You can still get a loan even if you are retired. Although, it is not easy for retirees to get an unsecured loan because financing institutions consider them high-risk borrowers. They no longer have jobs, and the risk of default is high. However, retirees are still eligible for secured loans such as a poor credit car loan Dawson Creek British Columbia.
Financial Assistance Programs For The Seniors In Canada
- Canada Pension Plan (CPP). It is a pension for life for people 60 years old and older. This pension is not automatic, and you must apply for it. Processing of your online application will take 7 to 14 days. The amount you will receive for your CPP does not depend on the years you worked but depends upon your earnings and contribution.
- Old Age Security (OAS). It is a monthly payment for those 65 years old or above. You have to apply for OAS, but there are cases that Service Canada automatically enrolls you.
- Guaranteed Income Supplement (GIS). The GIS is a monthly payment for people 65 and older living in Canada whose income is below the GIS’s maximum yearly income threshold. The amount of GIS that you will get is dependent on your income.
Loans For The Retirees
Retirees should get a secured loan than use their credit cards to avoid paying high interest. Like, you have an option to use your car to get a loan. And here are some of the advantages of loans with collaterals.
- Flexible payment terms. You can choose the payment term you can afford in paying your bad credit no problem auto loans.
- People with bad credit scores are eligible. There will be no credit checking, so your bad credit history will not matter.
- Lower interest rate. One essential factor you should check before getting a loan is the interest rate.
Quick Cash Canada offers loans at a low-interest rate, the lowest in the industry. You can keep your car while paying for your loan. You can visit our website or talk to our friendly representatives by calling our toll-free number at 1-888-517-1625.
For more information visit us on: