Retirees are at greater risk of illness and death
However, lending to retirees has not always been easy. In many cases, banks base their caution on the fact that retirees are at greater risk of illness and death. If he can not, he will not get any money, or at least less. There is a high likelihood that loans will be made directly to the car banks (Audi, BMW, VW, Ford and many others have their own banks) as retirees. These must submit their pension notice and usually receive a loan approval without any problems.
Increasingly, banks are turning down loans to retirees
“I would have paid the calculator 120 USD a month.” With my pension of 1300 USD that would have been no obstacle, “said the 79-year-old. But he got no glory: too young, a claim of the merchant resulted in the financing bank. “Over and over again, older people complain that they are not getting loans,” she says.
The Sandler *, 61 and 69 years old, wanted to borrow 15,000 USD. “In four years we wanted to repay the capital with a maximum monthly salary of 350 USD,” he says. For example, such a loan would cost USD 353 at the post office. However, there were only cancellations from the credit institutions – although Mr. Sanders’s wife is employed and the pair can have a very high Credit bureau value.
The screen looked good at first – for example, at the DFG. At the same time, it would have been possible to meet the bank’s requirement: “The age of the borrower must not exceed 74 years at the end of the term of office”, the website says, when an “old” year is entered.
Only a few banks call such limits
Even the textile chain of the same name has not granted a loan, although it is still under 70. “From the age of 70, we grant consumer loans with a maximum maturity of 48 months, says a spokeswoman for the private bank .
“Only a few banks call such limits.” “For us there is no age limit,” says the spokeswoman for the bank. Age restrictions would not even contradict the institutions with the anti-discrimination law because individual lending is not covered by the law. “Of course, all banks have clear age restrictions and just do not share this with the outside,” says Achim Thiffe of the financial services institute in the home.
“It is difficult to prove to banks that they have been rejected for reasons of age,” complains Arnos Gotschalk of the consumer center Bremen. As an excuse, the credit institutions can use a reference to the creditworthiness of the client. “There is no age restriction, because retirement is also an income. “Retirees fail, however, when they apply for a loan from the house bank on the Internet.”
Consumer expert sees a security risk for the bank
The pensioner knows the interpretation: “A pensioner is busy and has been in the data field for a long time, how long he has his pension. “In Janz’s words, it is also clear that a retiree has unlimited employment and a contract of employment of more than 27 hours per week. “Absolute customer friendliness,” he judges. Banks also like to justify their unwillingness to lend to older people with more severe capital requirements in accordance with the requirements of IAS 2, which determines how much capital must be provided as collateral for granted loans.
The older debtors need a higher level of protection, complain the bank directors. “In the year 1940, 2,000 banks use this procedure. The spouses from the house could have put a loan application with their bank – however only with remaining debt insurance. “For the older debtors this is not an alternative, because this insurance makes the credit much more expensive,” he says.
In fact, the consumer expert sees a security risk for the bank if it lends to older people and the offspring will not vouch for the claims. Senior loans are becoming increasingly important. Every third member has taken out one or more loans over the past five years.