Pensioners and retirees are also looking for a loan. Age and income, however, play an important role in this. Some banks are already rejecting a loan request from the mid 50s. Others, however, also lend to over 60 year olds.
Retirees, however, have better prospects, because who buys a pension, was employed in the civil service in the profession. Pensioners and pensioners receive higher pensions due to the additional fund offered by the public employer. This also has a positive effect on the banks’ behavior in lending.
Pensioners and the banks
With a pension, the bank customer has good cards in the demand for a loan for pensioners to get this too. The height of the pension is sufficient in most cases, in order not to indulge in a luxurious retirement, but still a higher standard.
There is still enough left over for the loan repayment. Nevertheless, the pensioners should protect themselves. Many banks often require the conclusion of a residual debt insurance. In this case, the conclusion of such a synonymous makes sense, because the borrower dies, otherwise the survivors have to pay for the loan.
Is a loan for retirees limited to a term and loan amount?
It is not uncommon for pensioners and retirees to receive only a small loan for retirees, as banks want to minimize the risk inherent in this group of the population on the basis of age. Large loan amounts are therefore not expected.
However, in such a case, there is the possibility that a family member may act as a guarantor, in order to receive higher sums. Whether this step is necessary, decides the respective bank. For the credit one should not necessarily rely on the house bank. A search on the Internet can bring better results. This affects both the amount of the loan amount and the term, interest and other conditions.