From Yahoo Finance: 2025-06-07 08:02:00

Personal loans can be beneficial for retirees, from starting a business to covering emergencies. Financial experts suggest strategic use of personal loans to fund retirement needs. High interest debt like credit cards can be consolidated with a personal loan for lower rates and simplified payments, but spending habits must change to avoid accumulating more debt. For retirees, essential expenses like home renovations or medical procedures may justify using a personal loan. Credit score greatly impacts loan interest rates, with higher scores qualifying for better rates. Using loans for everyday expenses can signal financial trouble and should prompt a review with a financial planner.



Read more at Yahoo Finance: The 3 Best Ways for Boomers To Use Personal Loans To Stretch Their Retirement