Making a profit is the goal of any credit institution and therefore, when issuing loans, they strive to minimize possible risks caused by the insolvency of the borrower.
Based on the risks of non-refunding payments, there are age restrictions for customers. Banks set this limit on their own, usually it ranges from 55 to 75 years. When applying for a loan, you should check with the bank branch what exactly is meant by the age limit - the number of years at the time the loan is issued or the date at its end. Often, short-term loans of up to one year are provided for pensioners.
Unfortunately, health problems begin at retirement age, which increases the risk of death. In addition, the pension for the elderly is too low to convince loan officers to issue a loan. All of these factors reduce the chances of getting a loan, but there are several options:
· Sometimes people who have reached retirement age continue to work, so an income statement can confirm the current financial situation of the prospective borrower;
· Also, pensioners can apply for a loan if there is a guarantor, who, in the event of the death or disability of the main borrower, could take all the loan obligations on himself. If there is no such guarantor, then there is an opportunity to take a loan secured by property;
· In many banks today there are special programs for lending to pensioners on preferential terms. This is determined by the responsibility and punctuality of this category of citizens;
· Chances of obtaining a loan are increased in the presence of a high pension, as this can allow timely repayment of the loan debt.
