Consumer loan: you are never old enough

Posted on December 9, 2016 by Marion

People over the age of 60 are not the poor relation when it comes to obtaining consumer credit. Despite their age, they still have daily projects to carry out.

These are retirees and annuitants. In this category, disabled elderly people, physically impaired. The loan system is such that there are solutions for them.

What to do in the first place?

Do you have a bank account? The first thing to do is to contact your banker. He will see the progress of your banking transactions: income and expenses. If you appear to be a good manager, the bank will not hesitate to grant you a loan, but which will certainly be accompanied by loan insurance to cover a possible break in repayment due to illness or death.

Do not hesitate to resort to promotional offers. Banks do them regularly during major economic events.

You are 60 years old. You must first contact your bank for a loan . In the event of a refusal, approach another financial institution. In other words, you change banks altogether: new account, new domiciliation of income and investments. In principle, a new bank is willing to be gentle with a new customer, even an old one, as long as the latter can convince it of its solvency.

You have to do a simulation

Before borrowing, go to an online simulator / comparator to assess your debt capacity and determine the amount, duration, rate, monthly payments which should not exceed 33% of your monthly income.

You can compare the offers of financial organizations. You will choose the one that suits your project and your financial situation. You should know that the unaffected loan is more expensive than the affected loan.

You can borrow otherwise

Seniors can also apply for a loan outside the traditional banking circuit. Younited Credit, for example, collects money from investors in funds and lends it to individuals . Insurance is not compulsory.

Those under 70 can use the Yelloan service to request a loan. The system is based on the free participatory guarantee. The loan is granted to you on the other hand 5 friends or close relatives contribute to a pot equal to 5% of the loan. This money will be returned immediately at maturity.

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A loan commits you and must be repaid. Check your repayment capacity before you commit