The recession has been a worrying time for everyone, especially the over 50's. Retirement is looming, and due to the Bank of England's base rate falling to 0.5%, savers are struggling to come to terms that their savings may not be enough to support them throughout their later years. Jobs for the over 50's are scarce. More than 3 million people are unemployed meaning that competition is fierce, and the older generations are finding it increasingly difficult to find a job in this current climate due to age discrimination. This leaves the over 50's in a tough situation.
An online lending site has joined with the charity Prime to come up with a program which will give people in-between 50 and the average retirement age the opportunity to take out a business loan at a very competitive rate. More than a third of over 50's are unemployed and find it hard to find a new career, but most have the potential to earn a living and have some great ideas for new businesses. Many loan companies or banks would be reluctant to lend to person over 50 who was looking to start a new business venture as they see it as high-risk lending. If they were to lend money the APR would usually be very high.
For a loan, the person applying will have to pitch their idea, in the style of BBC 1's Dragons Den. The loan, which can be for any amount, will be automatically 50% granted by Prime, which relies on the principal that it makes sense to borrow money to the older generation who have more experience in life as well as business. If completely successful, the candidate will then be found an extremely competitive level of APR. The first applicant to be successful was given 9% APR, which is extremely competitive in the current economic climate.
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