Due to their advanced age, pensioners generally have problems when they want to take out a loan. Even the small loan without credit score for pensioners is not offered directly. On the contrary, the guidelines for lending are even stricter for credit score-free loans. Above all, the loans cannot be secured by a guarantor without credit score. For pensioners, this means that if they are 70 or older there is no small loan without credit score for pensioners. Although life expectancy has increased significantly in recent years, banks have these age restrictions across the board, making it difficult for pensioners over the age of 70 to take out a loan.
Most banks have an age limit of around 70 years. A loan applicant must not be older when he makes the loan application. If seniors at the age of 70 apply for a loan from a bank , they can assume that the term will be cut. 24 or 36 months is the highest feeling that banks allow for pensioners aged 70 and over.
What that means for pensioners in plain language
German banks do not offer a small loan without credit score for pensioners. For the loan without credit score, pensioners must contact a credit broker. He then also takes over the preliminary examination. If it doesn’t fit due to age, retirees will get a clear rejection. Credit brokers are not lenders, they just broker. But you know who is eligible for a credit score-free loan and who is not.
Credit brokers are like sand at the sea. It is important for pensioners to contact a reputable credit broker such as Bon Kredit with their loan request. If pensioners have certain requirements, they have a legitimate chance of being granted a credit score-free loan. This situation is most likely to apply to early retirees or disability pensioners.
Why pensioners have a hard time getting credit
With their pension, pensioners have a regular income and many of them even a good living. The only problem with pensioners is age. Banks call it a biological risk. A pensioner over a certain age can die before paying off his loan.
Every other borrower can do that too, but the risk is higher for a pensioner and the banks fear the loan default. However, this concern is actually unfounded. As a rule, pensioners have relatives who take over the inheritance after their death. The relatives not only inherit the assets, but also the liabilities, which include loans.
In principle, the repayment is secured even if a pensioner dies during the term. It is completely ignored that pensioners today are well over 80 years old.
It is almost impossible for pensioners to get a small loan without credit score for pensioners, because these loans have a fixed term and cannot be secured with a guarantee.
Pensioners with bad credit score have bad cards when it comes to getting credit. If anything, they should try a good guarantee from a bank based or waive the loan and instead use their savings.