Loans for pensioners: what you need to know

Pensioners with a regular pension paid into a bank account can qualify for loans from some registered lenders. Amounts depend on the pension size and existing deductions. Some lenders set upper age limits or require credit life cover, so read the quote carefully and borrow only what the pension can comfortably repay.

What lenders check

• Pension income shown on bank statements
• Existing deductions and debts
• Age and credit life cover requirements
• Your credit record

Documents you'll need

• ID document
• Latest 3 months' bank statements showing pension
• Pension advice slip or SASSA grant letter
• Proof of address

Watch out for

• Nobody may keep your SASSA or bank card as security.
• Check credit life insurance costs — they're included in your instalment.
• Avoid long terms on fixed income.

Is there an age limit for loans?

Some lenders set limits (often 65–75 at the end of the term); others don't.

Can I borrow against a SASSA pension?

Some registered lenders accept the older persons' grant as income. Borrow carefully.

Do I need credit life insurance?

Lenders may require it for loans over 6 months, but you may use an existing policy.

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