A look at same day loans that can potentially cause elderly homelessness

Recently we came across a news release stating an elderly person had become homeless after taking out a payday loan that they were unable to repay, with so many elderly left in poverty unable to cover their outgoings there's a high possibility that such vulnerable people will become desperate and make the same mistake.

elderly same day loans issues

If your elderly and not in full time employment please reconsider your options when in the position of financial difficulty, we appreciate that times are hard but please look to alternative options other than same day loans providers. It's not uncommon for elderly persons to be too proud to ask for help and we all feel the same when put in such circumstances but if you have no other option first approach a family member, friend or loved one instead.

Watch the BBC documentary concerning the negative impacts and propaganda regarding instant loans:

Preventative measures to avoid instant loans:

An alternative option if your in financial difficulty is to sell unwanted items that will cover the cost of your bills, we all have items laying around that may have significant value that rarely get used. Some good methods to acquire fast cash to cover bills when unforeseen bills arise are as follows:

  • Car Boot Sale: Most areas hold a weekly car boot, why not sell off some of your old clutter.
  • Local Market: If your a dab hand at cooking why not bake some cakes and sell them off.
  • Local Auctions: Many towns and cities have auction houses where items are sold weekly, why not Google and check whether you have any locally.
  • eBay: Technology online has evolved to make it highly efficient and safe to sell goods online, eBay is the largest and offers a service where you can list items on a 24 hour auction with same day funding to PayPal a online bank account which is specifically used for eBay and other online transactions. Once funds are in PayPal you can download directly to your bank account within as little as 2 hours.

We understand that the ability to use eBay and PayPal maybe quite bewildering for elder persons not prone to using the world wide web but maybe you have a relative, friend or loved one that would be willing to do this on your behalf? If you don't know of anyone who has access to eBay then it's not uncommon for there to be a local trades person who offers this service to the general public, simply google your local area and “ebay trader,” to potentially locate such a service.

Overall the aim behind this article and website is to point out alternative options that may save your from taking same day loans with ruthless lenders. If your still unable to resolve your financial situation after considering any of the above please call:

Age UK Advise on: 0800 169 6565 to seek discreet advice.