Many loan companies allow borrowers to borrow money. Interestingly, the oldest customers very often turn out to be the most responsible and loyal ones. Today we will tell you where to apply for a senior loan and what to look for before signing a contract.
Loan companies are widely known for their flexibility. Many of them grant loans to clients who, due to their age, unfavorable credit history in BIK or low earnings, do not fit into the traditional banking system.
Pensioners are a wide group of borrowers who reach for quick loans every day.
How do the oldest clients borrow?
According to statistics, about 10% of seniors reach quick loans, i.e. 720 thousand. people.
Older customers are more willing to pay installment loans than payday loans, and the average amount of their liabilities is $ 1,250.
With additional money, they finance current, unplanned expenses (repairs of home appliances or electronics), minor renovation works, the purchase of medicines or private medical visits.
Online loan – not for seniors
Many seniors, instead of using online payday loans, reach for loans at fixed branches of loan companies.
The reason for this is not only the lack of knowledge of the Internet and modern technologies. Very often for the oldest customers, the possibility of face-to-face contact with a company employee is a symbol of credibility and competence of the lender.
The fact that they have very little recognition among the oldest customers can show a slight interest in companies operating only on the Internet.
Where to get a loan for a senior?
When choosing a loan for a senior, it is worth following the age criteria set out by individual lenders. Not everyone knows that there are lenders who do not set a maximum age limit for a potential customer. Therefore, people who are even 80 or 90 years old can use their services.
How much can a pensioner borrow?
For the first payday loan, the highest possible amount is 3000 USD. Wcredit24 offers such a loan. Remember, however, that this lender does not offer free payday loans.
You will pay as much as 848, 63 USD for a loan of 3000 USD, contracted for 30 days.
If you only need $ 2,500 to finance unplanned expenses, you can apply for payday payday at Pivus.
Thanks to Pivus you will be able to borrow up to $ 2,500 completely free.
Senior loan – what should you remember?
Retirees are not only timely, but often the most reckless clients of loan companies. When signing a contract with a lender, they are often unaware of the consequences of their decision and what the consequences will be, e.g. late repayment.
Unfortunately, the result of too little thought-out financial decisions can often be long-term, extremely unpleasant (not only for the portfolio) consequences.
In the case of pensioners living on a modest pension, they are particularly severe.
Measure your strength
If you plan to take a quick non-bank loan, make sure you can pay the entire payday loan in time or – if you reach for an installment loan – pay the installments on time.
Before you sign the contract
Before you sign a loan agreement, thoroughly analyze its provisions. If you have any doubts or do not understand some points – do not be afraid to ask for help. A trusted family member or friend will help to dispel doubts, thereby protecting you from adverse consequences.