Credit for retirees sought in many cases.
No matter whether the pension is finally reached at 63 or 67: Those who leave working life have a completely new – free – life ahead of them, which they want to enjoy to the fullest. Suddenly there is enough time to travel the world, pursue elaborate hobbies or revive old friendships. The house or apartment is being turned upside down and redesigned and one or two new acquisitions should hopefully sweeten the many years to come. In short: pensioners are doing very well these days. And not just in terms of health. You therefore want to enjoy life with all your senses. But this costs money. Often more money than was saved.
Many banks block
Anyone who starts looking for a loan for retirees as a pensioner is likely to feel a bit of disillusionment quite quickly. If you were a welcome customer at the bank during the work phase and were wooed there with loan offers and investment opportunities, now only the financial investments remain. However, loans are no longer offered. All of a sudden you are too “old” and too “risky”. After all, the loan has to be repaid and nobody can estimate how long life will continue to be healthy. If you become a care case, there may not be any money left for the repayment of the loan, because everything goes into care. Not to mention death.
A good surety is needed
The banks prefer to lend to young people who are full of life and still have a lot to expect professionally. It is therefore not a mistake to have a young borrower or guarantor at your side as a pensioner. At best, your own child or another close relative who is young and solvent enough to be able to secure the loan for retirees.
If you have a young co-applicant or guarantor, the banks assess the default risk much less problematically. Finally, there is an employed person who can secure the loan with his age and income if the pensioner can no longer do so.
Add further collateral
But that’s not enough. Those who succeed in activating additional collateral, such as valuables, will move much closer to a loan for retirees than might first appear. Banks and savings banks are much more open to a loan, especially when the desired loan is earmarked and the financed item can be regarded as collateral.
They are also happy if the pensioner does not want to take on large amounts of credit, but wants to be satisfied with smaller amounts that can be settled quickly. Because a manageable repayment phase, which can also be designed flexibly and maybe also has one or the other special repayment ready, is an optimal prerequisite for lending.