When requesting financing from the bank, age is usually one of the risk factors that entities take into account. The age of the applicant increases the chances of default on the loan. If we add to this the possibility of being included in a delinquency file, the risks of non-payment increase even more. So this week we want to talk about the credits and pension.
If you are a pensioner and, due to previous situations, you are included in any of the delinquency files in the country, you will think that it is impossible to obtain financing, but this is not the case. Keep reading and we’ll tell you how to get it.
Who can apply for loans for pensioners?
It is important to start by clarifying that pensioner loans are not just for retirees. This financial product can be accessed by anyone who is collecting a pension, whether due to retirement, disability or illness. Depending on the type of pension being charged, some factors or others must be taken into account.
- Loans for pensioners (for retirement): in this case, traditional banks take into account the age of the applicant. Getting used to setting concession limits around 65 years.
- Loans for pensioners (for disability): here age will not be a determining factor. But it is important to keep in mind that, in the case of mental disabilities, loans to pensioners will only be accessible if we are fully empowered to make financial decisions. If not, it will be the legal guardians who must request the financing, as representatives of the disabled, who is the pensioner who will benefit from the loan.
In the same way that happens with payrolls, the amount of the pension will also determine the money that we can access. In addition, the applicant’s previous level of indebtedness will also be taken into account. This is so in the case of traditional banking entities. With private equity companies, the flexibility around your pension amount will be greater and we don’t care if you are included in debtors list.
Can you get personal loans and pension?
Most traditional banks do not grant personal loans and pension. For the simple fact of being a pensioner / retiree, the following extra guarantees will be required:
- Take out life insurance. If credits and pension are requested, the life insurance will take care of the return of the money in case of death of the debtor. It is advisable to inform potential heirs of this step and take into account the costs of receiving an inheritance.
- A person who guarantees the operation. In these cases it is customary to be a son or younger relative of the applicant who, in the event of the death of the owner, will be responsible for the return of the debt.
As we have been telling you throughout the article, do not worry about all these requirements and guarantees that traditional banking may require. If you want access to personal loans and pension, we have the solution for you.