It is difficult to obtain a loan for people over the age of 60 by bank transfer, provided that the person concerned can not show any attachable capital in a significant amount. Many banks operate on the principle that over 60s must be expected to be unable to repay a longer term loan.
Since no residual debt is to be incurred in the event of death, some banks consistently reject older persons. Of course, seniors also have the opportunity to take out a loan. The chances that the loan application will be answered positively by the bank increase significantly if a loan with a short term is chosen.
A loan with a term of only 1 to 3 years is still well secured even for a person in his mid-60s and, accordingly, is often issued by banks. Securable capital is so important in a loan for retirees just because the retirees in the event of death, the loan can then turn over the attachable capital.
This does not mean that children and grandchildren will be asked to pay when the bank’s financial situation is mostly unknown. A real estate or a private car is ideal, because the sum of a sale at the garnishment usually covers the outstanding debt with a installment loan in low or average amount.
Many retirees want exactly that. Even at an advanced age you do not have to crawl in your own four walls and live from hand to mouth. A loan once again allows a comprehensive cruise, a nice apartment or just an occasional holiday with your partner, other seniors or your own children. The loan for over 60 year olds also promises improved chances of success when applied for by people with an average or even high pension.
As a result, they can also make the installment payments easier than those with only a very small pension. Incidentally, exactly this is a circumstance that must be considered. Because unlike borrowers in middle or young age, retirees must expect additional adversity. However, the estimated installment payments must never fade into the background, because these must be able to be easily provided in any case.
If there is no seizable assets and the pension is small, the only way to get a loan is via private contacts. Other seniors or their own children can provide financial help, but the loan for over 60s is then more likely to be repaid than for old age.