Loan For Retiree
Personal Loan For Retirees
Are you a retiree looking for an urgent loan to ease the financial burden? Sometimes your CPF payouts might not be enough to help you make ends meet, you just needed that extra financial assistance to get you through tough times and emergencies. In this case, taking a personal loan might be worth considering.
The retirement age in Singapore is 63 and the re-employment age is 68. When you turn 55, a retirement account will be created for you, where your ordinary and savings accounts will be transferred there as a retirement sum. A minimum sum will be locked up in the retirement account where you can only start taking out a monthly payout when you’re 65. The payout sum varies depending on the amount of money you have in the retirement account.
Why should you take a personal loan?
It’s impossible to predict when something unexpected happens and when you need cash urgently. Personal loans provide a lump sum of cash quickly that can be extremely helpful during times or emergencies.
Some scenarios of emergencies could be:
Medical bills are costly in Singapore and could quickly pile up to thousands. A personal loan can come in handy in a scenario where an emergency surgery or procedure is needed to treat a disease, injury, or accident. Additionally, some procedures might require you to pay in cash before you can receive an insurance payout. A personal loan can be helpful when there isn’t enough cash in hand to pay for the bills.
The average cost of funerals in Singapore can range anywhere from 1,000 to 10,000 include procedures such as embalming, burial, and cremation costs. In the unfortunate event that a loved one passed away unexpectedly, you may require additional financial help.
Some scenarios could be a sudden loss or drop in income due to unemployment which a personal loan can be helpful.
What can you do?
As you can see, these scenarios can be rather costly. And as a retiree, your CPF payouts might not be sufficient to help you through. Approaching a licensed money lender to help provide you with a personal loan is a good approach.
How Can i-Credit Help?
i-Credit Licensed Moneylender provides fast approved personal loans to help individuals through tough times. Whether you’re a retiree in need of an extra helping hand to bring you through the tough time, we are here to help.