Pensioners constitute 10% of the clients of companies granting non-bank loans. Many data show that they pay off their liabilities reliably and the amounts borrowed by them are not high. Under what conditions are loans granted to pensioners? Can every senior apply for them?
Payday for pensioners
Credit for a pensioner granted by banking institutions is not always easy to obtain. And seniors, just like any other consumer group, also need extra cash. Such funds are certainly much easier to obtain in non-bank institutions. Short-term pay for a pensioner is an offer that takes into account the specific needs and financial situation of seniors.
Payday loans online or stationary?
Seniors may be thinking about choosing a loan, or rather a form of granting it. Which option will be better? Chwilówki online or stationary offered? When it comes to issues related to the terms of the loan itself, it doesn’t really matter. They are not dependent on the tools or place of delivery. The only thing to consider, and not in all cases, is a possible customer service fee if the loan is granted by an agent at his home.
The choice therefore depends on individual preferences and abilities. For seniors who feel good online and are familiar with the computer, online payday loans will definitely be a better option. These people should also use electronic banking. Having an e-bank account is often one of the requirements set by online loan companies. But this is not a prerequisite, as many entities allow for personal collection of money. We can apply for a loan online, and we will collect the money using a GFI check at any Good Finance outlet.
Seniors who feel uncomfortable on the internet can apply to fixed-line branches of loan companies. Alternatively, you can make an appointment with an agent of a specific institution and sign a contract at home.
Loans for pensioners – under what conditions?
There are many loan offers for retirees and pensioners. One of the most important criteria for granting them is the borrower’s age. We write about this in more detail in the next part of the article. There are many proof loan offers on the market that do not require any other certification. These are called express payday loans with a minimum of formalities. In their case, the lender may want to check our financial credibility and creditworthiness. It will do it after our prior consent by verifying the GFI or GL databases.
Another type of loan for old-age and disability pensioners, with the highest grant, is based on documented income. These are the sections confirming the receipt of a disability pension or old-age pension from the last few months. It can also be a bank statement if a benefit is transferred to it. The form of verification depends on the entity that grants the loan.
Loans without age restrictions
The requirements of loan companies for their clients are various. The final terms of the loan depend on the specific entity and the specific offer. For some entities, the basic requirement will be confirmation of income sources, for others a positive credit history will be important. The borrower’s age is also an equally important requirement. Although many loan companies declare that they provide financial support to retirees and pensioners, their offers are limited in age.
And so on the market we will find payday loans for pensioners granted up to the age of 65. Others grant them up to the ’75s or even’ 80s. But there are also loans with no age restrictions. If the other conditions set by the lender, usually related to financial security, are met, you can apply for it as much as possible. There are currently at least several entities providing them.
Installment loans for retirees
Market analysis shows that seniors most often seek to borrow not very high amounts. Usually it is up to several thousand zlotys; the amount up to USD 1,500 prevails here. On the one hand, this is due to the availability of specific offers – there are the most low-value ones for seniors. The overwhelming majority of these are non-installment commitments.
On the other hand, the goal for which the seniors devote the borrowed money, and therefore their needs, is important. They are usually associated with unexpected expenses that cannot be immediately covered by benefits received. Payday loans for retirees and pensioners are intended for the purchase of new home appliances or repair of broken ones, minor repairs, and purchase of new furniture.
An important part is also the funds to cover healthcare costs, including of course the necessary medicines. Somewhat less often, seniors lend money to please their loved ones, i.e. buy them gifts. As we can see, most often these are expenses related to satisfying the first need and not necessarily high.
A much smaller group of seniors also lends slightly higher amounts as long as their financial situation allows them to receive such funds. The offers they use are installment loans for retirees. Spreading the repayment of liabilities over a certain number of installments certainly makes it easier to manage your home budget without overcharging it. However, this is not a payday loan for everyone. To get one, you must have at least a positive credit history.
Loan for a pensioner with a bailiff
Certainly, one of the slightly more difficult financial and life situations is property bailiff seizure. Covering liabilities from own resources can be difficult. Especially if cash should be organized in a short time. A loan for a pensioner with a bailiff is a high risk transaction.
Few market players are ready to take them on. But there are those who, despite the risk of customer insolvency, can admit it. However, it should be remembered that these loans will be charged with fairly high costs. In addition, they may require some kind of external security – this could be, for example, real estate pledge or other person’s surety.