioners


What are loans for pensioners?

Loans for pensioners are high interest personal loans designed for over-65s who’s pension may not always cover the cost of expenses. A loan for pensioners is designed to help cover the cost for what a pension can’t. Typically these loans are unsecured, but can be secured against collateral if need be.

Applying for loans for pensioners via Flexy Finance you can apply to Apply for £5,000 from 1 – 60 months (46.19% APR).

What type of loan is a loan for pensioners?

A loan for pensioners is usually a personal loan, but can come in the form of a payday loan to help cover the cost of an expense until the next pension payday. The loan itself is often short-term which means that it will come with a higher interest rate (Representative 46.19% APR).

Often the loan is unsecured, which means that if you do not pay the loan back you will likely face a fee from the lender. However, the loan can be secured against collateral, usually this is something valuable such as personal property or a car. The risk of a secured loan is that if you fail to repay the loan, you will lose collateral attached to said loan.

These loans are usually signed without a guarantor, meaning that the borrower is solely responsible for repaying the loan. Alternatively, these loans could be signed with a guarantor who covers the cost of loan should the borrower fail to make a monthly repayment.

What can loans for pensioners be used for?

One of the benefits of these loans is that they are very flexible and you are not required to spend the loan on one specific thing. This means that you can spend the loan on what you want. This could include some money to keep you going if your pension income isn’t due for another month.

For some common ways in which the loan is spent, we’ve provided some common examples for which people spend loans on.

Unexpected Costs

Unexpected costs are incredibly frustrating as they always seem to appear at really unfortunate times, such as a week before payday. Sometimes they’re small, other times they’re costly and can often break many peoples monthly budgets. A personal loan can be used to help cover the cost to ensure that you make the unexpected costs.

Personal expenses

A loan can be used to buy anything, so this could be for personal expenses such as flights for a holiday. Sometimes there is a discount on an expense that is just about to run out but is still out of budget, a personal loan can be used to cover the cost. It can speed up the process, rather than having to save.


Personal loans can be used to help pay for bills. Sometimes an unexpected bill can be a tricky thing to pay but is a necessity. In times when a person is struggling to pay for bills, a loan can be used to help cover the cost until the next payday.

Home Improvement

A loan for pensioners can also be used to help make home improvements. If your house is urgently in need of a renovation, or simply needs some new furniture, a loan could be an option.

What should I do if I’m struggling with debt?

It is important to remember to not to borrow more than you can afford, so always borrow responsibly. These loans should not be used for long-standing financial debt or other issues. Remember, if you are struggling with debt please click on the links below:

The application process
How can I apply for a loan for pensioners?

You can apply for a loan for pensioners completely online. You simply have to complete an online application to be considered for a loan. The application itself is compatible with your phone, laptop or tablet, making it easier for you. The application can be completed 24/7 so choose to apply at a time that suits you.

Am I eligible for a loan?

  • 18 years of age or older.
  • A UK resident.
  • Proof of regular income.
  • A valid UK bank account.

If you are able to meet the above minimum criteria, then you are eligible to apply for a loan.

How to apply for a loan.

Step 1 – Completing the online application.

Within the application you will have to provide information on the following topics:

The amount of money you want to borrow and for how long you will need to repay the loan.

  • Personal and contact information.
  • Housing information.
  • Employment details.
  • Income details.
  • Typical monthly expenses.
  • Bank account details.

Step 2 – Submitting your application and receiving an offer

Upon submitting your application, it will be assessed and matched with an appropriate lender to your loan application. When the lender receives your application they will undertake their own assessment, then will offer you a loan.

Before you accept the initial loan offer, remember to read the terms and conditions. It is important to remain thorough, so look out for key points such as:

  • The loan amount being offered.
  • The repayment term.
  • The interest and APR attached to the loan.
  • If there are any additional fees and charges (i.e. early repayment charges).

If you’re unsure about an element of the loan you can always ask the lender for clarification. If you do not like the loan, you can always cancel the application. You cannot cancel the application if you have accepted the terms of the loan. Once you accept the offer, you are bound to the terms and conditions of the loan contract.

Step 3 – Receiving your loan and monthly repayments

Once you accept the loan, the loan amount that you have agreed will be transferred directly into your bank account. The time it takes for the money to be transferred into your account will vary depending on the lender.

The repayment of the loan will be completed on a monthly basis, this includes the interest rate accrued. The terms of loan repayments would have been pre-agreed between you and the lender. So you should know how much you will need to pay each month and when the monthly repayment deadline is. If you are unsure, contact the lender so that you avoid missing any payments.

