Loan for pensioners aged 65 and over – read when it can be approved and what difficulties are to be expected. It is not imaginary age limits that make credit approval so difficult.
Loan for pensioners over 65 – local providers
For many, the 65th birthday is a double reason to celebrate. Finally retired, the last working day is long over, a busy life is now entering the phase of relaxation. Many new retirees experience the first disillusionment when looking at the pension notification. Planned vacation trips, the age-appropriate furnishing, a lot should be realized in retirement age. However, it will probably not be possible to save quickly from this income. A loan for pensioners aged 65 and over could provide the necessary liquidity.
Examples from the neighborhood, people who retired before 2000 prove that a loan for pensioners is possible. At that time, the loan was easily approved by the house bank. Today, more than ten years after the pension reform, the agenda is bearing fruit. The pension funds are bursting at the seams. Instead of a real pension increase, unfortunately only the pension insurance contributions for employees were reduced in 2012.
Why the house bank has to reject the loan request from many young pensioners is precisely related to this reform program. The average pension is no longer enough to be creditworthy, even if no one wants to say so.
What happened to the secure pension?
Numerous political decisions have meant that not only old pensions have lost purchasing power each year. New retirees get their pension payments cut to a significantly lower level right from the start. The average pension, viewed east and west together, is approximately 1,100 USD net. The pension is subject to garnishment protection up to around USD 1,050. In this income situation, a cell phone contract would be enough to be uncreditworthy.
For couples, of whom only one has paid into the pension fund, the garnishment exemption limit increases to 1,430 USD. No wonder that many credit institutions don’t even bother to listen to a pensioner’s loan request. A loan for pensioners aged 65 and over is unfortunately not comparable to a loan for pensioners due to the income situation.
What about pensioner loans online?
The media speak full-bodiedly of silver surfers, who offer an interesting growth market as a target group for online shops and credit institutions. Unfortunately, pensioners are obviously only meant when it comes to their savings. The credit options with a pension as part of basic security are not looking good for credit requests.
In fact, retirees with 65 can still conveniently take advantage of mail order credit. The local credit institution also allows a modest overdraft facility. The loan for pensioners aged 65 and above, with an income above the seizure allowance, can also be approved as a small loan from a direct provider.
Larger investments, for example the age-appropriate renovation of the bathroom or a stair lifter to overcome the staircase, cannot be financed in this way. The guarantee loan and the offers for private loans for financing remain within the modest pension budget.