Loans for retirees – what you should consider?
Nowadays the age and the number of older people has increased significantly. But at the same time the standard of living is higher and the cost of living has become more expensive.
Therefore, you also need sufficient financial resources in old age to be able to experience your retirement age without worry. But even older people still have unfulfilled dreams or wishes, which they can possibly implement or make come true with the help of a loan.
Banks and credit institutions
A number of banks and credit institutions have recognized this need and have also come to the conclusion that the average life expectancy, even for a 60-year-old, is still around 25 years, ie there are still enough years to repay the loan. Of course, it is easier for a credit institution if you receive the repayments regularly and do not have to resort to collateral. Nowadays it can be said that the financial situation of many older people has never been so good and that many pensioners can afford great accommodation, travel and other things. Loans for pensioners are therefore in greater demand than ever. Many credit institutions have responded and offer loans to retirees.
What do you need to know about the loan for retirees?
Above all, it was a topic in the media for years that older people do not get a loan, for example to buy a new household appliance or new furniture. Because such smaller loans or so-called consumer loans can only be taken out up to a certain age. But now, finally, new concepts for senior customers – the so-called loans for pensioners. Here, finally, other criteria are taken seriously, such as death, need for care or other. There are already many ideas, but not many credit institutions have yet adopted these concepts.
In any case, it is against the law to discriminate against an older person on the basis of their age, because according to the General Equal Treatment Act, disadvantage because of their own age is not permitted, ie a pensioner can file a lawsuit if the disadvantage is obvious. But some financial service providers and credit institutions have found that this target group is very attractive and are now also offering loans for pensioners.
In particular, they offer loans for retirees as loans for people over the age of 60. The bank processes these inquiries individually because the requirements and collateral vary greatly from case to case. You can also apply for a loan for renters online, these applications are processed on the same day. Effective interest rates of less than six percent are usually possible. But as a rule, loans taken out online are 0.5 to 1.5 percentage points cheaper than in a bank and the credit line is also larger.