Banks began to trust people of retirement age more, having understood that the level of financial responsibility of representatives of the older generation is much higher than among young people.
How to get a loan to a pensioner Now it is quite possible to issue a loan to a pensioner in almost any domestic bank. But how to increase the chances of approval of the application and how to take care of guaranteed receipt of the required amount to the borrower of retirement age?
It is important to properly assess their compliance with the requirements of a particular bank. Age may be a cut-off factor, although many lenders are willing to work with borrowers who are 60-70 years old. There are even offers for pensioners under the age of 85 years. You just need to find a bank that works with clients of your age.
Availability of work
Official employment can be the determining criterion for a potential borrower, because a number of credit institutions provide borrowed funds only to working pensioners. Accordingly, confirmation from the employer and a document indicating the amount of income will be required.
Surety in obtaining a loan for pensioners Additional collateral, in addition to sufficient solvency, may be the attraction of guarantors. Banks when issuing a loan may require the provision of a guarantee from a close pensioner. There is nothing difficult in the execution of a guarantee agreement, it takes a little time, but it is necessary to submit the same package of documents confirming the stable financial situation that the borrower himself collected.
It is even easier to apply for a personal insurance policy, although you will have to pay an insurance premium of 0.5-2% of the amount of the requested liability. But in case of health problems, you do not need to pay the balance of obligations or “strain” your relatives - the insurance company will pay all the debts to the bank. The bank will willingly accept such collateral to minimize the potential risk of loan defaults.
Pledging loans for pensions. The most reliable guarantee of repayment of a loan is a pledge of liquid assets, because banks can offer large sums for a long period of real estate - an apartment, a house or a land plot. If your needs are not so high, you can take the required amount of borrowed funds on the security of a country house or garage.Overpayment on such a secured loan will be minimal, and the rate - low.
Banks can combine their requirements and set up several conditions for obtaining borrowed funds. In any case, you will not have to worry about how to get a loan to a pensioner - if you provide this or that type of security even at the retirement age, you will remain an attractive client for the lending bank.