For many people, the pension really starts. Finally time for the beautiful things in life! Travel, for example, hibernate in the south, finally get the classic car in shape, renovate the house or buy something for the grandchildren. But sometimes the savings are not enough, or it is intentionally not to be touched for it. Then it makes sense to choose an installment loan.
But a glance at the date of birth is enough, and banks are already putting a stop to the beautiful plans: too old! And indeed: it is not always easy these days to get loans for pensioners from the age of 60. Older people in particular are often still very wealthy, usually have good payment behavior and can often even offer real estate as security. Then why do banks stand in the way of installment loans, and are they even allowed to do so? We get to the bottom of these questions here and show where there are still affordable loans for pensioners.
Age limits and maximum amounts for pensioner loans
Rejected credit inquiries can quickly become a nuisance for older people: after all, it is not unusual for retirees to have financial needs again. The focus of interest is on two different forms of credit: real estate loans and normal consumer loans.
Real estate loans for pensioners
The classic: Unfortunately, the almost paid home has also aged and needs an age-appropriate renovation. You could get the finance from a mortgage and secure it with a mortgage, but the bank says no. Your loan refusal is usually due to the so-called residential property credit directive: Since the beginning of 2016, this directive should primarily ensure that real estate loans are only granted to borrowers who are certain that they will bear the burden in the long term can wear.
Installment loans for pensioners
Getting a normal installment loan is less problematic for retirees. If you want to finance a trip or a new kitchen, you have a good chance: Here banks still accept customers even if it is foreseeable that the customer will only have paid off the loan at 75 or 80. Few banks even finance beyond the age of 80. But not every sum anymore: From the age of 75 it ends at around 25,000 dollars. If you need more money, you have to look for other sources.
Requirements for pensioner loans
One of the most important requirements for a loan for pensioners is that the payment is realistic in terms of time. The same conditions apply as for normal installment loans:
- You must have a place of residence in the country
- You need a secure income, in this case: a secured pension.
- Your income and expenses must be in good balance.
- Your credit rating should be very good.
Required documents for the loan for pensioners
The lending bank checks whether you meet all the requirements using documents that you must submit. If you have these documents on hand before you apply, the application process will be quicker. We offer you an overview here:
- Copy of identity card:
The bank needs a copy of your identity card to verify your identity and to verify your residence in the country.
As a pensioner, you will receive a current pension notification once a year, showing the amount of your pension. In most cases, the bank would like to see the latest pension notification.
- Account statements of the past months:
To check your financial scope, banks typically want to see your bank statements. The number of bank statements required for this varies from bank to bank.
- Credit reports:
The bank checks your creditworthiness with the obligatory credit information: the better your credit score, the higher the probability of borrowing. If you do not give your consent to the bank asking credit, the bank will not grant you a loan.
How to apply: Your steps towards a cheap pensioner loan
Here we show you which way awaits you when you fill out our financing request and get a loan for pensioners.
Fill in funding request
Enter your desired credit and your personal data in our financing request. Of course, your data is in good hands with us: it is encrypted and transferred via the browser, and we only use your data for the purpose of determining the offer and do not pass it on to third parties. The financing request is completely non-binding for you. If you don’t like any of the offers, you are free to look around anytime.
Personal contact by phone
We are always a personal contact person for your installment loan, who will guide you through the application process. After we have received your financing request, we talk on the phone. Our specialists query your wishes and provide important advice on all aspects of the loan contract. Then they send you the best offers from different banks. The choice is yours, whether by mail or email.
Compare offers in peace
Now you have plenty of time to compare the offers in question, because we will keep them up to four weeks. Once you have made your decision, sign the loan agreement and send it back to us.
Completion of the loan for pensioners
Our installment loan specialists take care of the bureaucracy for you: the entire communication with the bank, the submission of the necessary documents and the whole process. The only thing that requires your intervention is identification. The lending bank will contact you again in the course of the application process and ask you to participate in the PostIdent or VideoIdent procedure. You will receive the relevant information promptly.
Transfer the loan amount
After the loan approval, it usually takes a few working days for the bank to transfer the loan amount to your account. Some banks do this in 3-4 working days, others take up to 12 working days. This varies from bank to bank, but also depends on your cooperation: the faster you have your documents together and send them to us, the better.
Payment of the online loan
You will usually receive the loan amount paid to your account a maximum of 12 working days after the loan approval. The exact duration varies from bank to bank. Many of our cooperation banks are able to process the application faster and transfer after 3-4 working days.