Between pensioners and banks arise at times quite paradoxical situations. On the one hand, banks attach great importance to collateral, on the other hand, they also like to leave customers in the rain when they think they are too old for a loan, but have sufficient collateral. For pensioners, this is often a very sobering situation, since at least pro forma all conditions for a loan are fulfilled on normal terms, but the bank nevertheless refuses to grant the loan to retirees.
How to get a loan for retirees?
As a rule, banks require certain collateral in order to be able to grant a loan. That is understandable and needs no further explanation. But if a loan is to be granted to retirees, even with the best preconditions for creditworthiness, a spontaneous reserve for the bank employee can arise, for which one only rarely has to understand. After all, the average life expectancy in Germany has been rising continuously for years, whereas the life expectancy of banks on the basis of macroeconomic observations tends to decline.
Unfortunately, it is not uncommon for pensioners to stop getting loans simply because of their advanced age. The reason for this is just as macabre: The bank speculates in such cases on a premature death of the borrower and thus on a loan default or is at least from an excessive risk that this case occurs. For the prime-time claimant, of course, this is a circumstance that can best be described as frustrating. Because collateral can be present even to a high degree, for example in the form of life insurance or its expiry or a high pension, and yet the loan for retirees remains out of reach.
The simplest solution: guarantor and co-applicant
However, there are ways and means, not to say tricks, that will allow retirees to make an equally well-earned loan in their well-deserved retirement. Not a few simply ask their own offspring, sons, daughters or grandchildren, whether they can not make the loan application for them. If credit is not an obstacle, this can in many cases already lead to a satisfactory solution for all parties.
However, relatives or acquaintances can also be included directly in the credit agreement, which banks are more likely to approve of. If a third person with all necessary collateral acts as a guarantor, then a loan for pensioners should not stand in the way of anything worth mentioning. The same applies to a co-applicant: If there is collateral in the form of income and no evidence of a negative credit bureau entry, a family member or another person can be included as a co-applicant in the contract to ensure the repayment of the loan amount permanently.
If a loan is granted, this can also be associated with unfavorable terms, since the bank has to bear a higher risk. Of course, no claimant has to put up with that. For that reason alone, not because at least some banks have begun to rethink. A loan for retirees does not have to be an impossibility anymore. Often, however, the concepts are still missing, and where this is the case, at least the existing collateral should be brought into play as much as possible. There are enough vendors in the market, so that no pensioner has to be content with conditions that make one miss some respect for old age.