[Last reviewed July 9, 2025]

An older adult man and woman sit at a desk. There is paperwork and a laptop on the table. The man is holding a cell phone and the woman is holding a pen and some papers.
When a person needs senior care services, the transition may be immediate. If you have unexpected and immediate expenses, a personal loan can help. Photo Credit: iStock.com/Inside Creative House

Sometimes, people need quick access to money to fund an emergency, a life change, or other larger personal expenses. When other funding options are exhausted or not available, they can turn to a personal loan. If an older adult needs long-term care or must renovate their home for safety concerns, but does not have access to the funds to pay for it, they may be able to use a personal loan to pay for senior care or home modification expenses when other funding sources are not readily available.

In securing a personal loan, an individual borrows money from a financial institution. The borrower then repays the lender over an agreed-upon time frame. The repayments are usually due in monthly installments and cover the principal (the dollar amount borrowed) and interest.

Using a personal loan for senior care

Many factors influence why an individual or a family may obtain a personal loan for senior care. An older family member may need to move to an assisted living community or nursing home, and they may not have the funds available to pay for the care. A personal loan can pay the costs, and the adult or family can repay the loan over time.

When a personal loan is the best option for paying for senior care, choosing the right lender and finding a loan can be complex. Many financial institutions offer personal loans, and contacting multiple lenders to do research can be time-consuming. ElderLife Financial Services simplifies the process for people who need a loan to fund senior care.

ElderLife Financial Services’ personal loans

An older adult and their family who need a personal loan for senior care can work with ElderLife Financial Services to find the right loan easily. Families can complete one application and receive multiple loan offers. ElderLife Financial Services discusses the loan offers with the family to determine which one best meets their needs. 

What is the loan application process with ElderLife Financial Services?

Follow these steps to complete the loan application process with ElderLife Financial Services:

  1. Contact ElderLife Financial Services. A person or family seeking a loan can contact ElderLife Financial Services or submit an inquiry online. ElderLife Financial Services’ partner, Access Financing, contacts the applicant to help them through the application process.

  2. Receive loan offers. ElderLife Financial Services partners with four national lenders and processes the application with each lender. Then, ElderLife Financial Services reviews the offers and discusses them with the family, recommending the loan that will best meet their needs. 

  3. Receive loan funds. With ElderLife Financial Services, loan funds move quickly. Families who are approved can receive the loan funds as soon as the next day. 

When it’s time to pay for senior care, you may have questions about how to fund the help you or a family member needs. Contact ElderLife Financial Services to learn how a personal loan can help you secure the care you need.