Personal payday loan for retirees
The over 50s are increasingly using consumer credit. Fund a trip, an exceptional expense or give a boost to their children: The personal payday loan is an affordable solution for retirees! Enjoy our unbeatable rates up to
€ 3,000 **.
Good reasons to use consumer credit for seniors
Life expectancy is increasing: it reaches 79 years for men and 85 years for women, while it was lower than 73 and 81 years in 1990. Seniors enjoy a good physical condition: they are 84 % among 50-65 year olds to consider themselves in good health and to see it continue unhindered until 78 years old. Therefore, it is logical that they have plenty of projects in mind and want to finance them! However, seniors do not have all the financial resources to do it. The approximately 15 million pensioners in France receive an average pension of approximately € 1,300, well below the average net salary (around € 2,200). Seniors will then resort to consumer credit.
Consumer credit is also available for seniors
Bankers and lending institutions consider seniors to be reliable borrowers:
• their incomes are stable (no risk of job loss);
• seniors generally own their homes (80%) and no longer have a home loan to repay;
• their debt capacity is important.
Consumer credit is therefore also available to retirees on advantageous terms:
• insurance for a consumer credit is optional.
• no health questionnaire to complete (unless the borrower has a death and disability insurance);
• monthly repayments are low;
• the assets of seniors can serve as collateral for the lender;
Consumer credit is available to seniors because it is more flexible: a personal payday loan does not need to be affected. The borrower is not required to justify his employment. Seniors can then use the amount borrowed as they wish. For example: Spend one part for work, another to help their children and the rest to finance their hobbies.
No age limit for consumer credit
There is no age limit for a consumer credit. Seniors over 65 can take out a personal payday loan like everyone else. But the age of the borrower end of credit is still to be taken into account. Practice shows that in general senior borrowers are 75 years old at the end of their consumer loan.
The senior, a borrower like the others
The procedures for getting a personal payday loan when you are senior are the same as for any borrower. The essential criteria for obtaining a consumer credit are:
• repayment capacity;
• the debt capacity.
After a certain age, the bank or lending institution may ask the borrower to take out a death and disability insurance. But the senior-borrower can refuse this insurance. Even if he is exposed to an aggravated health risk. This is stipulated in the Areas Convention (Insuring and Borrowing with a Health Risk). In this case, the borrower will still have to ensure that he has important guarantees in case of non-repayment (assets, life insurance, etc.).
The purchase of credits for seniors
A senior borrower may also consider buying back his consumer credit. The credit redemption makes it possible to group all its credits into one. It helps reduce the amount of maturities and get a better rate. In this case either, no age limit is imposed. Banking practices show that the age of borrowers at the end of the credit under the repurchase agreement sometimes reaches 83 years …