Bad credit loans
How can I get a loan with bad credit?

If you’re suffering from a poor credit score, you’re still eligible to receive a loan. When lenders look at a loan application they will consider several factors, like the affordability of the loan. This means that you can still receive finance with a bad credit score or thin credit history.

Can I get a loan for pensioners with no credit check?

No, you cannot get a loan without a credit check. All lenders and credit brokers are required to perform a credit check, whether it be a soft or hard credit search. So if you see a lender offering a ‘no credit check loan for pensioners’ be very cautious about applying for a loan with them.

No credit check loans’ are a very popular search term because many people believe that their poor credit score will damage their chances of getting a loan. However, even with bad credit there are still loans available.

At Flexy Finance we work with lenders who are able to find finance for people with a bad credit rating, so rest assured that we can find a loan for you.

How can I get a personal loan with bad credit?

You can get a personal loan with bad credit simply applying online. It still works the same as applying for any kind of loan.

If you are offered a bad credit loan by a lender, it is likely the loan will include a high APR and a shorter repayment period. The reason being is that a lender will consider people with bad credit more of a ‘risk’, so have to add some kind of safety net to ensure repayment.

Are there any alternatives if I have bad credit?

If you have a bad credit score, there are some loan-types that are designed to help those with bad credit or no credit history receive a better loan. The loans to consider include:

  • Guarantor loans: These loans are co-signed by a close family member or friend who is required to make the loan repayment if the primary borrower fails to repay the loan. It ensures the lender will always receive repayment.
  • Secured loans: Secured loans are loans that are attached to collateral, such as a car or valuable item. If the loan is not paid, the lender is entitled to take the valuable item as collateral and to settle the outstanding loan repayments.

Ultimately, the final option to getting a better quality loan is by improving your credit score. We’ve put together some tips on how to improve your credit score to help you get a better loan.

How does representative APR work?

APR stands for ‘annual percentage rate’. Representative APR is the total cost of borrowing money over a year, which includes the interest and standard fees you will have to pay.

It is ‘representative’ as 51% of applicants will receive the same rate of interest, or lower, that is advertised by the lender. Therefore, it is not guaranteed that customers will receive the same APR that is advertised.

Instead, a customer will likely be offered a personal rate on a loan, which can be lower, higher, or the same as the advertised APR. Personal rates are generally influenced by factors such as credit score, personal finances and how much you want to borrow.

With the lenders we work with at Flexy Finance, the representative APR that we advertise is 46.19% APR.


If we haven’t managed to answer your questions about loans above, perhaps these FAQs can provide you with a little more insight. If not, feel free to contact us with your questions.

What are loans for pensioners?

Loans for pensioners are loans that are designed for the over-65s who may be retired but want to borrow money to help cover expenses. Typically these loans are unsecured personal loans, but can also come in the form of payday loans.

Why should I consider Flexy Finance for a loan?

Here at Flexy Finance we are dedicated to helping people find the right loan for them. We work with a panel of top lenders to help broker a loan, even for those who have struggled to find a loan in the past.

How can I apply for a loan with Flexy Finance?

You can apply for a loan via Flexy Finance by applying online. The form is really easy to complete and can be completed using a phone, tablet or computer. You’ll only need to provide some personal details and as soon as your application is submitted, it’ll be quickly assessed.

How to Find Loans for Pensioners in Three Steps

Time Needed : 5 minutes
Check these steps to find out how easy it is to apply for a loan at Flexy Finance!
  • 1. Submit An Online Application Form​ for Loans for Pensioners

    Applying through Flexy Finance is always quick and easy. Simply complete our 1-2 page application form. You can apply on the go, or from the comfort of your own home. Better still, there are no calls or paperwork involved!

  • 2. We search a large panel of UK lenders

    We search a large panel of UK lenders in real time, so that we can deliver you an instant decision. Within seconds of applying you'll know if a lender has accepted you or not. Unlike banks, our lenders are able to issue loans to people from all different walks of life and accomodate a range of different credit scores. There's an option for everyone!

  • 3. Access The Cash

    The majority of lenders are able to deposit the cash direct to your account, within just 24 hours! We'll never charge you any fees and there is no paperwork to complete. There you have it, apply for up to £5,000 in the quickest and simplest way possible today

  • 1. Mobile, Laptop or Tablet.

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