In order to be able to realize a loan for pensioners, they must not have exceeded a certain maximum age. From a specific age, banks do not lend to retirees who can not provide collateral. The rejection criterion is not even the statutory pension, but the age. The risk of mortality is simply too high for the banks, and even a customer becomes a care case and can no longer service the loan. Here, pensioners have the best conditions for a loan for retirees over 70, when the statutory pension corresponds to the income expectations of the banks. They have regular income and can not lose a job. Since the demographic change of our time has long been used, the people are getting older, with a loan for retirees over 70, the banks are still more than skeptical. There are still things to do in old age, such as the age-appropriate remodeling of the property. But even the purchase of a new car is still high in the wish list of pensioners. Many are of the opinion that the older person can use up his savings. But those who only earned on average in their lives and just received a retirement pension that is so sufficient, could not be deposited large sums. For example, with 50 years nobody thinks he will not get credit anymore at the age of 65 because he is too old.
The loan for retirees over 70
Still, getting a loan for retirees over 70 is not easy. Many banks are at 65, unless the retiree can provide collateral other than his pension. The easiest way to get a loan is via a younger guarantor. He can come from the family or friends circle. If there is a good relationship between the family members, perhaps a child or a grandson could step in as a guarantor for the senior. However, certain conditions are also imposed on the guarantor. He must be solvent and have a clean Schufa file. This requires a permanent employment contract. But that’s a thing with the guarantee. If a family member agrees to take over the guarantee, then it should be clear to him that he must take over the installments if something happens to the father or grandfather. Therefore, his own economic situation should be stable, so that he can easily handle the assumption of the guarantor’s installments. In addition, the guarantee is entered in its own Schufa file, which means that its own credit rating can be reduced by the guarantee.
As experience has shown, many retirees have a life insurance policy that has been used for many years. This has created a high surrender value that can be used to hedge the loan. If there is a credit default, the bank could access this insurance. However, a specialist should be consulted for this type of protection. If it comes to an emergency during the term of the loan, the supply of the relatives could possibly disappear.
If the retiree wants to take out a car loan for retirees over 70, he may leave the vehicle registration document with the bank as collateral until the loan has been paid off.
The loan intermediary and the Swiss credit
If the pensioner’s Schufa file is clean, a loan for retirees over 70 can also be taken out at a Swiss bank. This form of credit is advertised by credit intermediaries who have contacts with some Swiss banks. The application is easy to make over the Internet, the loan application easy to ask. If the pension is above the attachment exemption limit, then there may also be a loan for pensioners over 70 at Swiss banks. In a clean schufafreien file, these banks still awarded a loan to 70-year-olds. However, only two credit sums are awarded, for one 3,500 euros and 5,000 euros for the corresponding credit rating. When contacting a credit intermediary a lot should be considered. The intermediary may not charge any preliminary costs. Even insurance contracts that are made dependent on a loan commitment, are not legal.
If you do not want to opt for a installment loan because you only need a small amount of credit, you can ask your bank for a disposition. As a rule, smaller amounts, such as a monthly salary, are granted. Also a small loan over 500 Euro is granted, as the repayment time is very short. In general, one can say that the higher the loan amount should be, the higher the collateral must be.
If none of the above proposals applies to the pensioner, for example because his pension payments are too low, he can ask for a really urgent purchase at the Office. A need identified will help.