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Those who are finally allowed to retire after many busy decades are usually looking forward to a lifetime filled with traveling, cultural events or the cultivation of hobbies. Often, the house must be renovated or a new car to be purchased. However, when these businesses and acquisitions multiply, the pension soon becomes scarce. Those who do not have enough savings will see their dreams of a fulfilled pensioner’s existence quickly burst.
Many people over the age of 65 are thinking about taking out a retirement loan. However, this endeavor is not easy to achieve, because often pensioners already fail at the adviser of their house bank, which rarely awards pension loans.
Credit in old age – what are the differences in a loan for retirees?
The term “pension loan” is a bit misleading, as it does not describe a new type of loan. Rather, it is also a consumer loan, which must be repaid by (monthly) repayment plus interest.
The peculiarity is rather to be found on the part of the borrower, who receives no monthly salary from the employer, but a state or private pension.
Do retirees get a loan anywhere?
No, retiree loans, including loans for older people, are often offered by online banks. In contrast, “normal” house banks only grant such loans to pensioners – as mentioned above – in the rarest of cases. We will explain this in more detail in the next section.
Why is a loan for retirees over 70 and 80 years so hard to come by?
House banks are against two main reasons against the granting of a loan to pensioners with small Enikommen:
- First of all, the pension is not extraordinarily high for many people. As a result, retirees are perceived more by banks as students or low earners.
- On the other hand, if retirement benefits are comparatively high, then old age still speaks against lending. Because here is a greater likelihood that the borrower will die before repaying the loan.
Requirements to get a loan approved as a retiree
As mentioned earlier, the odds are that an online bank will approve and pay you a low-annuity loan as a retiree. Of course, it is also very important to check the creditworthiness of the respective borrower for these digital institutions.
Here is first a perfect Great lender information advantage . For example, this will be negative if, as a potential borrower, you have already defaulted on installment payments or if you have had an enforcement order against you.
Attention, it is possible that you will be offered only loans with low maturity and low payout in old age.
In summary, you can consider the following points as a prerequisite for a loan commitment:
- High pension benefits
- Positive Great lender information
- Other income such as rent or rent
- Property (eg real estate)
- No contaminated sites
In addition, sufficient collateral is in favor of lending. This means that the lender can hedge the loan amount. This can lead to the following measures, which are called for:
- Assignment as security for the purchase of movable property
- Assignment of claims, for example from insurance companies
- Mortgage, rarely mortgage (usually only for long-term loans)
What documents from the retiree are required for the loan?
Potential creditors should keep in mind that they need to provide a variety of required information and documents in order to obtain the loan.
- Information about the person and the age of the borrower
- account information
- The amount of the desired loan as well as the desired rate
- Details of the amount of the pension
- Monthly expenses for rent or insurance
- Monthly income, for example from rent
- Under certain circumstances, the creditworthiness of the borrower (evidenced by Great lender information)