If you are retired, or you are on a disability pension of some kind, you may be on a fixed income and think it will be difficult getting approved for even a modest personal loan. This is not true – in fact most lenders see that you have a fixed income which is guaranteed to always be coming in each month as long as you are living. Of course they will give you a loan, as long as you are not already over-extended debt wise.
This is a common misconception, but this does not mean it’s all bowls of juicy cherries. Since you have a fixed income, you can’t likely afford a big loan, and you can’t dig yourself out of debt as easily as someone who has the ability to dig themselves out of debt by taking an extra job or starting some kind of sideline business.
So the trick to borrowing on a fixed income is to watch your debt load closely and don’t overspend – ever. You need to protect your credit rating at all costs, and usually that is no problem if you are retired. Your kids have left the house and you don’t have many surprises anymore as far as surprise costs incurred during the months, weeks, and years.
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