The loans for retirees are one of the financial products that generate more doubts among users. Many people wonder if, after reaching a certain age, and without working, it is possible to request financing from a bank or other entity. http://www.jiaming18.com/5000-online-loan-online-loan-companies-money-in-a-hurry/ for further explanation
The answer is yes, although with some nuances, depending on the entity from which financing is requested or the profile of the applicant. That is why today we want to talk to you about retiree loans and all their characteristics.
What to consider when applying for retiree loans?
The first thing to keep in mind when looking for retiree loans is that the grant conditions are similar to those of any other loan. Although, many times, taking into account the age of the applicant, some banks may ask for some additional requirement, such as submitting a guarantee.
In this article we tell you in detail how to request a loan and what requirements must be met. Although, for the moment, we are going to focus on two of the conditions to which entities will give greater importance when granting loans to retirees.
It is a determining factor for any type of loan. If the entity believes that the loan cannot be repaid or that we are a risk profile, it will not approve the request. In the case of personal loans for retirees, solvency will be valued through the income statement and the receipts of the retirement pension.
The age when the loan is finished repaying
It is important to know that when talking about the age of the applicant, what is taken into account is the age that he will be when he returns the last term of the loan. This is one of the most important factors when applying for personal retirement loans.
What is the maximum age to apply for retiree loans?
As we mentioned, age is one of the most widely analyzed risk factors. Also, considering the nature of retiree loans, it’s worth stopping to explain in detail.
Normally the maximum age to access credit for retirees is 75 years. Although it is true that some entities can afford to be more flexible with this requirement and extend the deadlines.
Requirements and documentation to apply for loans for retirees
As we have already discussed, the requirements and documentation to present when applying for retirement loans are the same as with any other loan. Anyway, let’s make a small reminder of what financial institutions usually ask for.
- Presenting a valid DNI or NIE is an essential condition.
- Present a demonstrable source of income. In the case of retirees it would be the pension. Be sure to check out our article on pensioner loans.
- Some banks also request supporting documents to know the reason for requesting the loan : reforms, travel, investments, etc.
- Have a clean credit history. Not appearing in delinquent files is an essential requirement for all banks.
- Life insurance. In the case of personal loans for retirees, some entities also request this documentation as a guarantee of repayment of the loan if necessary.
With us, many of these requirements are no longer important. As a private equity financier, we can afford to be much more flexible with our loan requirements.