While other credit institutions have set the age limit for a loan to retirees 65 or 70 years, our customers can apply for an installment loan up to the age of 79.
Even with the maximum term for the retiree loan, with a maturity of up to 84 months, is far above comparable offers from other lenders. The loan request of a pensioner is treated by Maxxkredit as well as the request of a younger applicant. We forward the loan request to our partner banks and get back to us within 24 hours. The request is also free for retirees and is without obligation. After receiving a loan offer, you can decide whether to take the loan or not.
The credit decision
As with younger borrowers, the credit for retirees is also subject to a credit check. This includes proof of regular income as well as a private credit query. Therefore, retirees must submit their pension notice and evidence of further income. For example, this income may be derived from the leasing or lease of immovable property or land, or from interest payments on savings or securities.
We continue to ask about the monthly financial burdens of the pensioner, which result, for example, from rent payments, contributions to insurance or the repayment of other credit liabilities. Proof of these regular charges is usually the submission of a current current account statement, which shows the amount of the respective amounts. In addition, a private credit query about the retiree may not contain any negative entries. Both the lending and the terms of the installment loan depend on the creditworthiness of the borrower.
Loans for pensioners
Still, older consumers are having problems getting a loan. Many banks are very reluctant to lend if the borrower is a retiree. Above all, the banks and savings banks see the risks they take with a loan for retirees. These risks include, for example, a serious illness, a possible need for care or even the death of the customer. However, with increasing life expectancy of the people and the higher number of pensioners who remain agile and consumptive into old age, some banks have changed their mindset.
Retirees are known to comply with their payment obligations usually conscientiously and punctually. In addition, many retirees have a regulated income in the form of state pension, often supplemented by a company pension, rental income or interest income. As a result, more and more credit institutions are turning to offering special installment loans for this target group, which can be used to finance, for example, senior-friendly furniture, a holiday, electrical appliances or moving to a barrier-free home. However, when granting loans, banks make sure that the loan is secured against various risks by a residual debt insurance. It should also be in the interest of the borrower that they do not give their family members any debts or that they can continue to meet their loan obligations in the event of need.